Criminal Justice Act 1994 (anti money laundering measures)

[spoon1236]

As a Halifax customer looking for a new bank account, I was wondering does the Criminal Justice Act 1994 (anti money laundering measures) actually stop criminals money laundering or is it just a complete pain for the rest of us who need to open a new bank account?

 

[Molly]

I was wondering does the Criminal Justice Act 1994 (anti money laundering measures) actually stop criminals money laundering

Yes it does. I work in banking and have encountered numerous attempts to fraudulently open bank accounts which otherwise would have gone un noticed without vailidation of name and address.

 

[Lightning]

Completely agree, it is not fools proof but it does catch a lot/most of attempted money laundering.