GE Capital - cheeky blighters!

Siren1974

We got our guttering and facias replaced about 8 months ago and took out financing through the company. Unfortunately the financing was provided by GE Capital. Anyway the plans was to pay it off pretty quickly. Not managed to pay it off as quickly as we'd have liked but we called them up this afternoon to make a £400 extra payment. Blimey!! The cheeky swines asked "And where did you get this money from?" they claimed it was new UK legislation that they had to ask us. Is this true as it seems a bit silly. They also wanted to know who hubby worked for (he's had security briefings in the last week and has been advised not to tell people) so he told them he wasn't willing to say lol

TMoose

"And where did you get this money from?" is a standard anti-money laundering question. Banks have to convince themselves (and the regulators) that they know that all funds are not the proceeds of crime/terrorism and various other no-no's (eg Libya, North Korea etc..)

~Brock~

TMoose wrote: »

"And where did you get this money from?" is a standard anti-money laundering question. Banks have to convince themselves (and the regulators) that they know that all funds are not the proceeds of crime/terrorism and various other no-no's (eg Libya, North Korea etc..)

I agree with the above, but to be fair, asking the question in relation to a payment of £400 is a bit daft!

Also, the OP is likely to have been making the payment via a transfer from a bank account, so the question would be irrelevant because the money is already in the 'system'.

Money laundering rules apply to 'cash', not money that is already in the bank!

TMoose

~Brock~ wrote: »

I agree with the above, but to be fair, asking the question in relation to a payment of £400 is a bit daft!

Also, the OP is likely to have been making the payment via a transfer from a bank account, so the question would be irrelevant because the money is already in the 'system'.

Money laundering rules apply to 'cash', not money that is already in the bank!

Agreed, it's a bit daft, but better safe than sorry! Also, I suspect that the transaction was noted due to the fact that it was "unusual activity for that account" - ie a loan account expects a consistent drip-feed of a set amount, this falls outside the norm.

As for bank transfer - agreed, although technically the ultimate originator should be made clear, and if for some reason it is not, the recieving bank should ask.

Money laundering rules apply to all fund reciepts - whether cash or otherwise, and this was a fund reciept for GE Bank.

It seems that GE are following the letter of the law, and does it really make any difference to say to GE "oh, I sold my car" or something... They don't actually *do* anything with that information, but should there be an audit, or the OP comes under investigation by the police, GE can prove that they have followed the required regulations.

If they don't they can get fined big! http://www.finfacts.com/irelandbusinessnews/publish/article_10004310.shtml

~Brock~

TMoose wrote: »

Agreed, it's a bit daft, but better safe than sorry! Also, I suspect that the transaction was noted due to the fact that it was "unusual activity for that account" - ie a loan account expects a consistent drip-feed of a set amount, this falls outside the norm.

As for bank transfer - agreed, although technically the ultimate originator should be made clear, and if for some reason it is not, the recieving bank should ask.

Money laundering rules apply to all fund reciepts - whether cash or otherwise, and this was a fund reciept for GE Bank.

It seems that GE are following the letter of the law, and does it really make any difference to say to GE "oh, I sold my car" or something... They don't actually *do* anything with that information, but should there be an audit, or the OP comes under investigation by the police, GE can prove that they have followed the required regulations.

If they don't they can get fined big! http://www.finfacts.com/irelandbusinessnews/publish/article_10004310.shtml

I agree with everything you say, but if the ML rules were working perfectly, then the questions over the £400 would/should already have been asked by the OP's bank at the point in time when the £400 was originally deposited.

Once in the bank account then the money had, to all intents and purposes, already been 'laundered'.

TMoose

~Brock~ wrote: »

I agree with everything you say, but if the ML rules were working perfectly, then the questions over the £400 would/should already have been asked by the OP's bank at the point in time when the £400 was originally deposited.

Once in the bank account then the money had, to all intents and purposes, already been 'laundered'.

Agreed - but it might not have been pinged as "unusual activity" at the original bank.

I'd still rather be asked, as at least it gives the impression that someone cares!

NeverInDebt

Blimey I got a lump sum last week from MIL for sale of her house it not a huge amount, I was planning on putting some of it to pay mortgage off and lave a little for a new bathroom suit

I got a mortgage with GE money

TMoose

NeverInDebt wrote: »

Blimey I got a lump sum last week from MIL for sale of her house it not a huge amount, I was planning on putting some of it to pay mortgage off and lave a little for a new bathroom suit

I got a mortgage with GE money

So if they ask, you got the money from your MIL. It's not illegal! They won't care...

Siren1974

Thanks for the info, I just thought they were being flippin nosey, what with the employment question as well.