Bank blocked payment asking additional information on the beneficiary

Hi everyone,

I’m writing here because I have not found similar topics in the forum and the arbitrator is not answering yet.
Today my bank phoned me saying that they have blocked my european SEPA payment due to new “embargo laws” that requires additional information on payments to foreign countries. The point is that I have already made a successful payment this month for a bisq trade, but this time they have recognized my payment as “suspect”. What they are asking me exactly are: the passport or the identity card of the seller, the good beign traded and, if the good it is a fisical good, the bill reporting the purchase. The problem is that banks are not usually bitcoin friendly, so maybe saying that I’m buying bicoin could worsen the situation… What should I do? I don’t have much time because I must go today in my bank’s office… any advice is appreciated, Thank you.

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Assume your trade partner is on a black list (for whatever reason) or they fear that the account is used for money laundering. So they have to filter all bank transfers against their list and patterns (e.g. your trade partner has in the purpose field always something like “XZ4SFDF” and not “Invoice no. 4711, customer no. 234”).
I see only two options:

  1. Tell the bank you buy Bitcoin (assume they again will insist you get the id card)
  2. Cancel the trade (assume you loose your deposit unless you can convince the arbitrator that it’s not your fault …) .
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I would NOT recommend to tell the bank that you deal with Bitcoin as some banks are very hostile and closes accounts if they see that a client is using Bitcoin.
You can open a dispute and I expect the arbitrator will not take your deposit as it is not your fault.

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Yes, just open a dispute with cmd+o and tell the arbitrator about your situation and that you will not be able to make a payment. He will understand.

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Thank you for all the replies, It seems that the partner is on a kind of black list and that is the reason of the issue. I did not say anything about bitcoin because I agree @ManfredKarrer and also the arbitrator agreed. Finally everything went good, the arbitrator agreed to cancel the trade and return our deposits.
Now the only problem is that my bank is suspicious, so I think that is not recommended to use their service for other bitcoin purchase on bisq… Any idea of a workaround for this? Like bitcoin friendly banks that are trustworthy for a potential buyer?
I also noted that there is a lack of reliability on the other partner side in the design of this application, how can we ensure that the partner we are trading with isn’t beign investigated or blacklisted? There isn’t a score related to the number of good trade you’ve done in the past. (But I know, this feature could disadvantage new users that obviously can’t have any kind of score).

Arbitrator can decide to take away other trader’s security deposit and award it to you if he believes he should punish the other trader for this and that you should be compensated.

There is no other easy way to ensure reliability of traders and this will hopefully be enough.

If you are in Europe http://mistertango.com is a good SEPA online bank and Bitcoin friendly.

May I ask how much you tried to send. You don’t need to be specific, more than 1000 or less?

Also, consider Fidor as possible bank for Bitcoin transactions.

1- visit your bank branch and tell them that you are really disappointed with the service and about to close the account. 2- tell the bank that you will give them another chance, but if they continue this attitude and ask questions about your personal life, you sue them! It is nobody’s business why you want to send your money and what is this purchase, gift, payback to your friend, etc… they job simply to do transfer funds no more no less.
As well, I will open account in some bank to use only for crypto and not use regular account for this purpose.
And of course NEWER say bank that you deal with crypto! :slight_smile:

Hi there, I wanted to ask you what you ended up telling the bank when they asked you. I’m going through the same situation. I initially just said I was doing buy-sell on craigslist, but now they want me to give them details as to what I bought and sold on craigslist. So, I don’t wanna mention bitcoin, 'cause as @ManfredKarrer has suggested, it freaks them out. At the same time, if, in my case there happened to be a blacklisted receiver of my fiat, I don’t want them to associate me to some kind of suspicious list either. Any advice on what to reply to them would be appreciated, thanks!

But what do you do if you can’t afford to sue the bank and they can see through your bluff? Just curious.

Just tell them you bought some octogenarian transvestite scat porn from Craigslist and didn’t want your spouse to see it on your credit card statement ergo you went through Craigslist etc… I’m sure the bank will understand. It probably happens all the time.

I think I’m facing a similar issue. When I initiate the payment my bank app returns the message “we can not currently accept payments to this recipient”.
There’s nothing special about this trading party, I’ve made many trades to similar accounts from the same account I used in this instant. I check the provided info before I trade, and the given info checks out.

I opened an inquiry with my bank, I reckon they will get back to me within 2 days.

I’m asking for advice on the best course of action. Should I communicate with the trader and ask for mutual resolution now? So as not to waste their time. Or wait and see what might be the issue?
What is more favorable in the direction of not losing my security deposit?

Sorry for late response, we usually answer in shorter time at keybase #support channel.

I would have started by opening mediation so at least it doesn’t look like you’re hiding something.
You have what looks like good recommendations on this topic about how to deal with your bank, but unfortunately they tend to make arbitrary and non transparent decisions so you’re in your bank’s hands.
If you can prove that this is a one-time think and you’re not getting profit from this situation, I think mediator should not suggest to penalize you in case you can’t finally make the payment.

It’s important for the community so if you can let us know how this ends so, please comment it here.

Well, I got an answer back from the bank. They would not disclose why the transaction can’t be processed.

It has been 4 days, unfortunately, since I initiated the trade and trade period expires in 2 days. But given my conversation with the bank, I don’t think I will be able to complete it.

I contacted the other person, just said there maybe a delay because of issue with the bank.

This is the first time this happened, I don’t know how to request mediation. I think the trade time has to expire before I do, yes?

Also, how can I safely prove that this has not happened before?