Banks & Money laundering

MLR overkill?

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I've recently made a couple of changes to the bank mandate for  our residents management company bank account.  Now the bank has asked me to submit  personal details forms for  five out of the nine shareholders, none of whom are signatories to the account, and each of which owns 1 share out of  9. I assume they arlready hold details of the remainder.  Thebank says that  this is required under the MLR REgs, ie to persons who have a significant involvement  to an entity.  Is this a normal experience, because it seems unnecessarily intrusive to my mind.

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David Winch
By David Winch
10th May 2016 09:29

I have to say I regard that as OTT. I do not think the statutory requirements are behind this - I suspect it is just the practice of the bank.
David

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By paulwakefield1
10th May 2016 09:44

This increasingly seems to be the approach by the banks. Sounds as if it wasn't the Co-Op - they would have asked you for all 9!

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