New money laundering rules?

Sandtree

born_again said:
It's amazing the number of customers that never update banks with change of details, such as address or phone no, or even worse they have changed name due to getting married/divorced.

Its amazing how hard some banks make it to update your details... Natwest then Barclays was a telephone call or doing it online etc. The penultimate attempt to update Lloyds or Nationwide without using their pin sentry was a case of going in branch with details and they then post the request to a central office or download a form and post it to the same office with an SLA of 2 weeks update (thankfully Lloyds do now allow you to do it online without pin sentry) 

They said via secure messaging that they'd rather send new credit cards and pins to an old address than risk that someone has gained unauthorised access to secure messaging even though the CRAs already report the new address as being correct and that the same access could be used to transfer £20k 

General_Grant

born_again said:

cricidmuslibale said:

Sorry not to know (or I may have temporarily forgotten) this but please may I ask, what does KYC stand for and what does this process entail?

. . . , or even worse they have changed name due to getting married/divorced.

They would only need to advise the bank if they had decided to change their name for official purposes.  Simply getting married or divorced doesn't trigger that.

[Deleted User]

Bank is run by snobs

Ballard

Chino said:

Thrugelmir said:

With the aim of reducing the risk of identify theft, money laundering, financial fraud, and the financing of criminal organisations.

In other words, annoy your normal customers because you don't care about annoying them while allowing Russian oligarchs and the like to buy up large chunks of central London while paying lip service to asking how they came by their funds.

Quite the contrary as an oligarch would probably be classed as a politically exposed person (PEP) which legally require additional checks.