When our risk and compliance team detects risky activity on payments coming into our out of your account, they may place a temporary hold on your account.
Mamo is required to do this In accordance with Federal legislation and local laws.
Rest assured that holds are temporary in nature, and help us conduct a more thorough internal review. During this review, we may request documents from you, verify activity on your account, or address irregularities we detect.
This process helps us maintain a secure and compliant platform for all our business customers and helps us protect you against fraud, abuse and also ensures we meet our regulatory obligations.
Reasons for account holds
If you are wondering about the most common reasons why accounts are placed on hold, here are a few very brief but helpful descriptions:
Reason for hold | Description |
Regulatory Requirements | We are required to verify that all accounts are supported with up to date, exhaustive and accurate documentation to meet the stringent compliance standards that regulated firms must comply with.
Your account may be on hold if one or more documents are expired or missing. |
Activity Review | Transactions that appear irregular or require additional clarification may trigger a temporary hold on your account. This can happen rarely or frequently. It is your responsibility to adhere to the advice our team gives you to ensure clean and proper activity on your account. We will do our best to support here. |
What you need to do to lift the hold
When we place an account on hold, we notify you via email with all the required details and outline the specific documentation we need from you.
The email includes clear instructions to help remove the hold. It is important that you respond to us promptly to minimize disruptions to your operations.
Removing account holds
To help us lift the hold on your account:
Follow the instructions provided in the email notification. If you’re unsure of what documentation is needed, refer to our Transaction Monitoring article, which details the necessary requirements.
Submit the requested documents or information in accordance with the instructions in our email
Our team will review your response and update you on the next steps. Rest assured, our team is here to assist and guide you throughout the process to ensure a smooth resolution.
Restrictions to your account while it is on hold
While your account is on hold, you can still receive payments. However, all other account functionalities will be restricted including but not limited to:
Access to these features will be fully restored once the hold is lifted.