Farage's bank accounts closed

[courtg9000]

Have you any idea how badly KYC is implemented?

Having had to work with KYC especially in this country it is poor. KYC is meant to do a number of things. It does not always work. It is badly imlemented and not very well understood here. My cat could turn up to a retail bank branch in my local town with my id and depending on her good luck and charm get a bank account.
Here is the best pic of Lucy the cat you will ever see and yes she was both shocked and laughing at the Sue Grey report

[NotAllThere]

You are trolling, I get not everyone works in the space but refuse to accept a contractor doesn't know the absolute basics. KYC/AML/CTF are all used interchangeable to cover Financial Crime.

When Vetran is in a hole he loves to keep digging.

[SueEllen]

Can someone remove that scary face from this thread?

I don't mean the cat!

[courtg9000]

Edited. Think I hit multiquote instead of quote somewhere.

Can someone remove that scary face from this thread?

I don't mean the cat!

Thats it im photoshopping on my Jimmy Savil costume! give me 10 mins!!!!!

[vetran]

When I don't agree with Vetran I attack the man not the argument.

Don't need to troll, the FCA agree with me! They have even fined people.

https://www.osborneclarke.com/insigh...ear-clamp-down

While these recent final notices relate to historic events and weaknesses identified (as far back as 2012), as we continue to see the same common themes appearing in requirement notices to appoint skilled persons and requests for information by the FCA, we can expect to see further notices of a similar vein.

Fines are not the only potential consequences of getting things wrong. In three of the recent examples, the FCA also obtained voluntary restrictions from those banks for onboarding new customers while remediation was ongoing. Two of those banks were also required to appoint a skilled person under section 166 of the Financial Services and Markets Act 2000 to review their AML processes, systems and controls. From our work on such reports, appointing a skilled person can be a lengthy and very expensive process.

https://www.fca.org.uk/news/press-re...ntrols-failure

its even topical as the Russians are involved. Gotta love some dodgy cash from the KGB!

Deutsche Bank exposed the UK financial system to the risks of financial crime by failing to properly oversee the formation of new customer relationships and the booking of global business in the UK. As a consequence of its inadequate AML control framework, Deutsche Bank was used by unidentified customers to transfer approximately $10 billion, of unknown origin, from Russia to offshore bank accounts in a manner that is highly suggestive of financial crime.

I can assure you businesses are even worse. I highlighted this at a previous employer, they basically said we are doing it perfectly don't worry your pretty little head about it. I replied well why have you got duplicate NI numbers and duplicate unusual name/DOB pairs in your data? Similar at a larger employer with corporate customers via acquisitions they were at least trying to fix it when I left.

[vetran]

made I larf, who knew it remoaners can be funny

[SueEllen]

Seems after a vote of confidence from the board someone resigned earlier this morning.

(Never have anyone in power say they have the most confidence in you.)

Gosh it has got really political.


https://www.bbc.co.uk/news/live/business-66296935



Labour notes 'remarkable' speed of intervention

Labour MP Nick Thomas-Symonds said the government's speed in dealing with Nigel Farage's former bank was "quite remarkable", particularly when compared to dealing with its internal discipline problems.

Speaking on the Today programme, he said: "I do question this speed with which the prime minister and the chancellor, under pressure from outside, have acted to get involved in this matter."

The shadow international trade secretary added: "When it came to putting their own house in order, when it came to dealing with Gavin Williamson, Nadim Zahawi, Dominic Raab, they dragged their feet.

"If only they showed that same efficiency, that same speed, dealing with their own internal problems as they did last night."

[vetran]

Oh dear it seems Mr Farage is in good company

https://www.theguardian.com/business...o-bank-account

The anti-Brexit campaigner Gina Miller has said “we don’t have a functioning democracy” if new political parties cannot access banking services, after she was told her own party’s account would be closed.

The government and financial services watchdog must step in, she said, to ensure new parties and MPs can access banking to be able to operate.

Miller said it was a “bigger issue” than the closure of Nigel Farage’s bank account, which led to a row resulting in the resignations of the top bosses at NatWest and Coutts.

Coutts chief quits and crisis wipes £1bn off NatWest shares

Read more
Miller, who came to prominence bringing legal cases over Brexit, was told earlier this month by Monzo that her True and Fair party’s account would close in September.

She was told in a message on the bank’s app but was given no explanation.

Monzo has since said it does not accept any political parties and that the account was opened erroneously as it was not categorised as such in the application.

Nine banks had turned down the True and Fair party before it got the account with Monzo in November 2021, according to Miller.

She told the PA news agency: “That is the bigger issue, the fact that as a new insurgent political party you have no access to banking services, which is extraordinary in a democracy.”

Whilst not being a fan of Ms Miller's Politics, I have to support her on this.

[vetran]

Seems after a vote of confidence from the board someone resigned earlier this morning.

(Never have anyone in power say they have the most confidence in you.)

Gosh it has got really political.


https://www.bbc.co.uk/news/live/business-66296935



Labour notes 'remarkable' speed of intervention

Labour MP Nick Thomas-Symonds said the government's speed in dealing with Nigel Farage's former bank was "quite remarkable", particularly when compared to dealing with its internal discipline problems.

Speaking on the Today programme, he said: "I do question this speed with which the prime minister and the chancellor, under pressure from outside, have acted to get involved in this matter."

The shadow international trade secretary added: "When it came to putting their own house in order, when it came to dealing with Gavin Williamson, Nadim Zahawi, Dominic Raab, they dragged their feet.

"If only they showed that same efficiency, that same speed, dealing with their own internal problems as they did last night."

David Davis was on GBNews supporting reform this morning.

[SueEllen]

Oh dear it seems Mr Farage is in good company

https://www.theguardian.com/business...o-bank-account

Whilst not being a fan of Ms Miller's Politics, I have to support her on this.

Apparently some Muslim individuals and Pro-Palestinian groups have had their bank accounts closed.