Nationwide flex account anti money laundering measures

BRichard

To argue the data isn't going to the government is just being pedantic. The National Crime Agency and the police are agencies of the government.

BRichard

What conspiracy/big brother theory? People usually spout baseless accusations of conspiracy/big brother theories when they don't have any real arguments. I have said nothing about any conspiracy theory. If you would like examples of when the government has misused data I can provide them. If you would like examples of lax security of personal data I can provide those too.

BRichard

What conspiracy theory are you accusing me of spouting?

Ballard

Nasqueron said:

BRichard said:

Absolutely, that's why I said it's outrageous.

Money Laundering and financial crime is a serious issue helping criminals avoid tax, avoid sanctions and hide stolen money, that is why the law requires the banks to know their customers. I would prefer mild inconvenience to turning us into the Cayman Islands helping people like Russian oligarchs hide their ill-gotten gains. Lobby your MP if you want more secrecy in banking, don't attack the banks complying with their regulatory requirements.

I do broadly agree with this, but it’s common knowledge that oligarchs have been able to spend their ill gotten gains in the London property market for decades. 

Swipe

Yes, bit of a pain when you have 4 accounts with them. I had to do it for each one.

Nasqueron

BRichard said:

What conspiracy/big brother theory? People usually spout baseless accusations of conspiracy/big brother theories when they don't have any real arguments. I have said nothing about any conspiracy theory. If you would like examples of when the government has misused data I can provide them. If you would like examples of lax security of personal data I can provide those too.

This is a type of logical fallacy that suggests if a government did X once, it must be doing it again, used to support a separate idea Y. You have suggested that KYC checks by banks are the result of the government wanting your banking data and that all the data is given to the government by linking it into national crime agency checks on actual fraud (which require police investigations, warrants etc).

As others have stated, you can chose not to comply with the checks but the bank will get spooked and potentially close your account, which will happen each time you move to another bank

Hoenir

BRichard said:

To argue the data isn't going to the government is just being pedantic. The National Crime Agency and the police are agencies of the government.

Banks are legally required to enforce the rules as laid out in the The Money Laundering and Terrorist Financing (Amendment) Regulations 2019

Whatever you may personally think of them. As a resident of the UK you aren't exempt. 

You may also be interested in the HMRC Connect database which can access

• Bank records. 
• Savings, pensions and investments records. 
• Land Registry records. 
• Credit / debit card payments. 
• Activity on online platforms. 
• DVLA records. 
• Earnings and benefits. 
• Social media. 
• All tax documents and council tax records, plus information on any tax investigations.

sheramber

BRichard said:

Isn't the data passed to the government if they ask for it? If they were investigating money laundering for instance. I have already explained that I do not trust banks or governments with any more personal data than I have to because they have a track record of misusing data and not keeping it secure.

You trust them enough to hold your money.

The answers to the questions they ask are the information  you have to give them if you want to keep your money in a bank.

Every  UK bank has to comply so changing banks won't make any difference. Evenrually, any new bank will ask the same questions.

BRichard

Some people seem to be reading things in which are not there. I am not accusing anyone of doing anything, and I am not saying if a government did X once, it must be doing it again. I am saying the government and banks have a track record which we can see, so therefore there are grounds for not trusting them with more personal data. I have also never said that I will not comply, of course I will comply. It would be stupid not to comply and then have accounts closed. I am capable of complying without liking it. Perhaps it should be compulsory to like it and then there would be no argument.

friolento

BRichard said:

Some people seem to be reading things in which are not there.

Now that is something I definitely agree with you on