Cashing bond and MLR
I have invested in junior bond with Family Investment Friendly Society in my son's name. As I wanted to cash the bond, so requested for encashment of the bond.
I got the forms. As per their letter, they require two forms of my personal identification. (1) Your name (may name) and (2) Your address (my address). Also these identifications have to be certified by someone. But they do not say who could certify.
The letter says “We reserve the right to make authentication checks on the name and address of the person receiving the proceeds to meet with Money Laundering Regulations.”
Are they going OTT?
I had been paying this over 10 years by direct debit. When this bond/policy was set up, I provided ID etc.
I received the document by post and I am sending the same document back to them. They have the same address from the day one.
Here is an extract from the letter.
“If ID is not received or is incorrectly certified encashment will take place but the payment will not be sent until the correct documents are received.”
So even though I do not submit the ID they will encash the bond but will not send a cheque to me!
I just wanted to know from our expert whether their request is legal?