Absolutely FUMING with Abbey

overlander

No one has still answered the question what has "what do you want the money for" has to do with security. Give me one example and i will gladly admit the banks are right. Remember this question is asked under the pretense of security.

Lets say for example i say i'm going to buy some smack with it. What is the bank going to do about that? Excuse me Mr police officer this bad man is lifting his money out of the bank to buy smack. What do you want us to do about it go away and stop wasting police time. Totally irrelevant question.

overlander

So what you are saying it's now the banks job to be a first line police force.

overlander

Ok then answer this. I can understand that during the security questions that you get something wrong like date of birth etc that the bank rightly so would refuse to hand the money over. And yes that is the banks job to make sure they hand the money over to the correct person, no one disagrees with that. Ok with all the security questions answered give me ONE example of an answer to what do you want the money for where they would turn around and say no we are not giving it to you. One example and i will admit the bank is right.

noh

overlander wrote: »

So what you are saying it's now the banks job to be a first line police force.

Yes that is one effect of the legislation

Lets say for example i say i'm going to buy some smack with it. What is the bank going to do about that? Excuse me Mr police officer this bad man is lifting his money out of the bank to buy smack. What do you want us to do about it go away and stop wasting police time. Totally irrelevant question.

Yes they are obliged to report suspicious activity to the Serious Organised Crime Agency.

Here is a link to the part of the form that would be used

http://www.soca.gov.uk/downloads/DisclosureAppendix6.pdf


Nigel

reformedEffortMaker_2

tomm-out of order comments, we are all adults and can debate without becoming rude and abusive?

overlander-couldnt agree more with your last comment. Funnily, none of the bank employees were able to answer why you dont get the same line of questioning when you make transfers over the internet/phone??

Also, I think if I was a financial investigator, the best thing I would want someone to do is withdraw the cash-how else am i going to prove the money was for personal gain? moving it from one place to another can (1) be difficult to prove where it originated and (2) does not prove it has been of personal benefit to anyone until it is actually spent on the jewels, cars, girls, etc....I think the bank staff have been conned into thinking they would be in trouble if they didnt ask, they may well be breeching their employers policy, but DEFINITELY would not be breaking the law. If more people had answered 'none of your business', perhaps the question wouldn't be asked anymore!-in the same way if i turned up at my bank with £2000 to pay IN to my account, I wouldn't be asked where I had got the money (of course that's because launderers leave their ill gotten gains under their mattresses?!)

reformedEffortMaker_2

noh wrote: »

Yes they are obliged to report suspicious activity to the Serious Organised Crime Agency.

Nigel

haha and how many cases of money laundering have SOCA taken to court since their inauguration?........now lets compare that to the number of reported fraud cases......hmmmm

ShelfStacker_3

overlander wrote: »

No one has still answered the question what has "what do you want the money for" has to do with security. Give me one example and i will gladly admit the banks are right. Remember this question is asked under the pretense of security.

Suspicious answers get reported to the police or at the very least noted down for future investigation, thereby helping stop money laundering amongst other things.

There.

noh

reformedEffortMaker wrote: »

tomm-out of order comments, we are all adults and can debate without becoming rude and abusive?

overlander-couldnt agree more with your last comment. Funnily, none of the bank employees were able to answer why you dont get the same line of questioning when you make transfers over the internet/phone??

Also, I think if I was a financial investigator, the best thing I would want someone to do is withdraw the cash-how else am i going to prove the money was for personal gain? moving it from one place to another can (1) be difficult to prove where it originated and (2) does not prove it has been of personal benefit to anyone until it is actually spent on the jewels, cars, girls, etc....I think the bank staff have been conned into thinking they would be in trouble if they didnt ask, they may well be breeching their employers policy, but DEFINITELY would not be breaking the law. If more people had answered 'none of your business', perhaps the question wouldn't be asked anymore!-in the same way if i turned up at my bank with £2000 to pay IN to my account, I wouldn't be asked where I had got the money (of course that's because launderers leave their ill gotten gains under their mattresses?!)

I have been asked questions when making electronic transfers by the receiving party but generally they would not be asked because there is a recorded audit trail unlike cash movements.
Some banks would ask the source of the money if you turned up with £2000 cash to deposit. They have their own individual procedures.

Nigel

wymondham

What is the point of asking the person what they will use the money for.

A genuine person will be offended

A crook will lie

who gains?

noh

wymondham wrote: »

What is the point of asking the person what they will use the money for.

A genuine person will be offended

A crook will lie

who gains?

Thats not the case.

A genuine person may be offended
A crook may lie

The point of asking the question is that the answer given and the way in which it is given could be used as an indication of suspicious activity.

Nigel