virgin money customer due diligence form

Usa2019

I have all the in store VM RS

I just had a letter asking me to fill in some personal information along with where the money come from. With a payslip / bank statement

Anyone had one before???

MovingForwards

Someone has received a more detailed request from another bank. There is a thread around somewhere posted up not long ago.

MovingForwards

https://forums.moneysavingexpert.com/discussion/6012429/letter-from-santander-asking-for-a-lots-of-information

That's the other thread.

Usa2019

I guess I just suck it up and send what they ask for

Wassa123

I got a due dilligence one from Tesco pet insurance.

Apparently theres a new law where it's now their responsibility to ensure you've bought the correct thing for the right reasons.

[Deleted User]

Wassa123 wrote: »

I got a due dilligence one from Tesco pet insurance.

Apparently theres a new law where it's now their responsibility to ensure you've bought the correct thing for the right reasons.

The mind boggles! Due diligence for pet insurance !!!!!!!


Q: Do you have a dog?
A: Yes.


Q: Might it get ill at some point.
A:Yes.


Okay, we agree that our policy makes sense for you.


Then again, money laundering? I'm sure there's a school of thought in the financial sector that pet insurance is an excellent vehicle for money laundering.

Flobberchops

I haven't encountered this personally but can only presume this is the inevitable industry response to the recent and new bits of legislation placing the onus on financial institutions to pay up for mis-selling and in the event of fraud. What, were we expecting a free lunch? There was always going to be a cost to this; looks like we've just traded freedom for security.