Abbey Identity Confirmation Nonsense

It is not unique to Abbey. The European money laundering laws are very strict. Not only the institution but the employee that serves you are liable to heavy penalties. It IS a PIA but just one of the penalties we pay in the fight against organised crime.

Peter Crosland

No, the UK money laundering laws are very strict, but you get none of this nonsence in other countries.

Youi have to go in with piuture ID, but that's all.

As many have said, having to take bills etc to open a bank account hinders organised crime not one jot.

tim

Peter Crosland posted

Er, they are UK money laundering restrictions. Nothing to do with Europe. Blaming it on Europe is like blaming it on The Computer or The Unions or The Insurance Company.

The Inland Revenue's fight to ensure taxes are paid, you mean.

I understand the need for money laundering laws - what I am commenting on is the ridiculous way that Abbey have interpreted the requirements and chosen to implement them in their own sweet way with the glaring work-a-round.

Check again and you will find that the UK laws on this simply implement a European Directive. A third directive has recently been issued. Details at

Peter Crosland

Whilst Abbey do have their own interpretation so do other financial organisations. I have no association with Abbey but singling them out is manifestly unreasonable unless you have checked what other companies do.

Peter Crosland

I thought he did exactly that, didnt he mention taking his business elsewhere?

Anyway, its no excuse if multiple institutions choose to enact blatantly stupid provisions.

Well, on the other end of the scale, last year I opened a bond with the Conventry Building society. Completely forgot to include proof of my identity but they opened the account anyway without question.

Just wait until you want to withdraw funds!!

If you send them a cheque drawn on a bank account in your own name, signed by you, that is already 100% of the proof they ought to need .. well OK, proof of address, but then they probably sent you an application form to your address, and you appear to have gotten it.

I'd agree though Coventry by post is halfway sane - if only their website was equally sane, and if only they could turn one fixed rate bond into the next one without you having to completely re-apply. 8

How is it then that I can open a bank account in for example Spain without having to live there? Trying to do that in the UK is just about impossible.

Axel

That is reassuring to know.

OK - I have compared them to Barclays - who opened the account after I sent a cheque drawn on the joint account - I assume they also checked electoral roll - may even have checked with my bank (if that is allowed) - they seemed to be very sensible and pragmatic about it.

I have no experience of ease or otherwise with other banks - perhaps others can comment.

>

Because as per usual, our government over-implements the directive, while several other EU countries under implement as much as they can get away with.

and is of little use in the fight against organised crime.

It is moderately effective against fraudulent individuals/couples and unorganised crime ... but organised crime gangs must have this identity requirement sorted by now.

There is plenty of organised crime around, lots of gangs, and lots of their money still in the banking system. These laws have made things more difficult for them, but by no means impossible.

Had a similar problem with Nationwide recently. Wandered into branch with mortgage statement and driving licence. Initially the mortgage statement was refused because it wasn't a Nationwide mortgage, but I managed to persuade counter staff that it didn't need to be. Then my driving licence counterpart was pulled from its wallet (apparently in order to copy some numbers off it), damaged in the process, and refused for identification purposes because it was damaged.

I'm still waiting for them to refund the GBP19 it cost to replace the counterpart.

Abbey, on the other hand, had already demonstrated themselves wildly incompetent earlier this year on other matters, so I wouldn't go back to them again.

I made a will earlier this year, and while the solicitor was quite happy to take a cheque off me without bothering with a cheque guarantee card, she claimed she wasn't allowed to release my will to me without two forms of ID because of money-laundering regulations.

Sam Nelson posted

Always use a solicitor to prepare your will. You'll find it much more convenient :)

Now that does seem a bit silly because you could perfectly well write the will totally by yourself couldn't you?

I am not a criminal but some years ago I did open an account with the Abbey... providing a 'phone bill as evidence of my address. But then the "bank" refused to transfer my address when I moved abroad... as a comparison my Dutch bank opened my account even before I had moved there.

Axel