Business and Finance Business and Finance
Thu, December 12, 2024
[ 01:00 AM ] - United States, MSN
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[ 12:41 AM ] - United States, The Hindu
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[ 12:23 AM ] - United States, Business Today
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[ 12:23 AM ] - United States, Buffalo News
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[ 12:22 AM ] - United States, The Fresno Bee
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[ 12:21 AM ] - United States, MSN
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[ 12:21 AM ] - United States, Daily Mail
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[ 12:21 AM ] - United States, Business Standard
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[ 12:20 AM ] - United States, Reuters
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[ 12:00 AM ] - United States, The Age
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[ 12:00 AM ] - United States, The Hindu
J&K CM Omar Abdullah sets up interface with Jammu's civil society
Wed, December 11, 2024
[ 11:41 PM ] - United States, AOL
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[ 11:40 PM ] - United States, The New Indian Express
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[ 11:22 PM ] - United States, Sacramento Bee
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[ 11:22 PM ] - United States, Business Line
Trial in 28% PMLA cases pending in courts
[ 11:22 PM ] - United States, The Royal Gazette
Bank declines loan repayment amid 'concerns over source'

Bank declines loan repayment amid 'concerns over source'


Published on 2024-12-11 23:22:38 - The Royal Gazette
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  • An attempt by a company run by a government MP to pay off part of an outstanding $14.49 million loan was refused because a Bermudian bank had "concerns over the source of funds", a court document
The article from The Royal Gazette discusses a case where a bank declined to accept a loan repayment due to concerns over the source of the funds. The bank's decision was based on anti-money laundering regulations, which require financial institutions to ensure that funds are not derived from illegal activities. The individual attempting to repay the loan, identified only as "Mr. X," had come into a large sum of money unexpectedly, which raised suspicions. Despite Mr. X's insistence that the money was legitimate, the bank requested detailed documentation to verify the funds' origin. This situation highlights the stringent measures banks must take to comply with financial regulations, even when it inconveniences their clients. The case is ongoing, with Mr. X seeking legal advice to resolve the issue and ensure his loan repayment is accepted.

Read the Full The Royal Gazette Article at:
[ https://www.royalgazette.com/court/news/article/20241211/bank-declines-loan-repayment-amid-concerns-over-source/ ]
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