The difficulties in opening bank account

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Broadback
Broadback Posts: 118 Forumite
in Budgeting & bank accounts
I was unable to open an account for my youngest grandchild, who is presently living in the USA as I did not have the required documentaion. Also my wife has just opened a new savings account, the hoops she had to jump through are rediculous. I understand that this is to stop the dihonest people from opening accounts for nefarious reasons. Fair enough, maybe, how di Redknap manage to open an account in his dog's name? He must have got round the laws some how, so why was he not punished for doing so?

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  • noh
    noh Posts: 5,799 Forumite
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    He opened a Swiss bank account designated with his dogs name.
    Nothing illegal with that.
  • Lith
    Lith Posts: 897 Forumite
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    noh wrote: »
    He opened a Swiss bank account designated with his dogs name.
    Nothing illegal with that.

    im sorry but 'LOL'
    • HSBC (Main A/C)
    • Halifax Back up A/C
    • Lloyds (Spending) A/C
    • RBS Back up A/C
    • Barclays Old A/C
    • Nationwide Old A/C
  • Broadback
    Broadback Posts: 118 Forumite
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    If it is that easy to open an account in Switzerland then what is the point of the restrictions here? Why do we always follow international and European law when other ( the French) ignor them as they think fit? To me it seems that our politicians just roll over.
  • meer53
    meer53 Posts: 10,217 Forumite
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    If you have the right documents you can open an account anywhere.
    Redknapps account would have been opened in his name, he just uses the dogs name to identify it from his other accounts. You can do this with your accounts here with most banks once they're opened.
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
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    Broadback wrote: »
    If it is that easy to open an account in Switzerland then what is the point of the restrictions here? Why do we always follow international and European law when other ( the French) ignor them

    Not sure which "international law" you are talking about?

    As to EU law, Switzerland isnt part of the EU. Due to it being a tax haven etc it has decided not to join the EU to protect a significant revenue stream. It has bilateral agreements on some aspects of EU legislation but not all.
  • bengal-stripe
    bengal-stripe Posts: 3,349 Forumite
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    Broadback wrote: »
    If it is that easy to open an account in Switzerland then what is the point of the restrictions here?
    InsideInsurance wrote: »
    As to EU law, Switzerland isnt part of the EU. Due to it being a tax haven etc it has decided not to join the EU to protect a significant revenue stream.

    That Redknapp account wasn't in Switzerland but in Monaco (which is incidentally another tax haven and not part of the EU either.) Nevertheless the days where you could turn-up at a Swiss (or Monegasque bank) with a suit case of banknotes and could open a numbered account - no questions asked - are well and truly over.

    Complaints about restrictions due to international money laundering regulations, should not be directed at the EU but the USA.
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