Money Laundering

Hello there

Historically, when collating ID for money laundering checks, I have always obtained photo ID (being passport or photocard driving license) and proof of address (being a utility bill dated within the last three months).

I have recently been informed that this is not necessary and there is a simple check that can be performed on Experian that will satisfy the requirements of the Money Laundering Regulations.

Has anyone come across this before - it doesn't quite seem right to me as there is no physical verification that the person in front of you is who they say they are.  I wonder if this approach pre-dates the 2007 regulations?

Any thoughts on this would be appreciated.

Many thanks

Comments
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Just imagine . . .

davidwinch |
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"Photo ID & proof of address" to take on a client?

Hansa |
Hansa's picture

The MLR 2007

davidwinch |
davidwinch's picture

RISK-SENSITIVE approach to the verification of ID.

Hansa |
Hansa's picture

Inspection

pjclar02 |

... just how many "Money Laundering Inspections" have you had?

Hansa |
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A couple of points

davidwinch |
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Rebuttal

Hansa |
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The original question

DarrenHickman |

Beneficial owner

davidwinch |
davidwinch's picture