From: "Peter Crosland" 
Newsgroups: uk.legal uk.finance
Subject: Re: Lloyds Bank being very inquisitive
Date: Tue, 24 Jul 2007 22:17:24 +0100
Bytes: 3053

Alan wrote:
> In message <46a64009$0$1618$ed2619ec@ptn-nntp-reader02.plus.net>,
> Peter Crosland  wrote
>
>
>>
>> The reason is quite draconian money European laundering regulations.
>> These impose huge penalties on the banks and their staff. In the
>> event of a conviction the individual staff member concerned can be
>> subject to a prison term of up to fourteen years.
>
> And how many bank clerks are currently serving any prison term for
> this offence?  Or is the 14 year term for staff actually laundering
> the money?

I simply stated what the law is. Don't blame me for it! I think it is 
overkill but having said that how do YOU suggest the undoubted problems with 
large amounts of funds obtained by criminals are dealt with?

>> That is not a typo! Hence the banks, and
>> particularly the individual staff members, have little choice but to
>> be very careful. Blame the European bureaucrats not the staff!
>
> Do you think asking a person laundering money what he intends to do
> with it is going to result in a truthful answer?

Probably not but given that the law is there what do YOU think ther banks 
should do?

> The questions have nothing to do with laundering money. They are aimed
> at selling the banks other financial products. The questions are an
> incompetent way of finding out if someone can be sold a loan or a
> credit card.

Rubbish!

> Other banks have different tactics.  The Royal Bank of Scotland send
> out a one line letter telling customers to urgently contact the
> branch about their account. When a customer contacts the branch they
> try and sell other financial services.  A visit to branch will result
> in an offer for a 'free' financial survey.

Nothing whatsoever to do with this thread.

Peter Crosland