Finance Questions? Ask a Financial Expert for Answers ASAP
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.
I have been going through your question in detail. It is very common for the banks to have various checks and measures and have various reporting requirements to monitor possible money laundering activities.Having said this, in your situation, this appears a normal business transaction, subject only to some of the internal reporting requirements by the bank. Every bank has its own charges and fees. However, in your case, at least it cannot be subject to any kind of taxes. It can be subject to some fees such as clearing fees (or some call it collection fees) but certainly not taxes.
Second issue is that your friend is not being able to withdraw money as well, which just doesn't go with me. Merely the fees cannot be the reason of not being able to withdraw.
The best thing, that I would advise you is to ask your friend to write a detailed communication to the HSBC, Kuala Lampur and demand a written explanation of itemization and break up of fees and charges. Also demand a detail written explanation as to why the bank is prohibiting him from withdrawing money.
I am sure this is nothing but a routine business transaction that you friend has done. This may be certainly be subject to surveillance and various reporting requirements but certainly not subject to any taxes (other than minor charges) and not tax at all.The explanation from the bank would help you better understand what the exact problem is.
I a sure this would help.You may please leave a positive rating if this helps as this is the only way we get compensated for assisting you. Alternatively please feel free to reply back if you need further assistance.Warm Regards