Money Laundering Search

RG2015

Hi,

I opened a Virgin Money credit card on 6th July and received my card on 14th July.

I was surprised therefore to see a search on Callcredit (via GiffGaff) dated 17 July. The search is by Virgin Money Plc under the heading Money Laundering Product. I would have expected any searches to have been carried out before I was approved, not several days after.

Does anyone have any ideas on what may be happening here?

StopIt

Totally normal checks, they happen from time to time.


Unless if you're actually money laundering, you don't need to worry.

RG2015

StopIt wrote: »

Totally normal checks, they happen from time to time.


Unless if you're actually money laundering, you don't need to worry.

Thanks.

This makes sense but I think it is more than a coincidence that it was the same day I requested a balance transfer.

StopIt

RG2015 wrote: »

Thanks.

This makes sense but I think it is more than a coincidence that it was the same day I requested a balance transfer.

Of course it's not a coincidence. You've transferred a sum of money, that can be a form of money laundering after all.


It's a standard check. Again, as long as you're not money laundering, don't worry about it.

[Deleted User]

It may well be connected to the BT. But still nothing to worry about unless you are money laundering.

Are you?

RG2015

StopIt wrote: »

Of course it's not a coincidence. You've transferred a sum of money, that can be a form of money laundering after all.

Would a money launderer really use a balance transfer from one credit card to another?

I would have thought that a bank transfer would be more effective being instantaneous and requiring fewer (if any) approval hoops.

[Deleted User]

RG2015 wrote: »

Would a money launderer really use a balance transfer from one credit card to another?

Yes. .

RG2015

Deleted_User wrote: »

It may well be connected to the BT. But still nothing to worry about unless you are money laundering.

Are you?

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets. (Wikipedia)

I used to be an accountant. Some may think that my profession was questionable.

StopIt

RG2015 wrote: »

Would a money launderer really use a balance transfer from one credit card to another?

I would have thought that a bank transfer would be more effective being instantaneous and requiring fewer (if any) approval hoops.

And of course, a bank transfer is much more transparent if used for money laundering. Thus more likely to be caught. Using credit card balance transfers will obfuscate it, making it more likely in theory to be successful. Still not a very sophisticated method, but hey.

RG2015 wrote: »

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets. (Wikipedia)

I used to be an accountant. Some may think that my profession was questionable.

Then why are you asking? Accountancy requires a high level knowledge of finance yet you're claiming ignorance to why a potential source of money laundering has been checked to make sure it is kosher?


I despair!

RG2015

I have just seen a thread from 2011 (now closed) where the OP was concerned that the term Money Laundering Product was used on their credit report. They posed the following question.

"Is the Money Laundering Product being on my credit file going to cause me a problem? It just seems a bit harsh to phrase it as this if it is because of me making a balance transfer"

I am only curious but I can see how some may indeed be disturbed by this phraseology appearing on their credit report.

StopIt

RG2015 wrote: »

I have just seen a thread from 2011 (now closed) where the OP was concerned that the term Money Laundering Product was used on their credit report. They posed the following question.

"Is the Money Laundering Product being on my credit file going to cause me a problem? It just seems a bit harsh to phrase it as this if it is because of me making a balance transfer"

I am only curious but I can see how some may indeed be disturbed by this phraseology appearing on their credit report.

It wont cause a problem because nobody else can see that but you. It wont appear on a credit check. Unless if of course it comes up with a money laundering hit and you get a CIFAS marker, the money disappears and you potentially get a knock on the door from people in uniform.