AML/fraud compliance when receiving loan repayment

Hoenir

Minimalist1978 said:

eskbanker said:

Minimalist1978 said:

I don't think it's even the banks themselves who set the algorithms. I think it's BOE that flags up "suspicious activity" and then gets the banks to run the checks (Revolut customer service admitted as much in a conversation once).

Minimalist1978 said:

I really think all banks are subject to a higher algorithm that they have no control over. I'm sure there is a bit of individual variation in how strict/lenient they are, but if a person has a red mark by their name then the stricter requirements automatically apply by default, so then it doesn't matter who I bank with

Why would the Bank of England have any involvement with day-to-day transaction processing by other institutions?  I can see why a bank employee might choose to imply that it's out of their hands though....

Because the central banking cartel have enormous powers over the entire financial industry and government policies, and there are clear signs that they have begun implementing ever tighter, more restrictive policies...leading eventually to the new Central Bank Digital Currencies which will grant Central Banks absolute control over all our day to day transactions. That's why. And when I pressed the customer service rep on who, exactly, sets the current regulations/algorithm which flags up suspicious transactions, etc, they admitted that it was not handled within their own company... and when I suggested that it was a Bank of England system that they are following, they said yes.

Sounds as if the customer service agent found a way of neatly terminating the conversation. 

Must be some interesting notes on your account. 

eskbanker

Minimalist1978 said:

eskbanker said:

Minimalist1978 said:

I don't think it's even the banks themselves who set the algorithms. I think it's BOE that flags up "suspicious activity" and then gets the banks to run the checks (Revolut customer service admitted as much in a conversation once).

Minimalist1978 said:

I really think all banks are subject to a higher algorithm that they have no control over. I'm sure there is a bit of individual variation in how strict/lenient they are, but if a person has a red mark by their name then the stricter requirements automatically apply by default, so then it doesn't matter who I bank with

Why would the Bank of England have any involvement with day-to-day transaction processing by other institutions?  I can see why a bank employee might choose to imply that it's out of their hands though....

Because the central banking cartel have enormous powers over the entire financial industry and government policies, and there are clear signs that they have begun implementing ever tighter, more restrictive policies...leading eventually to the new Central Bank Digital Currencies which will grant Central Banks absolute control over all our day to day transactions. That's why. And when I pressed the customer service rep on who, exactly, sets the current regulations/algorithm which flags up suspicious transactions, etc, they admitted that it was not handled within their own company... and when I suggested that it was a Bank of England system that they are following, they said yes.

Thank you, that tells me all I need to know about why you'd have posted that theory....

cricidmuslibale

eskbanker said:

Minimalist1978 said:

eskbanker said:

Minimalist1978 said:

I don't think it's even the banks themselves who set the algorithms. I think it's BOE that flags up "suspicious activity" and then gets the banks to run the checks (Revolut customer service admitted as much in a conversation once).

Minimalist1978 said:

I really think all banks are subject to a higher algorithm that they have no control over. I'm sure there is a bit of individual variation in how strict/lenient they are, but if a person has a red mark by their name then the stricter requirements automatically apply by default, so then it doesn't matter who I bank with

Why would the Bank of England have any involvement with day-to-day transaction processing by other institutions?  I can see why a bank employee might choose to imply that it's out of their hands though....

Because the central banking cartel have enormous powers over the entire financial industry and government policies, and there are clear signs that they have begun implementing ever tighter, more restrictive policies...leading eventually to the new Central Bank Digital Currencies which will grant Central Banks absolute control over all our day to day transactions. That's why. And when I pressed the customer service rep on who, exactly, sets the current regulations/algorithm which flags up suspicious transactions, etc, they admitted that it was not handled within their own company... and when I suggested that it was a Bank of England system that they are following, they said yes.

Thank you, that tells me all I need to know about why you'd have posted that theory....

[Please excuse me for the following brief, somewhat diversionary comment.]

Oh my goodness, I definitely wouldn’t beat that guy in a staring competition! And the cat looks very very cheesed off! I certainly wouldn’t want to be a nearby, unsuspecting bird, mouse, rat or fish when he/she is eventually liberated from his/her tinfoil headgear to go hunting!!!

[Deleted User]

eskbanker said:

Minimalist1978 said:

eskbanker said:

Minimalist1978 said:

I don't think it's even the banks themselves who set the algorithms. I think it's BOE that flags up "suspicious activity" and then gets the banks to run the checks (Revolut customer service admitted as much in a conversation once).

Minimalist1978 said:

I really think all banks are subject to a higher algorithm that they have no control over. I'm sure there is a bit of individual variation in how strict/lenient they are, but if a person has a red mark by their name then the stricter requirements automatically apply by default, so then it doesn't matter who I bank with

Why would the Bank of England have any involvement with day-to-day transaction processing by other institutions?  I can see why a bank employee might choose to imply that it's out of their hands though....

Because the central banking cartel have enormous powers over the entire financial industry and government policies, and there are clear signs that they have begun implementing ever tighter, more restrictive policies...leading eventually to the new Central Bank Digital Currencies which will grant Central Banks absolute control over all our day to day transactions. That's why. And when I pressed the customer service rep on who, exactly, sets the current regulations/algorithm which flags up suspicious transactions, etc, they admitted that it was not handled within their own company... and when I suggested that it was a Bank of England system that they are following, they said yes.

Thank you, that tells me all I need to know about why you'd have posted that theory....

Hahaha, brilliant  🤣🤣🤣🤣

flaneurs_lobster

[Deleted User] said:

eskbanker said:

Minimalist1978 said:

eskbanker said:

Minimalist1978 said:

I don't think it's even the banks themselves who set the algorithms. I think it's BOE that flags up "suspicious activity" and then gets the banks to run the checks (Revolut customer service admitted as much in a conversation once).

Minimalist1978 said:

I really think all banks are subject to a higher algorithm that they have no control over. I'm sure there is a bit of individual variation in how strict/lenient they are, but if a person has a red mark by their name then the stricter requirements automatically apply by default, so then it doesn't matter who I bank with

Why would the Bank of England have any involvement with day-to-day transaction processing by other institutions?  I can see why a bank employee might choose to imply that it's out of their hands though....

Because the central banking cartel have enormous powers over the entire financial industry and government policies, and there are clear signs that they have begun implementing ever tighter, more restrictive policies...leading eventually to the new Central Bank Digital Currencies which will grant Central Banks absolute control over all our day to day transactions. That's why. And when I pressed the customer service rep on who, exactly, sets the current regulations/algorithm which flags up suspicious transactions, etc, they admitted that it was not handled within their own company... and when I suggested that it was a Bank of England system that they are following, they said yes.

Thank you, that tells me all I need to know about why you'd have posted that theory....

Hahaha, brilliant  🤣🤣🤣🤣

There's a tiny glimmer of fact among the paranoid ranting - the Bank of England is the regulator and supervisor for banks, insurers, building societies etc (via the PRA) and regulates (in some cases, operates) payment services like VISA etc, so yes, it does have wide-ranging powers over the whole financial services sector.

Is this a bad thing? Politics, innit.