AMENDED - Money Laundering & Terrorist Financing Act 2010

E

eirman

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I recently received the usual annual statement and Certificate of Interest
from my home mortgage provider.

This was accompanied by a request under
The Money Laundering & Terrorist Financing Act 2010 as amended,
for updated ID documentation, if I had not done so within the last 12 months.
(They refer to this as Customer Due Diligence).
  • How new is this?
  • What happens if I ignore the request?
  • Did I miss this in previous years without consequence?
  • Am I really going to have to send in photo ID & Proof of address every year?
 
No, I don't think it is something that has to be done annually. All affected institutions are updating their records, you could have accounts that pre date any of the money laundering legislation or only have part id from easier rules years ago and they are obliged to ensure they have proper records. I had to do it recently for Avantcard but would have had an MBNA account, whom Avant too over, for many many years and this was the first request like this I got.

If you ignore it there is a risk of account being frozen however if it's just a mortgage then that's unlikely as they are not going to freeze interest being added on or payments going in, a bigger consequence if you have say a current account. They will just have flagged the account as having updated id outstanding more than likely and next time you have any dealings with it you will have to provide the id.
 
Thanks Monbretia, that makes sense.
I'll send in the ID this year but I will protest if they ask for it again next year.
 
This is no biggy. The need to refresh their CDD periodically in line with AML requirements/good practice. As Monbretia said, they probably noted on your a/c and probably many others that your id was from a while back and so should be updated. So its likely will not need to refresh yours again next year as that would be unreasonable on you and very unreasonable on the Bank operationally to have to do this for all customers annually.
 
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