Are these really money-laundering rules?

  Onizuka 15:27 24 Apr 2008
Locked

Bureau de Change in Travel Agent:
Assistant: “Good morning, can I help you?”
Me: “Good morning, I’d like to buy £100 worth of Euros please.”
Assistant: “How are you going to pay?”
Me: “By debit card.”
Assistant: “I need some photo ID please.”
Me: “Here’s my passport.”
Assistant: “Could I have your house number and post code?”
Me: “Why do you need my address? You already have my debit card details and passport.”
Assistant: “Money laundering rules. What is your phone number?”
Me: “I’m ex-directory and I don’t give out my phone number. Why do you want it?”
Assistant: “Money laundering rules.”

It was quite obvious that if I didn’t provide my phone number I wasn’t going to get my Euros.

I cannot recall ever being asked for my phone number when changing currency before. Can anyone tell me if this is, in fact, a requirement of the law or if the Travel Agency is simply gold-plating the rules (as Whitehall does when implementing EU regulations).

  dth 16:33 24 Apr 2008

There are not any ML rules as such - just guidance. It will be the change bureau that has introduced the procedures.

In a recent a review of ML activities it became clear that while banks and insurance companies were pretty on the ball - money changers were very lax. Hence the tightening up.

I work in financial services and ML is a complete waste of time. Just inconvenience for the general public and easily side-stepped by the 'bad guys'.

  Onizuka 16:54 24 Apr 2008

“There are not any ML rules as such - just guidance. It will be the change bureau that has introduced the procedures.”
I suspected as much. “Guidelines” are used to justify everything nowadays, especially when it comes to not applying simple common sense.

“Just inconvenience for the general public and easily side-stepped by the 'bad guys'.”
I did wonder what difference it would have made if I’d given a false address and phone number.

  Woolwell 17:25 24 Apr 2008

There are the Money Laundering Regulations 2007 click here
Exchange bureaux have to have proof of identity but that is often a driving licence and a separate document confirming your address.

  mrwoowoo 17:28 24 Apr 2008

I would have given a false number.
What are the chances of them phoning you anyway?

  amonra 19:06 24 Apr 2008

Give them ANY number, preferably the number of the local nick !

  Forum Editor 19:22 24 Apr 2008

relating to money laundering, and they affect Bureaux de change, plus all other UK finance business.

Very briefly, the bureau is required under the provisions of the 2007 Money Laundering regulations to put preventative measures in place, although the precise nature of the measures isn't specified. Businesses dealing in finance must ensure that they know who their customers are, and are required by law to identify each customer, and to keep records showing these identities and the method they used to verify. It's also a legal requirement that all such companies undertake staff training to ensure that everyone knows the details of the regulations.


Each company, (or individual within it) is required by law (Proceeds of Crime Act 2002 and
the Terrorism Act 2000) to report suspicions of money laundering or terrorist financing to the Police.

  jack 20:02 24 Apr 2008

Out of whack.
I collect all my bronze and 5p into a jar
When it is full I decant, count and bag.
If enough it went toward my next bottle of Malt.
I used to take the coins into the bank and they check weighed and exchange for the appropriate notes. They used to that is,
Then one day I went in and the cashier pointed to a new sign.
It required me to pay them in, then draw out through my account- just to prove - well what I could not figure it.

Now I don't bother- when I have a goodly amount I decant count bag and take it the local Hospice shop.

I suppose you could say they were doing me a favour[reducing my Malt consumption.]

  laurie53 20:07 24 Apr 2008

Take it to one of these change machines in your local supermarket.

They charge 7 pence in the pound but you should still have enough for a decent malt.

  1911 20:57 24 Apr 2008

My sister is 82 years old and was having trouble getting them to send a new cheque book. I phoned up to see if I could sort it out. They refused to accept my enquiry unless my sister came to the phone. I was in Donegal she was in Scotland. I then expained to the female manager that I only wanted her to help my sister to get the Cheque book. She not only refused to do that but when I asked her to give me the address of the main office of The Royal Bank of Scotland she said she wasnt allowed to do that and hung up.

  ray7 21:13 24 Apr 2008

My wife phoned her Buiding Society to have my name added to an account. She was instructed to supply a copy of her marriage certificate,a signature in her maiden name along with proof of her maiden name by producing a utility bill or some other proof.

Very difficult as we've been married for 54 years!

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