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Insane Requirements by Banks

Jun 30, 2022 Letters

Dear Editor,

I used to think that Freddie Kissoon may have been exaggerating just a little. My apologies for those thoughts.
After 13 years of charity work in Guyana, a potential business opportunity from which I just may be able to generate some funds that could be donated to said organisation arose. Business registered -no problem. TIN # obtained – no problem. Time to open bank account – nightmare.
Two pages of requirements. Hired Business Consultant to prepare three years projection, get character references, etc. Documents submitted but not enough. Statement from lawyer certifying he’s handling transaction, bank statements from personal accounts plus other documentation were required. I now await approval from Central Bank but realise seller is not going to wait forever.
To avoid further delays, I suggested my investment partner transfer funds from his US account into my personal account from which I can get a bank cheque to pay off the seller. After a week the funds have not been credited and letter certifying origin of funds as requested by bank was presented.
To date, almost three weeks after the funds were transferred, my account still has not been credited. I understand the need to ensure the legitimacy of the origin of funds but if said funds are being moved from one reputable bank in the US to another in Guyana, shouldn’t that be enough? After all, US banks have to account for any sizable deposit into personal accounts.
Funny thing, all I wanted to do was buy a piece of property with the intention that it can be used for some business venture at a later date. Could it be as one person mentioned, I am not the correct shade of American?

Frustrated

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