Absolutely FUMING with Abbey

Retired_I.F.A.

When the money laundering rules were first introduced I understood them to be a way of ensuring drug money cash was not re-entering the system in a legal way so isn't it a bit late asking the questions when it's already in a legal place?

The rules may have tightened up a bit of late but I never had any problems getting round them. Many of my drug dealing customers wanted to buy houses for cash and I aways advised them to bung down 5% or so as a deposit get an endowment mortgage with target life and once completed sign on the dole and get the interest paid by the DSS.

Target life was a regretable choice though, many of the dealers were left with big shortfalls hence smack doubled in price. :rotfl: :rotfl: :rotfl:

Somerset

noh wrote: »

Somerset wrote: »

The key word is most.
This thread demonstrates that a few people have a problem with the question being asked.

Nigel

Nigel, I'm not going to count the pro/anti posts here. But a gut feeling is it's 50/50. Enough people have a problem, which makes it a problem.

And for the banking/finance staff on here. While I appreciate it's nothing personal ie part of your job - you are the people bearing the brunt of .... so maybe a different question - do you care if customers take offence or change bank/broker/solicitor etc, even if you think the next lot will have to do the same ? Or is it water off a duck's back ?

bert&ernie

I believe that the purpose of asking what you want the money for is to detect suspicious patterns of transactions after the fact. Its got nothing to do with the banks or customers security, although some counter clerks may incorrectly position it that way.

In practice, it relies on criminals to give honest answers!

My personal view is that these questions, including the source of funds/wealth questions asked at account opening, simply invade the privacy of honest people whilst doing little to inconvenience criminals.

Its no use blaming the banks for this, the government has introduced some very heavy handed regulation in this space that has been very difficult and costly to implement. I do however think that some banks could have done more to minimise the impact on their customers when choosing how to interpret these regulations.

dunstonh

o maybe a different question - do you care if customers take offence or change bank/broker/solicitor etc, even if you think the next lot will have to do the same ? Or is it water off a duck's back ?

On the assumption that everyone does their job correctly then you dont care because the same will happen at every bank/estate agent/IFA/solicitor/accountant etc

That doesnt mean we dont find the money laundering rules awkward at times. Although from an IFA point of view, we have to ask lots of questions and learn the scenario so questions are not a problem for us and anyone being evasive to an adviser is an automatic and easy referral to the MLRO.

I think there is a personality thing here as well. Some people can ask questions in a way that you dont feel you are being questioned. Others just come across as robots and put your back up. The banks havent helped the situation as over years they have tried to market their products via cashiers and with no disrespect to cashiers, their "selling skills" are usually pretty naff. So, you almost go into the branch in fear that you are going to be questioned.

wymondham

dunstonh wrote: »

I think there is a personality thing here as well. Some people can ask questions in a way that you dont feel you are being questioned. Others just come across as robots and put your back up. The banks havent helped the situation as for years the have tried to market their products via cashiers and with no disrespect to cashiers, their "selling skills" are usually pretty naff. So, you almost go into the branch in fear that you are going to be questioned.

Agree with you 100%, especially when our local bank has spotty nosed teenagers attempt to form a sentance - who the hell are they to ask me about my finances?? (apologise to all spotty nosed teenagers! - just trying to prove a point .... badly!)

noh

wymondham wrote: »

Agree with you 100%, especially when our local bank has spotty nosed teenagers attempt to form a sentance - who the hell are they to ask me about my finances?? (apologise to all spotty nosed teenagers! - just trying to prove a point .... badly!)

No offence intended to you but your post indicates that the way the question is received also depends on the personality and prejudices of the customer.

Nigel

Scousebird_2

wymondham wrote: »

Agree with you 100%, especially when our local bank has spotty nosed teenagers attempt to form a sentance - who the hell are they to ask me about my finances?? (apologise to all spotty nosed teenagers! - just trying to prove a point .... badly!)

That's a little mean-regardless of how old you are-if you are put in a position of responsibility and you have to ask the questions in order to comply with English Law, then of course you will especially if you are a 'spotty nosed teen' as they've got a long working life ahead of them and need a decent reference and prison isn't a nice place for youngsters

wymondham

noh wrote: »

No offence intended to you but your post indicates that the way the question is received also depends on the personality and prejudices of the customer.

Nigel

True I can see why you would say that, but I don't go into a bank to withdraw money to get into an open personal conversation with the counter staff who I have never met - it's a transaction - pure and simple. If I wish to have a conversation about my finances then it would be in private with a person who I would choose and be happy with, and these tend to be of my age or older due the experience these people require. It's not a prejudice as such, just an old fashion respect thing.

Do counter staff have the same experience and knowledge as a financial advisor?

wymondham

Scousebird wrote: »

That's a little mean-regardless of how old you are-if you are put in a position of responsibility and you have to ask the questions in order to comply with English Law, then of course you will especially if you are a 'spotty nosed teen' as they've got a long working life ahead of them and need a decent reference and prison isn't a nice place for youngsters

I did apologise! It was just to make a point.

Scousebird_2

wymondham wrote: »

I did apologise!

Oh don't worry..I wasn't having a go..everyones entitled to an opinion and that's what forums are about-I did chuckle tho. I do worry that customers think the banking industry is filling up with teenagers tho!! Some of us were really good (back in the day)!