Case: Corporate account in Kyrgyzstan - $145,000 has been blocked
Client's pain?
A corporate account with an amount of $145,000 has been blocked. We need a solution for withdrawing money from this account and a tool for the company's further operation.
What was the client's request?
The client had a corporate account opened in a payment system. After the funds were withdrawn, the payment system blocked this account and demanded confirmation of the source of origin of the funds.
Although the documents were in order, the payment system was in no hurry to unblock the account. A large amount of money – 145 thousand dollars – “hung” on this account.
Why couldn't the client realize the task on his own?
There were no specifics on the blocked account. The client submitted all the required documents.
What solution did we offer and why?
We conducted an audit, found out the reasons for blocking the account – as it turned out, there was a problem in communication between the client and the employees of the payment system. We set up this process, represented the client's interests in negotiations. After that we reissued the documents under the request for a new payment system.
As an alternative, where it was necessary to withdraw money from the blocked account, we offered the bank of Kyrgyzstan.
The process was long, but solvable.
Were there any difficulties in solving the request – what were they?
Difficult communication with the payment system.
Duration of the case?
6 weeks (from the first call to withdrawal of money from the frozen payment account to the account in the Kyrgyz bank).
What specialists were involved?
- a bank specialist from Intelligent Solution Group;
- a lawyer who accompanied negotiations with banks and checked documents;
- accountant, auditor, tax specialist who helped to collect and package documents for the bank;
- a compliance specialist of Intelligent Solution Group, who accompanied the process of negotiations with banks and helped to pass the checks.
The result?
Withdrew the money of a frozen corporate account in a payment system.
Opened a private account in a bank in Kyrgyzstan.
After that we also opened a corporate account in a bank in Kyrgyzstan for the client's company.