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Help sought please!
I have a CIFAS flag against my name (Not on my credit report).
I have a copy of my DSAR and it seems to state..
Case Type : Missuse of Facility
Reason for filing: retaining wrongful credit
Cifas Filing: First party fraud. (Opening an account for fraudulent purpose or the fraudulent misuse of an account or facility.
Channel: Combination.
Here's the lowdown.
I am a bitcoin trader (Self- Employed small time trader)
One of my agents brought me a person who wanted to purchase some bitcoin.
Clients get my bank details from my agents and the clients deposit funds into my account and i subsequently buy the bitcoin for them and send it minus a fee.
This process is very normal and is how the 'big' companies work their business... Like coinbase and wirex to name a few.
I've been doing these kind of trades for 2 year and never had an issue.
Selling of bitcoin is not illegal or crime but it seems banks always fight it.
So, The funds came in... the amount is irrelevant but i was in the region of mid 4 figures. The next day i get a message to contact the bank as they have blocked my account?
So I call them and I get summoned to the bank pretty much.
They tell me they are closing my account and subsequently term me '90 days'
It turns out when the client paid funds into my account they were under the illusion it was for 'another intended purpose'. So it seems they realised the payment did not get to where it needed to and subsequently they put a fraud block on the payment... hence the bank summoning me to their office so to speak.
Fast forward about 3 months.... After a lot of phone calls between the 2 banks the client got a refund of the money which i don't have an issue with as 1) I never sent the bitcoin anyway as the payment was blocked and if the payment was NOT for bitcoin then I don't want the payment as I don't need it if it's not for the purpose of the transaction.
When i researched CIFAS recently I was told 'A cifas flag should not stop you applying for credit, At this time I dont want/ need 'credit' I do however need a function high street bank account. Instead of having to use banks that don't the cifas system as such. Yet anytime I try to create a new bank account it either gets blocked and closed before it is even open or it's blocked from inception or further still it does get opened then a day or 2 later they block the account.
Furthermore the client has been TOLD by his bank they HE can do nothing. HE cannot remove any fraud markers because the BANK placed the flag so only the bank can remove the flag.
This has been going on for in excess of 6 months++
The bank has refused so far to send me a 'FINAL' so that in itself is making clearing this matter harder and more frustrating.
I worked for months to get the client his money back.. It seems the bank put the funds in a 'holding' account awaiting a liability case to be raised... even when that happened the bank 'lost it' 3 times and it turned into 3 months of hell! I had hoped that once the funds were returned and the client was happy that that would be an end to this saga but it seems not to be the case.
I'm thinking the only thing I can do is to compile a report of sorts and submit it to all the banks who have closed accounts on me... then to cifas then to the ombudsman.
I never take no for an answer especially when I feel i am in fact I have done nothing wrong!!
Can anyone offer any kind of assistance ? Template ? Guidance?
Thank you!
I have a CIFAS flag against my name (Not on my credit report).
I have a copy of my DSAR and it seems to state..
Case Type : Missuse of Facility
Reason for filing: retaining wrongful credit
Cifas Filing: First party fraud. (Opening an account for fraudulent purpose or the fraudulent misuse of an account or facility.
Channel: Combination.
Here's the lowdown.
I am a bitcoin trader (Self- Employed small time trader)
One of my agents brought me a person who wanted to purchase some bitcoin.
Clients get my bank details from my agents and the clients deposit funds into my account and i subsequently buy the bitcoin for them and send it minus a fee.
This process is very normal and is how the 'big' companies work their business... Like coinbase and wirex to name a few.
I've been doing these kind of trades for 2 year and never had an issue.
Selling of bitcoin is not illegal or crime but it seems banks always fight it.
So, The funds came in... the amount is irrelevant but i was in the region of mid 4 figures. The next day i get a message to contact the bank as they have blocked my account?
So I call them and I get summoned to the bank pretty much.
They tell me they are closing my account and subsequently term me '90 days'
It turns out when the client paid funds into my account they were under the illusion it was for 'another intended purpose'. So it seems they realised the payment did not get to where it needed to and subsequently they put a fraud block on the payment... hence the bank summoning me to their office so to speak.
Fast forward about 3 months.... After a lot of phone calls between the 2 banks the client got a refund of the money which i don't have an issue with as 1) I never sent the bitcoin anyway as the payment was blocked and if the payment was NOT for bitcoin then I don't want the payment as I don't need it if it's not for the purpose of the transaction.
When i researched CIFAS recently I was told 'A cifas flag should not stop you applying for credit, At this time I dont want/ need 'credit' I do however need a function high street bank account. Instead of having to use banks that don't the cifas system as such. Yet anytime I try to create a new bank account it either gets blocked and closed before it is even open or it's blocked from inception or further still it does get opened then a day or 2 later they block the account.
Furthermore the client has been TOLD by his bank they HE can do nothing. HE cannot remove any fraud markers because the BANK placed the flag so only the bank can remove the flag.
This has been going on for in excess of 6 months++
The bank has refused so far to send me a 'FINAL' so that in itself is making clearing this matter harder and more frustrating.
I worked for months to get the client his money back.. It seems the bank put the funds in a 'holding' account awaiting a liability case to be raised... even when that happened the bank 'lost it' 3 times and it turned into 3 months of hell! I had hoped that once the funds were returned and the client was happy that that would be an end to this saga but it seems not to be the case.
I'm thinking the only thing I can do is to compile a report of sorts and submit it to all the banks who have closed accounts on me... then to cifas then to the ombudsman.
I never take no for an answer especially when I feel i am in fact I have done nothing wrong!!
Can anyone offer any kind of assistance ? Template ? Guidance?
Thank you!
