1 week ago
Standard Chartered Account Hold Leaves Customer Buried in KYC Paperwork
Farrukh Dhondy had a bank account with Standard Chartered in Mumbai.
While traveling in Majorca, his passport, OCI card, and bank card were stolen.
His replacement bank card took many months to arrive.
Later, a cheque sent to his account was returned because the account had been put on hold.
The bank said he needed to complete KYC forms, which are documents used to confirm a customer’s identity.
Dhondy filled out many forms and showed identification at the bank’s London office.
However, the bank continued asking for more forms and corrections without clearly explaining why the account had been stopped.
He is frustrated because the process has taken a lot of time.
Farrukh Dhondy says Standard Chartered delayed sending a replacement debit card after his original was stolen in Majorca.
The bank later rejected a monthly cheque because his account had been placed on hold.
A bank representative attributed the hold to missing KYC forms but initially did not explain the reason.
Dhondy completed and submitted eight forms and identity documents, yet was told that additional corrections and paperwork were required.
He says the prolonged process wasted his time and has made him consider keeping his money at home instead.
- Who
- Farrukh Dhondy and Standard Chartered Bank.
- What
- Dhondy’s account was placed on hold, causing a cheque to be rejected and requiring extensive KYC paperwork.
- Where
- The account was opened at Standard Chartered’s Bandra, Mumbai branch, while verification also took place at the bank’s London office.
- When
- The account issue arose after Dhondy had previously waited months for a replacement debit card; the matter remains unresolved as he writes.
- Why
- A bank representative said the account was on hold because Dhondy had not completed required KYC forms, although no further explanation was provided.
Customer’s Complaint
Bank’s Compliance Process
Reason for the account hold
Customer’s Complaint
Dhondy says the bank gave no clear explanation for placing his account on hold and kept adding paperwork requirements.
Bank’s Compliance Process
The bank representative said the hold resulted from missing KYC forms and later requested additional forms and correctly placed initials.
Replacement debit card
Customer’s Complaint
Dhondy says he repeatedly requested a replacement card from London but waited three to six months before it was sent to his niece’s Mumbai address.
Bank’s Compliance Process
The article does not include a detailed explanation from Standard Chartered for the delay or the delivery address.
Key facts
- Bank
- Standard Chartered Bank
- Original branch
- Bandra, Mumbai
- Stolen items
- Passport, OCI card, and Standard Chartered debit card
- Location of theft
- A baggage carousel hall in Majorca
- Account problem
- A monthly cheque was returned because the account was not accepting payments
- Required process
- KYC verification involving forms and identity documents
- Verification location
- Standard Chartered’s London office in Moorgate
Sources
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