Author Topic: Money Laundering  (Read 674 times)

Money Laundering
« on: July 29, 2019, 11:02:24 am »
On Friday to obtain £100 worth of Euros on my Debit card I had to provide my full name, address & email address "Because of Money Laundering Regulations"

Today I wasn't able to pay cash into my wife's ISA Account "Because of Money Laundering Regulations"

I've checked the regulations and as far as I can see there are no such requirements, just the need for risk assessment the use of due diligence and establishing peoples identity.

My guess would be that that the way Banks & Building Societies have chosen to interpret the regulations and introduced nonsensical rules has probably done little to reduce money laundering but has significantly inconvenienced ordinary people going about their normal lives.

caerau

  • SR x 3 - PBP fail but 1090 km - hey - not too bad
Re: Money Laundering
« Reply #1 on: July 29, 2019, 11:03:59 am »
Yes, I have long foreseen the day when one will need to provide one's passport to get an appointment at the hairdressers.


Do you think money laundering has stopped perchance?  ::-)
It's a reverse Elvis thing.

Re: Money Laundering
« Reply #2 on: July 29, 2019, 11:21:26 am »

My guess would be that that the way Banks & Building Societies have chosen to interpret the regulations and introduced nonsensical rules has probably done little to reduce money laundering but has significantly inconvenienced ordinary people going about their normal lives.

What is has done is reduce the Bank's liabilities, which suits them just fine.  Bugger the customers.
We are making a New World (Paul Nash, 1918)

Re: Money Laundering
« Reply #3 on: July 29, 2019, 11:28:36 am »
Like PilB I think that financial institutions invent these regulations.

Mrs E had to jump through lots of hoops to keep a business current account with a bank that was originally set up to aunder the proceeds of the opium trade in the Far East.

She was required to show compliance with US Treasury anti money laundering regualations and US Internal
Revevnue Service tax withholding regulations, despite the fact that she does not trade in the USA.

The penalties for non-compliance would be closure of the account and withholding 30% of all deposits in anticipation of non-existent  tax liablilities.

I wonder if this particular bank was rattled by the fine imposed by the American authorities for laundering drug money (again)...

ian

  • fatuously disingenuous
    • The Suburban Survival Guide
Re: Money Laundering
« Reply #4 on: July 29, 2019, 12:22:32 pm »
Banks cheerfully laundered money for criminals for years and collected the fees with troubling their corporate conscience. Then the authorities finally told them to stop, so now they use their ordinary customers to demonstrate how they've changed by obsessively making them jump through pointless requirements (while inventing new exciting ways to help their 'high value' customers to launder invest their money).
!nataS pihsroW

Re: Money Laundering
« Reply #5 on: July 29, 2019, 04:39:14 pm »
Despite using a debit card, I had to "open an account" at Ramsdens and provide my driving license, email DOB etc, to get £500 worth of euros.
Knee jerk much ???

caerau

  • SR x 3 - PBP fail but 1090 km - hey - not too bad
Re: Money Laundering
« Reply #6 on: July 29, 2019, 05:19:16 pm »
A bit late now perhaps but I opened a specialist 'banking abroad' bank account recently (Starling it's called, but there are others I believe) to make going on holiday cheaper. 
All I had to do was download their App on my phone - they 'checked me out' I believe but that just took a few minutes of waiting.  I got a new card about 2 days later but it was useable instantly on the mobile using the wallet app.
It proved *very* useful abroad, all I had to do was transfer money from my usual account and either just bink it on the contactless thingy where that was allowed or just use a cashpoint machine - because they specialise in forrin travel - they do not charge fees.  You still get charged by the machine sadly, but it was a darn site cheaper than using my normal bank account - and was really easy to set up.


Certainly was very convenient and none of this messing around with passports, birth certificates, MI5 vetting or whatnot.
It's a reverse Elvis thing.

Gattopardo

  • Lord of the sith
  • Overseaing the building of the death star
Re: Money Laundering
« Reply #7 on: July 29, 2019, 06:22:46 pm »
Yeah, money laundering  ::-)  Now I sound all tin foil hat brigade. 

benborp

  • benbravoorpapa
Re: Money Laundering
« Reply #8 on: July 29, 2019, 06:53:56 pm »
I'm currently trying to work out how a £1600 pension payment regularly turns in to 755€. Somebody is making money out of this somewhere. More pertinently, it's navigating safeguarding issues that is making this more complex than I think/hope it need be.
A world of bedlam trapped inside a small cyclist.

Cudzoziemiec

  • Solar powered, tea fuelled cycle-wol
Re: Money Laundering
« Reply #9 on: July 29, 2019, 08:03:02 pm »
Despite using a debit card, I had to "open an account" at Ramsdens and provide my driving license, email DOB etc, to get £500 worth of euros.
Knee jerk much ???
Isn't Ramsdens a pawn shop, gold and jewellery and stuff, with foreign exchange on the side? Possibly the oldest form of money laundering around.
sideways bounding monkey lounging under fruit tree

Re: Money Laundering
« Reply #10 on: July 29, 2019, 08:44:56 pm »
Like PilB I think that financial institutions invent these regulations.

Mrs E had to jump through lots of hoops to keep a business current account with a bank that was originally set up to aunder the proceeds of the opium trade in the Far East.

