We received notification from Barclays Offshore bank regarding the suspension of your offshore account and the termination of the transactions. We are still seeking immediate clarification, which we expect to get later on.
For now, the reasons known or alleged are:
a) Documentary impropriety or defect.
b) Non-completion of transaction certification process which had to do with origin of funds.
After they set up your account, their technical department alerted us not to forward additional clients to them yet as they were applying security upgrades for protection of customers' funds. It was highly improbable that any unauthorized person can access your funds.
However, maybe you did not realize, your payment was made by the bank, not based on any cash deposit by the paying establishment, but via oversea liquidation of portfolio from third-party assignments. Because this is essentially a credit facility which not all institutions will grant the paying establishment, disbursement is conditional upon liquidation of bonds and must pass through prescribed modalities. They have consequently advised the correspondent banks to return the money already dispatched from your account.
From the content of what was sent to us, they are trading blames for this situation with Chartered Alliance Services. They state that we ought to have clarified these conditions with you before forwarding the credit advice, based on which they set up the account with the funds.
Now, we await the outcome of our letter, seeking a better understanding of what needs to be rectified. But my boss indicates it is a minor factor, and hopefully, if it is resolved today, your account will be immediately re-activated, and the funds become disposable to you for onward transfers.
So as soon as I know what should be done, I will let you know. But presently, nobody can touch your funds, as the account is restricted, and can only be accessible after due clearance. Should we be unable to resolve the matter, the transactions will be permanently aborted. But I do not foresee that being the case.
We regret any inconvenience this may have caused you, and promise to do our best for you concerning the matter, while we advise you to put your mind at ease. As soon as further information is available to me, you will be advised promptly.
However, it is critical that you maintain frequent communication with me in order to closely monitor this development. If I get further information, I shall contact you. I encourage you to do the same.
Yours Truly,
Andrew Mason.
FOR HEAD OF OPERATIONS
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