Santander ID and income check

StewedApple

Is there any sensible person out there who thinks any of this mad bureaucracy will have any significant impact on organised crime?

masonic

https://forums.moneysavingexpert.com/discussion/comment/82096033#Comment_82096033

I don't think it's even intended to target sophisticated organised crime. The measures seem targeted at low and mid-level financial crime such as identity theft and money muling, which have been widely reported on by the media in recent years, together with low level fraud. These wouldn't make much impact in overall financial crime totals. High level crime involves tens of billions per year and has various channels not subject to strict regulation within which to shift money.

Chief_of_Staffy

https://forums.moneysavingexpert.com/discussion/comment/82096033#Comment_82096033

The figures show that it has essentially no impact on financial crime, which continues to grow unencumbered year on year. I think the estimate of a preventative effect runs at between 0.3% and 0.8% annually, meaning well over 99% of criminal money is unaffected.

The banks implement this regime because they have to. If they don't, they will be fined, on account of the government(s) tasking them with the role of tackling crime as opposed to simply relaying information.

This is why it irks me when I hear people say, "Oh, but it's for our own good." In actual fact the benefits are solely for the banks (who avoid penalties) and the governments (who can shift the burden of blame onto the private sector as crime increases year on year), at the expense of the customer who experiences nothing other than varying degrees of disruption and detriment.