Unblocking accounts in European banks
At Taurus Legal Group, we understand the critical impact that a blocked bank account can have on your business operations. Whether due to regulatory checks, compliance reviews, or administrative holds, account restrictions can be complex to resolve without the right expertise. Our Unblocking Accounts service is specifically designed to navigate the challenges of European banking regulations and restore your access to funds efficiently and compliantly.
Our experienced team works closely with bank representatives and regulatory authorities to identify the reasons for the account block and to expedite the resolution process. We thoroughly review your account’s compliance status, address any issues, and assist in providing the necessary documentation to meet the bank’s requirements. Our strong relationships with European banks and our in-depth knowledge of regional regulations allow us to advocate effectively on your behalf.
Most common causes locks:
- The bank has suspicions about some of your transactions, for example, the use of an account for the purpose of illegal activities related to money laundering
- Suspicious transfers in large amounts from other jurisdictions
- Splitting transfers and their simultaneous enrollment
- The court's decision
- Non-payment or evasion of mandatory tax payments
- Late submission of mandatory tax returns
- Ignoring the recommendations of tax inspectors to eliminate the errors found during the audit
- Inconsistency of operations initially declared when establishing a business relationship
- Increased interest in the confidentiality of the operation performed and the desire to keep it secret
Financial department monitoring checks
As a rule, the financial monitoring department first checks operations related to:
- the presence of a nominee director
- money laundering operations
- unscrupulous counterparties
- having unliquidated obligations
- refusal of the client to provide documents for a specific operation
Financial monitoring
Provides for three types of customer risk levels: high, medium and low.
Each of these risk levels provides for a specific time frame for re-identification. For example, high-risk clients (PEPs, heads of state-owned enterprises and persons associated with them) are identified once a year, medium-risk clients 2 times, and low-risk clients once every three years.
This does not mean that the bank forgot about you for 3 years. Financial monitoring officers are required to check your transactions constantly and in case of suspicion, they can freeze the account.
Changes in financial monitoring have affected European and offshore banks as well. It is better not to bring the situation to account deactivation. If the deactivation has occurred, it is necessary to understand the reason for the blocking.
Who and what served as the basis for blocking will allow you to understand how to proceed. So, what to do if you still received a “letter of happiness” from the bank?
First of all, do not panic and immediately contact the experts. Lawyers of Taurus Legal Group will carefully study the requirements of the bank regarding the reason for blocking the account.
We have extensive experience in unlocking bank accounts. You can trust our specialists to solve this problem of any complexity. The experience of Taurus Legal Group employees and long-term partners help us achieve excellent results in resolving this issue.
We will be happy to discuss your requirements and find
the best options for you
Call or order a consultation and we will contact you