She was required to show compliance with US Treasury anti money laundering regualations and US Internal
Revevnue Service tax withholding regulations, despite the fact that she does not trade in the USA.

The penalties for non-compliance would be closure of the account and withholding 30% of all deposits in anticipation of non-existent  tax liablilities.

I wonder if this particular bank was rattled by the fine imposed by the American authorities for laundering drug money (again)...

I know someone who banks with them. About a couple of years ago, they got a letter from them (the bank) saying if they wanted to keep their account and credit card, because of money laundering regs, they had to scan their passport/driving licence/birth cert/proof of address/blah blah and upload them onto a website. I can't quite remember but I think the website was some third party private company. F**k that!

I told them to ignore the letter and AFAIK they're still with HSfukingBC.

Then a few months ago, they were abroad when the monthly credit card balance had to be paid, they usually paid cash in-branch. So I went to pay it with cash but they would only accept cash from the account holder, because of because of money laundering regs! I had to go to my bank and do an in-branch transfer from my account.

https://www.rt.com/op-ed/330781-drug-smuggling-hsbc-crimes/

Adam

  • It'll soon be summer
    • Charity ride Durness to Dover 18-25th June 2011
Re: Money Laundering
« Reply #11 on: July 29, 2019, 10:04:37 pm »
Speaking as an ex-Money Laundering Officer, sadly all companies generally have ridiculous requirements.  I often used to quote the actual guidance back to various insurance companies pointing out what they were requesting, wasn't actually required.

If you're having trouble getting to sleep, have a read:  http://www.jmlsg.org.uk/

What's even worse, is the habit of banks etc ringing you up, and then asking you to first verify yourself by confirming some personal details, such as your date of birth or place of birth.

NO!!! That's exactly what a scammer would do, to get more personal info about you.  The trouble is they have their defined script, and can't deviate from it.
“Life is like riding a bicycle. To keep your balance you must keep moving.” -Albert Einstein

Jaded

  • The Codfather
  • Formerly known as Jaded
Re: Money Laundering
« Reply #12 on: July 29, 2019, 10:08:16 pm »
Those ones get the "You know who I am, you called me!" treatment.
If you don't like your democracy, vote against it.

Re: Money Laundering
« Reply #13 on: July 29, 2019, 11:08:12 pm »
HSBC threatened to close my business account, after 5 years that had started with a face to face meeting and proof of identity. They put a nice big notice on the website so that the primary user could see when he logged in. Unfortunately, all the day to day stuff was done by the secondary user, for whom there was nothing, not even a "tell the primary user to log in" notice.

So they wanted the usual, passport, driving licence etc. and it got sorted. The real people were much nicer than the "tell us who to send the balance cheque to when we close the account next week" letter.

Squareup had a different version of paranoia. We signed up, and got it all working, but didn't have an actual reader as all we wanted was the over-the-phone payment facility. I put £10 through, and checked that the £9.75 arrived in a day or so, which it did. The next payment was around £1000, which went through fine, but had obviously triggered the "possible drug deal" alarm, so Squareup kept the money until driving licence, passport etc had been scanned and sent.

It wasn't too bad, in that the customer never noticed, and we didn't have to do it again. Squareup online is generally quite good, as the card numbers are entered directly onto a really simple page, with no need to write anything down, and they will email the customer an acknowledgement if you want. It means that we never store customer card details, which avoids the need to secure storage and monitor access and all that worry. The rates aren't bad and there is no monthly charge.

At least banks will accept scans of driving licence etc. Some time ago, one organisation wouldn't accept a paper copy of my licence because it was twice full size and in colour. They wanted a photocopy, which had to be in black and white, and it had to be the right size, in spite of the fact that real photocopiers were already a dying breed, being replaced by printers / scanners in one box.
Quote from: Kim
Paging Diver300.  Diver300 to the GSM Trimphone, please...

ian

  • fatuously disingenuous
    • The Suburban Survival Guide
Re: Money Laundering
« Reply #14 on: July 30, 2019, 09:50:08 am »
Well, at least all this regulation this has all put a stop to money laundering.
!nataS pihsroW

Re: Money Laundering
« Reply #15 on: July 31, 2019, 09:39:09 am »
Well, at least all this regulation this has all put a stop to money laundering.

I was rather intrigued by the thought processes of the cashier, that I might be money laundering by buying £100 worth of euros using a debit card? Had I given her a fictitious address and email address I don't think she would have been any the wiser.

For the money I was paying in, and it was a substantial amount, I simply took it to another building society where we have a joint account. No request for ID or a signature. Pretty sure if a female friend or relative had made the payment into the first bank, claiming to be the account holder, they wouldn't have been aware.

I very much doubt these bizarre interpretations of the regulations have done anything to prevent money laundering. It's even possible that staff who are intent on implementing the rules are distracted enough to make it even easier for the crooks to go about their business.

Re: Money Laundering
« Reply #16 on: July 31, 2019, 09:40:56 am »
Speaking as an ex-Money Laundering Officer, sadly all companies generally have ridiculous requirements.  I often used to quote the actual guidance back to various insurance companies pointing out what they were requesting, wasn't actually required.


I misread this originally & thought you were admitting to being in charge of money laundering for a Crime Synidicate ::-)