AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A Canadian bank can restrict an account while it reviews transactions it considers unusual, including transfers to or from Nigeria. Respond quickly with documents that explain the source and purpose of the money, ask for everything in writing, and if the issue is not resolved, use the bank's complaint process. OBSI can review once the bank has had 56 days or given a final response, and you have 180 days to take it there.
Why banks restrict accounts
A freeze or restriction usually follows a review. As reporting entities under Canada's anti-money laundering law, banks monitor accounts and apply extra measures where they see higher risk; FINTRAC guidance refers to enhanced ongoing monitoring. A transfer to or from Nigeria may sit alongside other signals:
- A large or sudden inflow or outflow out of keeping with the account's history.
- Third parties sending money in, or the account being used to pass money on.
- Information that does not match: name, address or job details.
- A report of fraud linked to a payment, such as a scam victim tracing funds.
- Unanswered requests for information from the bank.
Nigeria was removed from the FATF list of jurisdictions under increased monitoring on 24 October 2025, so the country alone is less likely to be the reason. The pattern and the paperwork usually matter more.
Types of restriction
- Hold on a single payment
- One incoming or outgoing transfer is paused while the bank asks questions.
- Partial restriction
- You can see the account but cannot send money out, or cannot make international transfers.
- Full freeze
- No debits at all while a review runs.
- Notice of closure
- The bank decides to end the relationship and gives notice; ask how and when remaining funds will be paid out.
How to respond
- Call the number the bank gave you, or the number on your card, not one from an unsolicited email or text.
- Ask exactly what the bank needs, and ask for the request in writing.
- Send documents that explain each flagged transaction: payslips, sale or tenancy agreements, Nigerian bank statements, gift letters, or probate papers.
- Write a short timeline linking each document to a transaction by date and amount.
- Keep copies of everything you send and a log of each call, with names and dates.
- Follow up in writing if you hear nothing within the time the bank promised.
Be accurate. An explanation that changes, or documents that do not match the transactions, will slow things down. If you are unsure where a sum came from, say so and find out rather than guessing.
Things that make it worse
- Moving money in and out for other people, even relatives, without being able to explain it.
- Splitting a large amount into several smaller ones. Under FINTRAC rules, cash amounts that add up to $10,000 or more within 24 hours for the same person are reported together, and splitting is a known warning sign.
- Ignoring the bank's messages.
A sample cover note
A short note sent with your documents helps the reviewer. For example: "On 3 September I received CAD 18,400 from my brother, Chukwuemeka Obi, from his account at a Lagos bank. It is my share of the proceeds from the sale of our late father's land in Enugu. Attached: letters of administration, the sale agreement, his bank statement showing the transfer, and my ID." Names and figures here are illustrative; use your own, and attach only documents that are true and complete.
Complaints and OBSI
If the review drags on, or you think the bank got it wrong, make a formal complaint through the bank's published complaint process and note the date. OBSI (the Ombudsman for Banking Services and Investments) is free for consumers. It says it can review a complaint about a bank or federal credit union once the bank has had 56 calendar days without a final response, or once you have a final response you disagree with. You have 180 calendar days from the final response to bring it to OBSI.
Some decisions, such as whether a bank wants to keep you as a customer, may be treated as the bank's own business decision, and OBSI's page does not list what it excludes. A complaint is still worth making if money is being held without explanation or you were treated unfairly. This is information, not legal advice; for large sums, speak to a lawyer.
While the account is restricted
- Set up another way to pay rent and bills for a few weeks, in case the review runs long.
- Tell anyone expecting money from you, including family in Nigeria, that payments may be delayed.
- Watch for scam calls offering to "unfreeze" the account for a fee; banks do not do this.
- Keep using only official channels to contact the bank, and check any letter against the contact details on the bank's own website before replying.
For a remittance app account rather than a bank, our guide to frozen remittance app accounts covers the differences. For a single held wire, see why your bank questioned a wire from Nigeria.
Where Pryme fits
Pryme keeps a record of every movement between its naira, US dollar, sterling and euro balances, and you can generate a verifiable statement through VerifyDoc.ai to support an explanation to another bank. Read how Pryme secures your account.
Questions people ask
Can a Canadian bank freeze my account without telling me why?
Banks often limit what they say about anti-money laundering reviews. Ask what they need from you and request it in writing.
How long does a frozen account review take in Canada?
There is no fixed time. Sending complete documents quickly helps. If the bank has not given a final response within 56 days, OBSI can look at a complaint.
How do I complain to OBSI about my bank?
Complain to the bank first. After 56 calendar days without a final response, or once you have a final response, you can take it to OBSI within 180 days. It is free.
Will my money be lost if the bank closes my account?
Ask the bank in writing how and when remaining funds will be paid out. Keep records, and take advice if a large sum is withheld.
Sources
- OBSI: Can OBSI help? (2026) · accessed Oct 2026
- FINTRAC: Beneficial ownership requirements (modified 30 Jul 2026) · accessed Oct 2026
- FINTRAC: Reporting large cash transactions to FINTRAC (modified 19 Jan 2024) · accessed Oct 2026
- FATF: Jurisdictions under increased monitoring, October 2025 (24 Oct 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.