Money Laundering Regulation- Alliance & Leicester

mich_roh

I have a Premier Direct Current Account with Alliance and Leicester. I usually carry out all my transactions over the internet in the UK>

When I was on a holiday in India I tried to access my account online and couldn't. The reason given to me was that due to Money Laundering Regulations I cannot access my bank account online from certain countries and India is included.

I was pretty shocked as the purpose of an online account is to facilitate 24H 365D a year access anywhere in the world. I do understand security and regulations are a big issue but shouldn't the banks ensure some measures instead of having a blanket ban on a country?

Please could anyone shed light on this and inform me if it is legal for banks to bar access from certain countries due to Money Laundering Regulations?

Should this be in the Terms & Conditions of the bank before signing up?

Thanks in advance for the advice.

peter999

mich_roh wrote:

When I was on a holiday in India I tried to access my account online and couldn't. The reason given to me was that due to Money Laundering Regulations I cannot access my bank account online from certain countries and India is included.

Should this be in the Terms & Conditions of the bank before signing up?

Years ago, online access to First Direct account was meant to be done within UK. I don't know what current T&Cs say.

I don't think online access necessarily includes other countries.
I doubt if they guarantee access outside country where account is held unless account specifies this eg. for expats, offshore accounts.

There are too many security risks, UK laws won't apply & bank has no control.

peter999

mich_roh

Al_Mac wrote:

It is legal, it is in the T&Cs, somewhere.

There are places in this country you can't get cheque books delivered to

I have read the T&C and nowhere in it is said that online access will not be allowed in 'X' number of countries. I can access my other bank accounts and credit cards online and use them internationally if I have to do any money laundering. Just stopping online access dosen't seem very logical to me.

The Joint Money Laundering Steering Group (JMLSG) has a very comprehensive document on 'AVOIDING & MONITORING' money laundering for all kinds of businesses. Nowhere in its report does it recommend to stop access to accounts online. Its emphasis is on prevention and monitoring and has 95% of the document explaining this.

masonic

Al_Mac wrote:

it is in the T&Cs, somewhere.

I don't think that it is, actually. I don't think A&L make any claims about people being able to use the service outside of the UK either, though.

I'd imagine it would be illegal to use encrypted connections such as those used for online banking in some countries, on top of any other concerns.

mich_roh

masonic wrote:

I don't think that it is, actually.

Well if it is not in the terms and conditions and if they have restricted access how would a normal customer know that he does not have access in certain countries ?

I would also like to add that I could do all the transactions in India on my account using a telephone but not through the internet .. and I had to pay a huge bill for that...:mad:

Therefore if I can transact on my account in India using a phone how does this stop money laundering as I am carrying out exactly the same transactions over the phone as I would have done over the internet.

masonic

mich_roh wrote:

Well if it is not in the terms and conditions and if they have restricted access how would a normal customer know that he does not have access in certain countries ?

Why would a customer assume that they did?

mich_roh

masonic wrote:

Why would a customer assume that they did?

Well because I have similar bank accounts from rival banks and I had no problem accessing my account online. And if it is a restriction to a service shouldnt it clearly be stated in the T&C.

But the question here is not if I could access it or not. The question is how stopping online access to a whole country avoid Money Laundering when the access from that country is allowed on another medium like the phone ???????

regularsaver1

mich_roh wrote:

Well because I have similar bank accounts from rival banks and I had no problem accessing my account online. And if it is a restriction to a service shouldnt it clearly be stated in the T&C.

But the question here is not if I could access it or not. The question is how stopping online access to a whole country avoid Money Laundering when the access from that country is allowed on another medium like the phone ???????

I think you need to speak with A&L's internet banking team - they will inform you

Mikeyorks

You may find the caution regarding access from outside the UK is on the Logon page .... which is the case with the Halifax

Quote :-

Please note that information and materials published on this website are intended for use by UK residents only. Be aware that it is your responsibility, before viewing the website, to ensure that you would not be breaking any laws and/or regulations of the country that you are in by doing so.

The products available on this website are offered only to customers accessing the site in the UK, and the information contained within should not be seen as an offer or invitation to sell any products outside the UK.

This website must not be used to make online applications to open new accounts whilst you are outside the UK. Applications for products made from outside the UK will not be accepted by us.

You may be interested in the services offered by Bank of Scotland International Ltd a subsidiary of Our Group, which offers accounts specifically designed for British nationals living overseas. Again, you must ensure you are not in breach of any local laws and regulations.

This site contains information which is only intended for use by or distribution to any person, company or other body in any jurisdiction or country where such use or distribution would not contravene local laws or regulations.

regularsaver1

Halifax add this kind of message to their website: (do A&L?)

"Access Using online from outside the UK
The online service is intended for use by UK residents only. Before viewing the site from abroad you should ensure that you are not breaking any laws or regulations of the country you are in. You must not use the online service to apply for products whilst outside the UK.
For further information about use from abroad, and for details of products and services designed specifically for British Nationals living overseas, please read the important message on the sign in page."

regularsaver1

SNAP Mikeyorks - well similar messages from different pages on the website, lol