Interview
Why your bank holds that transfer
Customers moving money to a crypto platform regularly run into a blocked payment. We spoke with Dirk Vanhoof, head of financial crime at a Belgian bank, about the logic behind those blocks.
In conversation with
Dirk Vanhoof — Hoofd Financiële Criminaliteit, een Belgische grootbank
Why block a payment to a licensed platform?
Vanhoof: 'The counterparty's licence does not remove our own duty. We must be able to explain why a customer sends money and where it came from. A sudden large transfer without prior history triggers the monitoring system.'
'That trigger is not an accusation. It is a temporary stop until a human sees the context. In most cases the payment goes through once there is an explanation.'
Why payments get flagged
Distribution of flags at this bank, indicative and based on the interview.
- Amount unusual versus history38%
- First payment to this counterparty type24%
- Rapid back-and-forth movement18%
- Counterparty outside the EEA12%
- External signal or report8%
What helps a customer clear the block quickly?
Vanhoof: 'Documents. A payslip, a sale deed, a gift record, a platform statement in the customer's own name. Those who supply that immediately are usually helped within a few working days.'
'What does not help is an angry phone call without paperwork. And splitting an amount into smaller pieces definitely does not help; that is exactly the pattern our models are trained on.'
- Proof of the source of funds
- Account statement in your own name
- A clear payment reference
- Never split amounts
From first block to release
The process is similar at most Belgian and Dutch banks. Knowing the steps tells you when it is fair to push back.
The path of a blocked transfer
- 01
Automated flag
Model marks the payment, execution pauses
- 02
Human review
Analyst checks history and counterparty
- 03
Request for evidence
Bank asks for documents
- 04
Release or refusal
With reasoning and a complaints route
Will this ever get easier?
Vanhoof: 'As licensed firms share better data, we can filter more precisely. We prefer ten well-founded payments over a hundred blind blocks; every wrongful stop costs us money and goodwill too.'
'At the same time, people should be realistic. As long as banks carry the money laundering liability, friction remains. It does not disappear because the sector matures.'
Frequently asked questions
Can a bank simply refuse a payment to a crypto platform?
A bank may hold a payment when it cannot assess the money laundering risk, but must motivate the decision and offer a complaints route.
How long does a review take?
According to this banker, usually a few working days, provided the customer supplies the requested documents immediately.
Does splitting the amount help?
No. Splitting increases the chance of a block, because it is a classic money laundering detection pattern.
About the author
Wouter volgt macro-economie, rentebeleid en edelmetalen. Hij verbindt centralebankbeslissingen met wat er op de crypto- en goudmarkt gebeurt.