Am i likely to get in trouble or mortgage declined for this?

ValHaller

John1993 wrote: »

If people on here could sit through the regular anti-laundering training that we have to take, I suspect that they'd be far less keen to engage in these elaborate schemes to eke out a few pounds of free money.

Of course, it's the public's perception that banking is the wild West, where anything goes, and that we never have to fear the intervention of the law or the "toothless regulators", so most people likely expect that they'll never be called on it.

It's not the case with the OP here, but some people seem to get truly indignant when they see banks correctly carrying out their due diligence.

As part of the public, my perception is very much that banking is the Wild West. AFAICS, money laundering checks are to do with personal money and are there to give the little people a hard time and to catch out the outsiders.

The bankers themselves are more or less free to indulge in the same old games and do what they always did - play with other people's money

BobQ

ValHaller wrote: »

As part of the public, my perception is very much that banking is the Wild West. AFAICS, money laundering checks are to do with personal money and are there to give the little people a hard time and to catch out the outsiders.

The bankers themselves are more or less free to indulge in the same old games and do what they always did - play with other people's money

I tend to agree. The legislation does impose a requirement on institutions to identify transactions that are related to crime. The way of doing this is left to the institutions. Some do more than others to manage their risks.

As one of the mortgage advisors said above:

If I were underwriting this case I would be tempted to put a soca report in.

That is its far better to report people who have done nothing wrong on the basis they might be criminals than to do our job.

This attitude is the same approach to financial risk management as we see from firms who stop staff standing on a chair in case they break their ankle and then say "its Health &Safety legislation". When its just an obsession with playing it safe.

JustAnotherSaver

I've just googled what a soca report is.

And now i have images of secret agencies breaking my door down at 4am, cuffing me while they raid the house top to bottom & remove anything they may see as 'evidence'.

So on that note, what does this soca report entail? Can they end up with what i just mentioned?

I have nothing to hide, but this isn't my house, it's my mums & it'd be unfair on her for anything like that to happen, as she has sod all to do with my transferring anyway.

BobQ

JustAnotherSaver wrote: »

I've just googled what a soca report is.

And now i have images of secret agencies breaking my door down at 4am, cuffing me while they raid the house top to bottom & remove anything they may see as 'evidence'.

So on that note, what does this soca report entail? Can they end up with what i just mentioned?

I have nothing to hide, but this isn't my house, it's my mums & it'd be unfair on her for anything like that to happen, as she has sod all to do with my transferring anyway.

Basically its an email or letter that says, we think this person is is possibly a crook or a terrorist and we need your advice about it. The banks are required to identify behaviours that are suspicious as part as their risk management (this covers their backs) and then SOCA decide if they want to investigate.

I am sure one of bank employees etc will give you a more formal explanation, but as with H&S the regulations are very simple but the interpretation varies. Some banks can be more officious in applying them than others.

Personally I would not worry about it, unless SOCA have lots of reports on their database about you they will probably just file it!

JustAnotherSaver

Well thankfully everything has been OKd.

Apparently there was so many credit checks on my file (from opening accounts, bagging the £100 joining fee or £50 cashback fee & then closing the account etc) & they wanted to know why.


Now i just need to satisfy the solicitor if/when they ask why i've transferred £1k each month.