Banks take a risk based approach to their dealings. They'll take higher risks if the returns are high. If the reward is low while risk is high, they will not take the business.
They have to adhere to a variety of regulations such as money laundering laws, which involves "know your customer" a process of the bank being able to show can reasonably determine the source of the money is legitimate.
In short, Fuentes may not be able to give the bank enough assurance the source of his money is legitimate (could be he refused to give this info). He may be classed as high risk but he's broke enough that the bank doesn't see enough reward (bear in mind banks have taken considerable risk on drug lords and Donald trump over the years).
29
u/thatlad 1d ago
Two things at play here:
Banks take a risk based approach to their dealings. They'll take higher risks if the returns are high. If the reward is low while risk is high, they will not take the business.
They have to adhere to a variety of regulations such as money laundering laws, which involves "know your customer" a process of the bank being able to show can reasonably determine the source of the money is legitimate.
In short, Fuentes may not be able to give the bank enough assurance the source of his money is legitimate (could be he refused to give this info). He may be classed as high risk but he's broke enough that the bank doesn't see enough reward (bear in mind banks have taken considerable risk on drug lords and Donald trump over the years).