Money Laundering rules/checks - seriously?

[anonymous-user]

A firm who I've dealt with for many years have just told me they need to re-do all their identity checks with existing clients every 3 years in order to be fully compliant with Anti-Money Laundering rules.

Does this sound right?

It seems bonkers to me. It's not as if clients shimmer in and out of existence like sci-fi characters.

Beam me up Scotty, there's no intelligent life down here!

[98elise]

Sounds right.

I have a few BTL's so regularly mortgage or remortgage. My broker is a bloke I've known for 40 years (since school).

Every now and then we have to do the whole proof of identity thing.

[joropug]

There are lots of reasons really, Know Your Customer is a big part of compliance - Involves many checks including negative media, AML, source of wealth etc.

It could be that the checks were not performed correctly when you started doing business so are being covered now in hindsight, if not part of a scheduled review.

[MisanoPayments]

The company you're dealing with may have noticed (or had pointed out!) a lapse in updating of client records so are getting on the case. It could just be that you need to confirm your details are the same and they'll do an electronic KYC check on those details without you having to send anything else in. If you've had a new passport since then, they might want a copy of that on record too.