ID verification gone mad

regularsaver1

any financial account - whether it be a bank account, a mortgage, a savings account , a loan ect requires id

Thrifty lady - I think the banks are advised of anti-money laundering requirements, but different banks will follow different procedures to ensure they do not break the requirements

Thriftylady

regularsaver1 wrote:

any financial account - whether it be a bank account, a mortgage, a savings account , a loan ect requires id

as I said in my original post, I have no problem with having to provide ID when opening a new account, its perfectly reasonable. What bothers me is having to provide ID to continue using an account that I already have. It just seems like a total waste of time.

regularsaver1

And as I said - in bank i work in, once verified always verified, but id will be needed further for large withdrawls ect You are probabaly aware of this as you said you work in a bank. You know of the requirements and you know that if you do not follow these that you can be sentanced if procedures are not followed and questions asked

Every bank is different. Bank i work at does take provisional licenses, not everywhere does

steady__eddie

The only terrorism that my bank account is funding is my daughter.
I'm terrified of some of the antics that she gets up to.

dunstonh

I've never heard of this and I work in a bank - we certainly were never asked to re-verify everyones identity. Presumably, like the rest of the money laundering legislation, this was actually down to each companies own judgement? The law says they have to take reasonable steps, it doesn't really specify what they are.

I never heard of that either and it isnt something we have been doing and I can find no reference to it in any compliance documentation that exists in this area.

ID takes two forms. Name ID, and address ID.

Not any it more it doesnt. Money laundering checks are now based on the risk of the product. Some require two forms of ID, some only need one. You also have electronic verification which requires no provision of documents.