If the information required by the bank is not submitted, will the bank remittance be approved?

When encountering bank review, if you do not submit the information required by the bank, bank remittances will usually not be approved.

The following are some specific reasons and results:

Compliance requirements:

Laws and regulations: Banks must comply with national and international financial regulations, including anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Without submitting the required information, banks cannot complete the necessary compliance checks and therefore cannot approve remittances.

Risk management:

Risk control: Banks need to assess and control the risks associated with transactions. If the necessary information is missing, banks cannot fully assess the risks and will usually choose to reject or suspend processing remittances.

Transaction confirmation:

Identity verification: Banks need to verify the identity of the remitter and recipient to ensure the legality and security of the transaction. Without submitting the required identity verification information, banks cannot confirm the authenticity of the transaction and cannot approve remittances.

Transaction details:

Transaction purpose and source: Banks may need to understand the source and purpose of the funds to ensure that the funds are not used for illegal activities. Without submitting relevant information, banks cannot verify the transaction purpose and source, and remittances will be rejected.

Compliance department requirements:

Compliance review: The bank's compliance department may require additional information to complete the review process. If this information is not submitted, the review process cannot be completed and remittances will not be approved.

Results of not submitting the required information:

Remittance rejected: The bank directly rejects the remittance request.

Remittance delayed: The bank temporarily freezes or delays processing the remittance until all required information is received.

Account frozen: In some cases, if the bank suspects illegal activity, it may freeze the relevant account until the issue is resolved.

To ensure smooth remittance, it is recommended to provide all required information as soon as possible when the bank requests review materials. This not only helps to speed up the review process, but also ensures that the remittance reaches the recipient's account on time.