Thread: Purchasing binoculars internationally - harassed by bank?

Originally Posted by Manchester

Like Timtalon I have to deal with this on a daily basis as a chartered accountant.

Not only do we need to follow the similar ID and source of wealth issues, but we are also required to report and address suspicious transactions. Failure to do so may lead to large fines and possible jail time.

It's all to do with preventing money laundering and stopping the financing of terrorism.

That would be in the title too.....Countering Financing of Terrorism and Anti Money Laundering Act. Also has situations where a transaction may be stopped or discontinued until such point as the finances are clarified, and this can mean some very large deals can fall over.