Due to tightened international laws and regulations, banks are required to implement measures against risks such as fraud, money laundering, and terrorist financing. Correspondent banks carry out investigations based on their interpretation of policies, which are outside Saxo's control. Geopolitical events and rapid regulatory changes may necessitate additional time for reviews. Saxo endeavours to work with correspondent banks to streamline procedures wherever possible.
Cash Withdrawals from Saxo Bank
When cash withdrawals from Saxo are intercepted for further scrutiny by a correspondent bank, Saxo, as the remitting bank, will handle any inquiries required by the correspondent bank to complete their investigation. Clients and/or asset managers will be contacted for additional information if needed. Saxo will facilitate sharing this information with the correspondent bank to ensure the release of the transfer
Cash Deposits to Saxo Bank
For cash deposits intercepted for scrutiny, the correspondent bank will contact the remitting bank (the local bank of the client) via SWIFT message. It is the responsibility of the remitting bank to respond to all inquiries according to their procedures to expedite the transfer release to Saxo. Saxo is not involved in these investigations related to deposits and withdrawals, as these are outside Saxo's control. Consequently, Saxo cannot be held accountable for any delays. Clients are advised to reach out to their respective bank for status updates in the event of a delay.
FAQ
Why was my payment intercepted again, and will it happen in the future?
Global banks must adhere to local and international sanctions rules, conducting checks on instructions passing through their systems. Any matches found in payment instructions are investigated, requiring additional information from the remitting bank. Avoid using unnecessary details in payment instructions. Future transfers may face scrutiny, but once screening is complete and funds are released, incoming/outgoing payments of the same client are whitelisted for 6 months, using previously provided details.
How long will it take for the correspondent bank to release the payment once inquiries are answered?
Messages between remitting and correspondent banks via SWIFT may take 48-72 hours for release or cancellation. Additional inquiries or incomplete details can cause further delays.
Will the correspondent bank ask additional questions after the first set is answered?
This depends on the transaction investigation's complexity and response quality from the remitting bank. Correct information is crucial for fund release.
Can Saxo Payment Services check the status of a deposited payment to Saxo Bank?
No, as deposits originate from the remitting bank, only they possess complete transaction details. The remitting bank must ensure successful fund transfer and manage any additional requirements.
Role of the Remitting Bank in Deposits
The remitting bank holds essential transaction details and is responsible for ensuring successful transfer completion per instructions and providing additional information as necessary.
To enhance processes, Saxo has agreed with correspondent banks to inform us weekly of intercepted incoming payments. We will share payment details with relevant parties via the platform's case management module to help clients prioritize their bank's screening inquiry responses.
Contacting Payment Services:
For outgoing transfers, Saxo Payment Services updates clients/partners via case creation on the platform. For deposits, the remitting bank is responsible. Submit payment-related inquiries via case management to Payment Services.
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