Money Laundering Requirements

S

sole

Registered User
Messages
69
My wife and I have had some investments for many years. Some are equity linked or managed etc. Times have improved and we now want to sell some.
We are told that we must have the necessary money laundering requirements. This is our problem. Bank account is on-line, telephone acc on line, dust bin acc on line - no paper statements. I have tried bank for hard copy but they suggested PDF download would be the same. I tried that with one company and they said it was ''not something regularly got through post'' so no good. Dust bin company were happy top provide, a once off, hard copy.
Also these docs must be within 6 months so something like car/house insurance may be out of date limit.
Soon it will impossible to get "posted" documents and hence impossible to open or worse still to retrieve funds from from some institutions.
Where is it leading?
 
Anti-money laundering (AML) requirements presumably mean proof of identity and address is needed.

All ebills have your address on them and your name. I don't see how sticking them in an envelope and posting them to you improves anything. Your passport confirms your identity.
 
Water bills are going out at the moment, there's a paper bill for you. Usually insurance certificates are accepted outside of the 6mth rule provided they are valid for the current year. Tax credit cert from Revenue works. too.
 
The pdf copies that you can download from your utility company's website is acceptable. It is the screen print that is not allowed.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
SBarrett said:
The pdf copies that you can download from your utility company's website is acceptable. It is the screen print that is not allowed.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Click to expand...
I have had a lovely colour PDF bank statement refused by prominent financial institution, in the past month. The reason given was that I did not receive it in the post.
 
Monbretia said:
Water bills are going out at the moment, there's a paper bill for you. Usually insurance certificates are accepted outside of the 6mth rule provided they are valid for the current year. Tax credit cert from Revenue works. too.
Click to expand...
Great. Some use for water bill. Hope I will not run a protest situation for using it.
 
Whta address is on your payslip ? Did you receive P60 for this year ? Any correspondance from taxman ?
 
Financial institutions seem to think it makes all the difference if it comes in the post.
 
sole said:
I have had a lovely colour PDF bank statement refused by prominent financial institution, in the past month. The reason given was that I did not receive it in the post.
Click to expand...

I have never come across that before. That is not a requirement of the legislation, it is a decision of some jobs worth who doesn't have any commercial dealings and just checks files for a decision.

Seeing as banks themselves have moved towards e-statements, what are they going to do if you gave them an e-statement from their own institution?


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
sole said:
Financial institutions seem to think it makes all the difference if it comes in the post.
Click to expand...
Unfortunately some bank officials are unaware of the requirements. No necessity for a bill to have come in the post. PDF copy is perfectly acceptable. We will accept an e-mail scanned copy of a bill (PDF or Post). Steven is correct!
 
KBC for example allow you to email copies of all docs when you apply to open an account.

[broken link removed]
 
sole said:
We are told that we must have the necessary money laundering requirements. This is our problem. Bank account is on-line, telephone acc on line, dust bin acc on line - no paper statements.
Click to expand...
Does the financial institution require originals or certified copies? I was recently asked to renew my identification documents by a financial body. I needed 'certified copies' of the most recent bank statement, a utility bill (or two) and of my passport. My bank (the TSB) certified the copies on the spot. Likewise, my local post office certified similar copies for State Savings. The problem of course is in the future a charge will most likely be introduced for this service.
 
Problems even worse for my wife as she has no tax, no bank, no utilities etc so not able to open an account.
 
Thanks to everyone for the suggestions etc.

It does seem strange that if you have a dust bin in your name you are OK for AML. Are these regulations really preventing laundering.
 
The reason for the requirement for posted statements for Money Laundering and proof of address in general is not that complicated.

At it's most simplistic...

Mr Smith is applying for a loan with Bank of Arkham but has no intention of paying it back.
He has a bank account with the Bank of Gotham with his correct address of 1 The Avenue.
He changes this with Bank of Gotham to 1 The Street and downloads copy of a statement from his online banking showing this address to satisfy Bank of Arkham who accept online statements.
Bank of Arkham approves his loan, but have no idea of Mr Smith's true address.

However in the same scenario if Bank of Arkham had the requirement of posted statements only:

Mr Smith changes his address to 1 The Street
A posted statement is issued to that address where Mr Jones lives.
Unless Mr Smith is able to incercept the post in some way Mr Jones returns the bank statement to Bank of Gotham as addressee not at this address.
Mr Smith is left without valid proof of address.
 
The seems no different from what happens when you sign up for most online services. The service sends a confirmation e-mail to the e-mail address you signed up with. You have to click a link or use a verification code included with the e-mail in order to complete your registration with the service. The fact that you can access the confirmation e-mail is proof that you are the owner of the e-mail address provided.

So why can't institutions looking to comply with AML regulations send *you* a confirmation letter by post. You come back in and present the confirmation to prove you live at that postal address. The current alternative is problematic. Like previous posters, I have practically no paper post coming into the house at all. All bank, insurance, and utility statements are online. I think I'm down to one annual statement from Revenue. The last time I was asked for a utility bill or statement as proof of identity (by An Post for State Savings), I printed an ESB bill off on a colour printer even though I knew they didn't accept printouts. I winged it and got away with it.
 
sole said:
Problems even worse for my wife as she has no tax, no bank, no utilities etc so not able to open an account.
Click to expand...

You need to get that sorted God forbid something were to happen to you. She would be in right fix. Maybe you could add her name as a joint account holder on your current account
 
You must log in or register to reply here.
Menu
Log in
Register