Post Office Credit Card -money Laundering

peskie_pixie

I recently applied for the PO credit card and supplied all the correct info as i've done many times for online credit cards.

Today i received a request for documents for money laundering/ credit documentation check list.
a: ID verification eg passport, driving licence
b: address verification eg. utility bill, mortgage statement
c: bank details eg. 1 months bank statements
d:employment details eg. payslips, job contract

I've never been asked to provide such info before for a credit card. could there be any particular reason why they're asking or is this just a random thing they do on applications?

Also if all this fell into the wrong hands (it is going through royal mail!!!) it's basically a DIY indentity fraud kit

any comments would be much appreciated

Tr@cker

All that for a poxy credit card ? Try somewhere else in any case they all come thru Royal Mail.

peskie_pixie

Tr&#64 wrote: »

All that for a poxy credit card ? Try somewhere else in any case they all come thru Royal Mail.

Exactly!!

I can't believe they'd expect anyone to send all that info. Especially as you can only send copies if they're certified by a solicitor, accountant, bank official, doctor or at he local post office.

What's more i am an accountant:rotfl:

suzzi2704

It's because of legal requirements from the Ombudsman (I think thats the word lol!!!) and the Bank of Ireland - the Post Office has very strict regulations on Money-Laundering to which they must adhere - counter staff won't take any risks as far as this is concerned as if they fail to report suspects for money laundering its them personally who is in legal trouble.
I don't think you HAVE to send the documents - you can take them into a branch for checking (take photocopies too, but the counter clerk has to sight the originals too) as you are absolutely right - you wouldn't want to send such things off together!!! I would advise going to a larger branch office though as the smaller ones aren't as clued up on these types of things)
(I work for a PO by the way but I'm doing this from memory!! Hope its all right!!!)

peskie_pixie

suzzi2704 wrote:

It's because of legal requirements from the Ombudsman (I think thats the word lol!!!) and the Bank of Ireland - the Post Office has very strict regulations on Money-Laundering to which they must adhere - counter staff won't take any risks as far as this is concerned as if they fail to report suspects for money laundering its them personally who is in legal trouble.
I don't think you HAVE to send the documents - you can take them into a branch for checking (take photocopies too, but the counter clerk has to sight the originals too) as you are absolutely right - you wouldn't want to send such things off together!!! I would advise going to a larger branch office though as the smaller ones aren't as clued up on these types of things)
(I work for a PO by the way but I'm doing this from memory!! Hope its all right!!!)

Thanks for the info.

just thought it was unusual as a couple of family members have recently applied and got the card, and not had to supply these documents and looking at most of the threads on here re the PO credit card neither have many of them.

ps. Not very sunny in Stafford today!

tom188

The amount of documentation required will depend on the amount of data available to PO Bank of Ireland electronically. This will differ from person to person. Personally they requested a copy of my passport.

James

I wonder if they'd ask your for all that stuff if you'd subscribed to the following system:

Information here.

It's early days, but this is a lot more secure and safer for both the applicant and bank/lender

mirrorimage0

i was asked for all that too. was quite a lot

James

Al_Mac wrote:

James, are you Jamie?

Have the CRAs agreed to this and are following it? Not that I'm aware.

I do think it's a good idea, but where would you keep it?

Have the CRAs agreed to it - The good news is they don't have a choice. They are merely facilitating (Notice of Correction) a vehicle for making your instructions known to ALL lenders. As Equifax put it "

Please be aware that while potential lenders will be shown your Notice of Correction, it is the responsibility of the credit lenders and not Equifax, to act upon it.

Equifax are wholeheartedly supporting this.

It is adviseable to get hold of your file, check it to make sure it's clean just in case you need to add a second statement to your Notice of Correction. Equifax have made enrollment easy and quick (For £2 and a voluntary donation to the charity of your choice I'd say it's VFM).

I presume where would you keep it? You are referring to the inkless pad. At home, that is unless you wish to apply for credit or cards in store or in branch, then take it with you.

There are many suppliers mostly in the US and at least one in the UK - you can find here. (They had a link to Neighboroughood Watch but I can't find it). [PM me for more info]

Everyone is already benefiting from this. It really forces ALL lenders to check Everyones File - just in case they slip up. For once consumers can be in the diriving seat.

Hope this helps.

mariusvb

peskie_pixie wrote:

I've never been asked to provide such info before for a credit card. could there be any particular reason why they're asking or is this just a random thing they do on applications?

any comments would be much appreciated

Have you checked your credit report recently? Somebody applied with my address for a bank account last year. And i have CIFAS warning on my credit report because of it now. All the companies when processing my applications now asking for all kind of additional proof of id.

James

mariusvb wrote:

I have CIFAS warning on my credit report because of it now. All the companies when processing my applications now asking for all kind of additional proof of id.

Suggestion:

Why not use the Notice of Correction facility see posting #08 and add:

To anyone accessing my Credit File. The CIFAS warning was issued (date or any other details).

Since then I wish to let it be known that I <FULL NAME> of <ADDRESS> declare that when my signature is required for any financial product or service I will authenticate it with my thumbprint. Failure by me to comply with this direction will result in the service or product being withheld.
Any application without a thumbprint should be considered fraudulent. I will inform you in writing signed and thumbprinted, of any changes to this Notice of Correction.

It's a start, could save you the hassel of being contacted and hauled over the coals.

The Notice of Correction is seen by ALL lenders and not just those who subscribe to CIFAS

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