I have an offset mortgage with them and they unilaterally removed the offset element a few years back for all customers. Following complaints to the ombudsman they had to reinstate the offset element and pay compensation. There is a long, comprehensive thread about this on boards.ie.
Right so a totally different matter and at their discretion. Compliance with the money laundering laws and directives is not a discretionary matter and taking one as a precedence for the other is not very wise.
I have no idea what Dankse/Pepper will do with someone who fails to comply, but what I can say for experience is that the half hour or hour you will spend updating your details is nothing compared with the countless hours will spend if your name gets on the black list and the authorities start an investigation.
I have no idea what Dankse/Pepper will do with someone who fails to comply, but what I can say for experience is that the half hour or hour you will spend updating your details is nothing compared with the countless hours will spend if your name gets on the black list and the authorities start an investigation.
The downside is they're looking for certified copies. I really don't have the time or inclination to organise this. They are saying that they have to periodically ask for "up to date proof of identity", even when no new business is being transacted: keep in mind this is a "bank" that doesn't do any new business. I don't believe this to be the case, though I'm no expert. Is it a requirement of the act? If it is, do all banks send out similar letters? If not, why not? If it isn't a requirement, why are they sending such a misleading letter out unnecessarily? Incompetence? Some other reason?
Having read the letter (which is a bit obtuse and required a few readings (with my finger under the words)), it looks like they want certified copies or will accept two copies of each type of Proof of Identify and Proof of address. So you can send in either certified copy of your passport or driving licence and a certified copy of a utility bill/revenue letter - or- an uncertified copy of your passport AND driving licence, and an uncertified copy of Two utility bills/revenue letters etc. (which are less than 6 months old)
As our (joint) mortgage is in both our names, this requires four documents each (uncertified) and I don't know if my wife even has a utility bill in her name, never mind two..
My situation exactly (as quoted). My mortgage is post 2010 but I don't believe that makes any material difference to me, and I won't be replying.As our (joint) mortgage is in both our names, this requires four documents each (uncertified) and I don't know if my wife even has a utility bill in her name, never mind two.
I ignored it, was never asked again.
The likelihood here is that they identified gaps in what they have on file for people and are attempting to rectify this.
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