Source of funds - does the offshore bank ask?

[Adrian1010]

Hi, a very simple question. Lets say I already have a company inclusive bank account somewhere offshore (Panama, S.A) and I transfer from EU bank accounts every month higher amounts (total up to 7-digit amount / month) on my offshore account. Does the offshore bank ask about the source of funds?

 

[eckart]

Yes they do. Sometimes even more than a year after the transfer took place.

 

[Andrew Gooden]

Yes they will ask you about the source of funds. However, never keep your money in one bank. Do your best to open at least a dozen or more Bank Accounts and send a little there and there from time to time. Cheers!

 

[djaheim]

Yes they do ask its a major thing when it comes to Due Deligience. As a matter of fact when you open the account there is a section for SOF. and i'll also urge you to be careful as Andrew Gooden advised. Some banks have very detailed SoF includes things how many deposits , withdrawals a year you'd make, average deposit ammount etc. So if you give them modest figures thinking that after opening the account you are a free man you can deposit huge figures then you are mistaken. The information gathered creates a profile of what they can anticipate, so if you had completed the SoF with modest info, immediatley you wire a 7 digit amount they will freeze the account. Then ask you to provide the SoF of these funds. You better have something concrete otherwise you could lose that money or worse still get served with a Notice to Close.

 

[Dorothy Atwater]

Hi, a very simple question. Lets say I already have a company inclusive bank account somewhere offshore (Panama, S.A) and I transfer from EU bank accounts every month higher amounts (total up to 7-digit amount / month) on my offshore account. Does the offshore bank ask about the source of funds?

If you're speaking of Panama, Global Bank (which recently was Banvivienda Bank) just closed my account. They had asked for 2017 and 2018 proof of my income, which I provided. But because the accounts were from Gold Money and Bullion Vault, they closed my account.

I had already had MANY problems with Banvivienda/Global Bank...when they were Banvivienda, they accepted a large wire from BV. But then when I tried to wire most of the funds to GM, they refused the wire and charged me $568 despite refusing to send the wire.

Beware of banks in Panama! Criminals can launder millions but the Superintendent of Banks punishes the honest people! I do have another (fairly new) bank in Panama, and I hope to have better luck. I had already transferred most of the funds in Banvivienda/Global Bank to the new bank...and the new bank received the funds without a problem. I don't like to have a lot of fiat currency in a bank, though, so I'll see if they refuse to send a wire transfer to Gold Money.