Money Laundering Regulation- Alliance & Leicester

mich_roh

regularsaver1 wrote:

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

I have already spoken with them and emailed them and all I get from them is that under Money Laundering Regulations access to certain countries is barred. Before I take it further with them I would like to know from some expert whether the Bank can use this policy without informing the customer through the T&C and under exactly which regulation number is it barring access.

The bank is not doing any favour on me by giving me a current account ... but they are lending the money at a higher rate of interest than what they are giving to me and hence making substantial profits which I dont object too.. but as a customer being provided service I have full rights to know what is going on..

regularsaver1

they don't have to give you an account - I mean come on

mich_roh

Thanks for the info guys ... nothing on the AANDL page as far as I know but I am not applying to anything I already have an account and it is not barred from India to access any banking account.

masonic

mich_roh wrote:

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 ???????

Might it be possible that money laundering is far more prevalent in online banking than it is in telephone banking?

regularsaver1

I was just looking on the A&L and could not see anything - but they do go on about they have won awards for their net security - maybe this is one of their preventions

masonic

mich_roh wrote:

Before I take it further with them I would like to know from some expert whether the Bank can use this policy without informing the customer through the T&C and under exactly which regulation number is it barring access.

But they never said you could access the service abroad at all in the T&Cs.

mich_roh

regularsaver1 wrote:

they don't have to give you an account - I mean come on

well i applied for the account .... and I must say they had sold the benefits of this account at my workplace and quite a few people signed up for it along with me ..

regularsaver1

Mich_roh: " The bank is not doing any favour on me by giving me a current account ... but they are lending the money at a higher rate of interest than what they are giving to me and hence making substantial profits which I dont object too"

That above comment was what I was referring to. As in they do not have to give you an account

mich_roh

masonic wrote:

But they never said you could access the service abroad at all in the T&Cs.

So if they dont specify it in their T&C they are free to do anything that they fancy ???
For eg. anytime I access my account from Timbuktoo they will charge me £100 pounds .... its not in their T&C but its fine.

I believe if they are providing a service all the DO and DONT'S should be covered .

mich_roh

regularsaver1 wrote:

That above comment was what I was referring to. As in they do not have to give you an account

Well I think so I made an irrelevant statement and not worth discussing as it deviates from the topic .