How to withdraw cash from bank?

kenshaz

Wigginsmum,the situation you describe in respect to stepping up a classification,might be acceptable,but I am talking about drawing cash in a bank that I have been with for thirty years, had a mortgage with ,credit card, the manager knows me and discussed my profile in respect to my employment.Discretion and common sense,we do not live in a Nanny state ,yet

wigginsmum

Yes it's a legal requirement to retain proof of identity for 10 years after the relationship ends. Nothing we can do about that; the banks have to comply with what the regulator and various Acts say.

It's a matter of perception; last year I sent £1,000 to the US by international bank transfer. I had to take in my passport to my local branch; they took a copy and kept it. I have no problem with that whatsoever. But then I work in the industry and I see the bigger picture. The world changed after 9/11 (at the same time that new FSA rules coincidentally came in on 1st December 2001) and it won't change back.

I don't know that anyone has so far been imprisoned for failure to report suspicions, but the potential penalty is a hefty fine (£5,000 off the top of my head) and/or a maximum of 2 years in prison; it's not worth risking for any staff-member. I personally wouldn't put my job/finances/personal liberty on the line just so I didn't have to ask for one piece of paper from a customer - why should I? The Moneylaundering Reporting Officer would be the one more likely to cop it than Miss Anonymous on the desk; that's why for most people company policy states that their personal liability ends once they've reported their suspicion to their MLRO. He/she then makes the decision whether to investigate further or contact NCIS, so the buck stops with them. This will particularly apply to Middle Office/Back Office people who monitor transactions and risk - if I have a normally functioning bank account and suddenly I'm paying in thousands of pounds extra in cash, someone somewhere is going to pick up on it and start asking questions.

It's a question of risk; the manager knows you so could reasonably determine that he could verify your identity *and be able to prove that to the regulator.* If the other staff don't know you, they did the right thing for asking for your passport copy; if they were my staff I'd commend them for it. Sorry but that's the way it is.

I'd rather a bank were over-zealous in their know-your-customer approach. Last year someone phoned my husband's bank pretending to be him and transferred out an entire month's salary. We never did get to the bottom of whether the bank didn't apply their KYC rules, and DH wouldn't let me pursue it further as we got the money back after 3 months, but if it'd been up to me I'd've hit them with every FSA/JMLSG rule I know and had their balls for breakfast!

wigginsmum

kenshaz wrote:

the manager knows me

And the whole point is that the manager wasn't there, so his staff correctly applied bank policy and regulator guidelines/rules. I know it's a pain but there's really nothing you can do about it; I suspect you'd've had the same problem whichever bank you were with.

kenshaz

The voice from within,I cannot agree with all you say ,but it is intelligent,and perceptive,and a lot did change after 9/11,but that is another country,and we must be allowed to discuss it,and not be prevented from debate,because then we really are in trouble.
George Clooney has made a movie about people being afraid to speak out for fear of being accused,is that the situation in respect to Moneylaundering?

kenshaz

wigginsmum wrote:

And the whole point is that the manager wasn't there, so his staff correctly applied bank policy and regulator guidelines/rules. I know it's a pain but there's really nothing you can do about it; I suspect you'd've had the same problem whichever bank you were with.

Policy and guidlines,rules are not legal requirements,was it legal to prevent me having my money,I do not care who they report me to ,,just do not keep a record of it.

wigginsmum

Because of what happened in the US, they have brought in various sanctions lists and reporting requirements which the global financial community have decided to adopt. Terrorism and fraud are a global concern.

When I say 'policy, guidelines, rules' I am referring to things which ARE legal requirements within the financial industry. If an entity does not comply, they lose their regulated status and cannot operate.

I really think you need to take step back. Yes you were inconvenienced, but you'll just have to live with that, like the rest of us. That's the way the system works; you're free to discuss it, but paranoia is really not called for - this is the country that can't even get the trains to run on time, so there's no grand conspiracy. Really no-one within the bank will look at your piece of paper again unless the FSA select your account as an example to check the bank's application of and compliance with the antimoneylaundering procedures.

Bottom line - if you hadn't let them take a copy of your passport you wouldn't have got your money, and you wouldn't have got anywhere by objecting to it.

kenshaz

To summarize you saying that the system is bigger than the individual,and we must accept ,because of the greater need ,which which the government believes is protecting us,so it is not the petty thief that all the posters are emotive about, the banks are victims along with the individual,perhaps we need to change governments.
Thank-you

Paul_Herring

To summarise, you had a perceived problem with a bank a while back, and as a result you are tarring all the industry with the same brush by implying they are all incompetent and bureaucracy bound, while blindly ignoring any views to the contrary?
Thank-you

(And no, I don't work for the financial industry, nor do I have a problem with most of it.)

kenshaz

Wigginsmum,has given the most explicit response,and I am bored with this thread,but my parting blow,how emotive posters become ,talking about throwing cashiers in jail,and others start insulting if you disagree
bye

jonesMUFCforever

kenshaz wrote:

Wigginsmum,has given the most explicit response,and I am bored with this thread,but my parting blow,how emotive posters become ,talking about throwing cashiers in jail,and others start insulting if you disagree
bye

Tarrah! Then