Hello,
I have created my new company 3 months ago and have completed 4 operations with foreign customers, for which I received transfers in USD in my account. However, for the 4th operation, my customer said the money was blocked by a USA bank, citing the reason that our company is illegal. When I informed my customer that it may be a mistake, they requested the American bank to send the money to my account. The bank complied, and my customer sent me a new SWIFT copy, but I have still not received the money. Subsequently, my customer informed me that the USA bank stated my company is blacklisted, and they returned the money to him.
As my company is new and 100% legal, I am puzzled about the reason for this issue. Could it be that the name of my company is similar to that of a blacklisted company? Or perhaps my customer is delaying payment as he previously asked for a 2-week extension due to financial difficulties. When the payment deadline arrived, he sent a DEBIT SWIFT and informed me that the USA bank flagged my company as illegal.
I have a history with this customer from previous business dealings with a friend, and I believed him to be trustworthy as they paid correctly for the first operation.
Is there an alternative way for me to receive my payment? For example, providing him with the name and account of another company, even though the invoice is under the name of my new company, which the bank deems illegal or blacklisted?
Thank you for assisting me as soon as possible.
From Mauritania, Nouakchott
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I have created my new company 3 months ago and have completed 4 operations with foreign customers, for which I received transfers in USD in my account. However, for the 4th operation, my customer said the money was blocked by a USA bank, citing the reason that our company is illegal. When I informed my customer that it may be a mistake, they requested the American bank to send the money to my account. The bank complied, and my customer sent me a new SWIFT copy, but I have still not received the money. Subsequently, my customer informed me that the USA bank stated my company is blacklisted, and they returned the money to him.
As my company is new and 100% legal, I am puzzled about the reason for this issue. Could it be that the name of my company is similar to that of a blacklisted company? Or perhaps my customer is delaying payment as he previously asked for a 2-week extension due to financial difficulties. When the payment deadline arrived, he sent a DEBIT SWIFT and informed me that the USA bank flagged my company as illegal.
I have a history with this customer from previous business dealings with a friend, and I believed him to be trustworthy as they paid correctly for the first operation.
Is there an alternative way for me to receive my payment? For example, providing him with the name and account of another company, even though the invoice is under the name of my new company, which the bank deems illegal or blacklisted?
Thank you for assisting me as soon as possible.
From Mauritania, Nouakchott
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Ask your client to provide reasons for blacklisting, if any, including which agency of the US government, under which Act/rules, etc. Additionally, proactively provide some documents showing your legal status in India, such as ROC certificate, PAN number, DIN number, ST/VAT registration number, etc., to prove your bona fides. Although you have not mentioned the type of business setup you have, such as Partnership, Limited Company, LLP, etc.
From India, Mumbai
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124From India, Mumbai
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You have probably been identified as a company running a Money Laundering or Terrorist Funding operation. Banks across the US and Europe are mandated to ensure that money laundering and terrorist funding are dealt with seriously. You can check with the bank for the reason, not the client. It is the bank that has the authority to reject the transfers.
[AIITEA - Home](http://www.AIITEA.org)
From United Kingdom, Reading
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[AIITEA - Home](http://www.AIITEA.org)
From United Kingdom, Reading
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Hi,
You would have to get the notification/email/message which your client received, including the transaction ID, date, and time. Then, send this information to the respective bank. Please provide your contact information, availability, and suggest a suitable time to talk to them.
An alternative method to receive payment is to set up a PayPal account. Attach your debit/credit card or bank account to it. Provide your PAN number/TAN on PayPal and complete the verification process. Finally, send an invoice to the client via PayPal.
Thank you.
From India, Mumbai
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You would have to get the notification/email/message which your client received, including the transaction ID, date, and time. Then, send this information to the respective bank. Please provide your contact information, availability, and suggest a suitable time to talk to them.
An alternative method to receive payment is to set up a PayPal account. Attach your debit/credit card or bank account to it. Provide your PAN number/TAN on PayPal and complete the verification process. Finally, send an invoice to the client via PayPal.
Thank you.
From India, Mumbai
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It seems like there are some spelling, grammar, and punctuation errors in your input. Here is the corrected version:
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Meaning to give him the name and account of another company despite the invoice being under the name of my new company (which the bank says is illegal/blacklisted)? Not a good idea as per accounts.
You would have to raise an invoice from Company A (new) to Company B (old, non-blacklisted), get the payment from the USA, and transfer money from Company B's account to Company A. If both companies belong to you or are sister concern companies, then it would be an internal billing issue/tax issue that should be avoided.
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I have corrected the spelling, grammar, and punctuation errors in your input while ensuring the original meaning and tone remain intact. Let me know if you need further assistance.
From India, Mumbai
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Meaning to give him the name and account of another company despite the invoice being under the name of my new company (which the bank says is illegal/blacklisted)? Not a good idea as per accounts.
You would have to raise an invoice from Company A (new) to Company B (old, non-blacklisted), get the payment from the USA, and transfer money from Company B's account to Company A. If both companies belong to you or are sister concern companies, then it would be an internal billing issue/tax issue that should be avoided.
---
I have corrected the spelling, grammar, and punctuation errors in your input while ensuring the original meaning and tone remain intact. Let me know if you need further assistance.
From India, Mumbai
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