Help sought with HSBC bank closure complaint

Scousebird_2

just_ask wrote: »

This is very interesting.

So a person can actually be stopped from holding an account anywhere in future? What is the financial sanctions list?

See the following-too much to explain on a Sunday night-lol

http://www.hm-treasury.gov.uk/financial_sanctions.htm

Sanctions can be placed on individuals as well as countries meaning extra checks are placed on any persons opening an account in another country or their activities (especially payments) are monitored with special measures and care.

You would not have a a sanction placed on you for small things like a bank deciding to close an account-sanctions are a much bigger kettle of fish. If you are involved in criminal activity and you get found out, you may be put on a sanctions list-eg....if you were convicted of sending money to fund drug traffiking in Iran or sending money to Iraq to fund the work of Al-Qaida, If you are convicted or connected to this type of activity-your name may be placed on this list.

I have never known an individual to be on a list from any application I have ever processed in my career as a Clerk, but anyone connected or even related to someone from a listed sanctioned country MUST be checked accordingly before an account is opened-this is a legal obligation.

(The following countries)
http://www.hm-treasury.gov.uk/fin_sanctions_currentindex.htm

If you click on each country then it explains why they are sanctioned.

I find this area of Finance really interesting and the prevention of financial crime even moreso.

This again is off on a tangent but I thought I would explain.

ShelfStacker_3

Milarky wrote: »

How much do these routine checks carried out by banks ('due diligence') actually prevent , or interdict, real criminal activity?

Quite a few, actually. Dunstonh has some lovely stories to tell on the subject, as I'm sure does BarclaysManager.

What the customer sees is inconvenience, or the absudity that telling a customer they don't fit the accepted profile determined of 'a customer' determined by Darren [IT]'s computer program is punishable by 5 years in prison.

I'm sorry, but the sort of systems used are the same ones that lead to many fraudulent card transactions declined. They look for a pattern common to money launderers/crossfirers and take action. And, let's face it; the bank knows far more about what money laundering looks like than the customer does.

Put it another way; money laundering is trying to disguise the origin of money through innocent-looking transactions. Innocent LOOKING transactions. If they refused to do anything about an innocent LOOKING customer in case they might be "inconvenienced", then what would be the point of having AML rules at all? (Even leaving aside that it's illegal to not report your suspicions...)

And AML culture is so deep in the veins of these organisations that much of what they will go to ridiculous extremes in interpreting them sometimes.

Do you want to know why banks have "AML culture" deep within them? BECAUSE BANKS ARE USED FOR MONEY LAUNDERING. That's why they have rules to deal with it, and procedures to follow; because they are the ones at the bloody centre of it, and at most risk!

Welcome to Britain, and its two remaining brain cells

You win my Daily Mail Reader Comment Of The Week Prize. Well done.

Scousebird_2

ShelfStacker wrote: »

Quite a few, actually. Dunstonh has some lovely stories to tell on the subject, as I'm sure does BarclaysManager.



I'm sorry, but the sort of systems used are the same ones that lead to many fraudulent card transactions declined. They look for a pattern common to money launderers/crossfirers and take action. And, let's face it; the bank knows far more about what money laundering looks like than the customer does.

Put it another way; money laundering is trying to disguise the origin of money through innocent-looking transactions. Innocent LOOKING transactions. If they refused to do anything about an innocent LOOKING customer in case they might be "inconvenienced", then what would be the point of having AML rules at all? (Even leaving aside that it's illegal to not report your suspicions...)



Do you want to know why banks have "AML culture" deep within them? BECAUSE BANKS ARE USED FOR MONEY LAUNDERING. That's why they have rules to deal with it, and procedures to follow; because they are the ones at the bloody centre of it, and at most risk!



You win my Daily Mail Reader Comment Of The Week Prize. Well done.

LOL-bad day on the counter dear?? Hahahaha :rotfl:

ShelfStacker_3

Actually, yes... much to do, no time to do it

Milarky

Today we have the prospect of banks not passing on the full 1.5% cut in base rates to mortgage borrowers. And the government is getting all prissy about this. But of course, what do they expect? They haven't a leg to stand on here because what rates banks do (or don't) offer customers is (...altogether now!...) "The legitimate exercise of the bank's commercial judgement"

So what's sauce for the goose for is sauce for the gander - The government creates the FSA, passes the FSMA, gives the FSA trusted powers to make rules regulating things like this - and one rule the FSA cooks up is a blanket waiver to banks from complaints by its own customers which the Ombudsman won't look at.

Well, Mr Darling, what a fine pickle you're in....

Scousebird_2

ShelfStacker wrote: »

Actually, yes... much to do, no time to do it

Welcome to HSBC-hope you have a long and rewarding career!! Lol-part of the job I'm afraid darling xx