iD proof shown LOCALLY for distant building societies+

dunstonh

It would be adequate as all financial services companies have the same rules to abide by. The difference is the risk tolerance that they all seem to have towards doing the job correctly.

Remember that a bank is just a distribution arm for financial products, the same as an IFA. I can set up current accounts, savings accounts, credit cards, loans, investments etc exactly the same as the bank. When that is the case, i forward my money laundering identification form to that bank, insurance company, lender etc and they accept it.

MarkyMarkD

Isn't the problem with electronic verification that it won't work for everyone? There are people who don't register on the electoral roll (or have recently moved) and hence have no evidence electronically to associate them with their current address.

I can understand why some institutions would think it's less effort to get the evidence in paper form up-front, rather than attempting to do it electronically and having to fall back to paper where electronic fails.

I'm not sure that I agree - and obviously some business like A&L and dunston prefer to use the electronic route.

I agree with the sentiments in the original post in theory, if not in practice.

I also get immensely frustrated by the ridiculous rules some institutions enforce - cahoot, for example, demanded an "Inland Revenue notice of coding" for my non-working wife, and wouldn't accept a DSS confirmation of benefits. For goodness's sake - BOTH contain the NI number, name and address, and BOTH are issued by Government departments. Where is the logic in that?

Paul_Varjak

I can understand that people do not wish to send proofs of ID through the post, but how did most of them arrive with the owner anyway?

Virtually everything that you can use as proof of ID is sent to you through the post - without any security whatsover - utility bills, bank satements etc etc.

When my mum recently died I was receiving cheques for £40,000+ but all of these were sent by ordinary post. However, most companies did return death certificates/Grants of Probate by recorded delivery or even Royal Mail Special Delivery.

Also, a financial advisor told me that he thought the 'money-laundering' regulations were a 'misnomer' - he though it was just a measure to stop people avoiding Income Tax. Don't know if he is right or not!

And how many people here posting on this thread actually shred their own documents before consigning them to the rubbish bin? I have done so for about four years.

Incidentally, when I said to Barclays Stockbrokers that I could provide proof of ID at a Barclays Bank they said that they did not trust banks to do ID checks (not even their own), but they would accept ID verified by any stockbroker!

dunstonh

Also, a financial advisor told me that he thought the 'money-laundering' regulations were a 'misnomer' - he though it was just a measure to stop people avoiding Income Tax. Don't know if he is right or not!

Hes quite possibly right. At the last change of rules, the money laundering guidelines brought in greater emphasis on benefit fraud and tax evasion. So, now I face imprisonment if i fail to report a case of suspected benefit fraud.

Incidentally, when I said to Barclays Stockbrokers that I could provide proof of ID at a Barclays Bank they said that they did not trust banks to do ID checks (not even their own), but they would accept ID verified by any stockbroker!

I don't think it's down to trust. I think its more likely to do with the fact that IFAs, accountants, solicitors and stockbrokers are allowed to certify copies. Banks at bank clerk level are not.

lipidicman

Paul_Varjak wrote:

And how many people here posting on this thread actually shred their own documents before consigning them to the rubbish bin?

Quite a lot of people - discussions on shredders seem to be quite popular here. But in the general public, far too few. It is getting better though - I remember a few years back when shredders were sold out after a programme on TV highlighted ID fraud - you couldnt get one anywhere!

nearlyrich

I can understand that people do not wish to send proofs of ID through the post, but how did most of them arrive with the owner anyway?

I think the problem is that there would be enough in the envelope to steal the ID, if someone just intercepts one driving licence it isn't as easy to use it on it's own. If you get a driving licence and a couple of bills it is easier to convince someone that the theif is someone else.

And how many people here posting on this thread actually shred their own documents before consigning them to the rubbish bin?

I've had a shredder at home for ages, I used to take sensitive stuff into the office in my old job (I left there over 5 years ago) so I would estimate I've been security concious for around 17 years.