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ID verification for bank accounts
Hi gang
I have recently been told by a banking provider that the ID requirements have been tightened up. Once, not long ago, a letter from a Social Worker confirming ID would be half the job done but now they’re refusing the accept that.
Is this a regulatory thing or just their internal policy I wonder…
From an internal newsletter today
...The policy has been revised and updated to take into account the changes outlined in the Money Laundering Regulations 2017…
Presumably this is:
Which still give plenty of wiggle room for the relevant person to satisfy themselves of a person’s ID; particularly at 28(7)