What is Money Laundering?
Criminals need to hide the money they make from their illegal activities so that it cannot be traced by the authorities. They do this by trying to “clean” their money so that it can be used without arousing suspicion and this process is called money laundering. The criminals attempt to do this by introducing the money into the financial system and move it in and out of different financial products so that its origin becomes harder to identify. One of the most common ways of doing this is to set up a bank or building society account using a false name and address and then transfer the funds into other accounts, invest it or use it to buy other goods. The more complex the route, the harder it becomes to trace the money back to its criminal beginning.
Anti-Money Laundering Regulations
All banks, building societies and businesses providing financial services are required to have in place procedures to guard against money laundering. It is our legal responsibility to do all we can to combat financial crime and also protect our clients from fraud. It is important to remember that the money laundering regulations are also there to protect you from criminals who might otherwise falsely use your name without you knowing.
Why do I need to prove my identity?
The fact that you are asked to prove your identity does not mean that you are suspected of money laundering. Criminals often appear to be honest clients and may use a variety of laundering vehicles with relatively small amounts of money moving through each one. They may also fraudulently use the identity of an innocent individual in order to succeed and, therefore, identity checks need to be performed on ALL individuals involved in any transaction.
How to prove your identity
Proving your identity is simple. All we require is a couple of original documents containing your name and address. We will then take a photocopy of these to hold on your file as a record. The type of documents that are acceptable are common to most people and so you should not have any difficulty in producing them. Please note that you cannot use the same documents to confirm both your name and address. Therefore, we shall require two separate documents per individual, at least one from list A and one from list B below:-