Successful Recovery of Funds from a Frozen Bank Account After Legal Challenge
KANGS has successfully secured, on behalf of our client, an international business engaged in charitable work, the return of approximately one hundred and twenty thousand pounds that had been held in a frozen bank account with WISE Bank.
Given the substantial value and source of the funds, which were received by way of charitable donations, WISE Bank froze our client’s account while it investigated its suspicions that money laundering offences may have been committed.
Our client instructed us for assistance after being unable to secure the release of the funds through its own endeavours over a six‑month period.
Nazaqat Maqsoom a Legal Director at KANGS explains how we achieved this highly successful result for our client.
Regulatory obligations for Financial Institutions
Whilst financial institutions are subject to the most stringent regulatory obligations and are required to report suspicious activity to the relevant authorities, it is frequently the case that accounts are frozen without proper justification or explanation, thereby causing considerable hardship and damage to business activity for those affected.
When facing such disruption, it is frequently the case that civil relief must be sought through the Courts seeking Specific Disclosure of relevant information by the bank or financial institution involved or such other relief or sanction deemed appropriate.
How We Assisted Our Client
Following the receipt of instructions from our client, the team at KANGS promptly undertook all steps necessary to seek the recovery of the frozen funds, including:
- attending on our client to discuss in detail the nature of its charitable activities, the source of the donations received, and the manner in which those funds were distributed to those in need of such support,
- carefully examining all relevant documentation, including anti‑money laundering material that had been provided to our client for completion, which was rendered irrelevant by virtue of the precipitative freezing action taken by WISE Bank,
- preparing and serving formal data requests to WISE Bank, and conducting all appropriate correspondence,
- conducting negotiations with WISE Bank, seeking a swift return of the frozen funds,
- attending and advising our client throughout as we progressed the claim.
The Highly Satisfactory Outcome
Although WISE Bank refused on several occasions to return the frozen monies, sustained pressure applied by the team at KANGS, ultimately resulting in the monies being returned in full.
Naturally, our client was extremely delighted with this outcome enabling it to continue its essential charitable work assisting those in need in some of the most deprived regions of the world.
How Can We Help You?
The Team at KANGS is extremely experienced at representing and assisting clients in dispute with financial institutions.
If you are made subject to an account freezing order, you should obtain legal representation immediately. Both individuals and companies should receive legal advice and support in relation to any disclosures they may be required to make, to ensure their interests are properly protected.
Our team of solicitors is accustomed to assisting companies, directors, and individuals facing Restraint Orders, Confiscation Orders, and all types of Account Forfeiture Orders.
Additionally, If you are facing allegations of financial crime and are under investigation by HMRC, please get in touch, we would be pleased to hear from you. Contact our team using the details below:
Tel: 0333 370 4333
Email: info@kangssolicitors.co.uk
We provide initial no obligation discussion at our three offices in London, Birmingham, and Manchester. Alternatively, discussions can be held through video conferencing or telephone.
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