my cousin sold his bitcoin to a guy in Thailand and that person made direct payment to my cousins bank account in Singapore from his Thailand bank but now the bank in Singapore is asking my cousin to produce his income source and has freeze that transaction money in his account. my concern is does the bank have that authority to stop my cousin from taking money out from his account and give such reason or excuses ?
is there any legal solution ? is it possible to sue the bank ?
The received amount triggers the alarm. How much we are talking here?
Usually if a bank account doesn't always have a regular transaction or in such case that all of a sudden it received a sudden decent money then they will asked for some clarifications. Knowing Singapore banks, they are strictly regulated and no way will just freeze an account for nothing.
Aside from that, the bank transaction was made via cross border so definitely it increase the impact to the freezing of the account.
Just be nice answering to them. Giving excuses might just turned into worst.