| MONEY LAUNDERING REGULATIONS 2003 [message #373877] |
Fr, 24 März 2006 10:04 |
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I have noticed this clause on a number of estate agents details and when I
recently agreed a price on a house to purchase the agent even though they
knew me asked for a copy of diving license or passport as id.
Ken
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373878 ] |
Fr, 24 März 2006 10:58 |
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"Ken" <Reply to NG only> wrote:
> I have noticed this clause on a number of estate agents details and when I
> recently agreed a price on a house to purchase the agent even though they
> knew me asked for a copy of diving license or passport as id.
PADI or BSAC?
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373879 ] |
Fr, 24 März 2006 11:12 |
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"Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
news:zpPUf.41204$wl.23024 [at] text.news.blueyonder.co.uk...
> "Ken" <Reply to NG only> wrote:
>
>> I have noticed this clause on a number of estate agents details and when
>> I
>> recently agreed a price on a house to purchase the agent even though they
>> knew me asked for a copy of diving license or passport as id.
>
> PADI or BSAC?
Sorry meant to be driving.
Had to Google to see where the PADI or BSAC was coming from?
Ken
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373935 ] |
Sa, 25 März 2006 11:29 |
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"Ken" <Reply to NG only> wrote in message
news:4423c604$0$23293$db0fefd9 [at] news.zen.co.uk...
>
> "Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
> news:zpPUf.41204$wl.23024 [at] text.news.blueyonder.co.uk...
>> "Ken" <Reply to NG only> wrote:
>>
>>> I have noticed this clause on a number of estate agents details and when
>>> I
>>> recently agreed a price on a house to purchase the agent even though
>>> they
>>> knew me asked for a copy of diving license or passport as id.
>>
>> PADI or BSAC?
>
> Sorry meant to be driving.
> Had to Google to see where the PADI or BSAC was coming from?
So did I,
And having found out what the initials stand for I still don't know
what he means.
Back to the question.
I think that this is just a CYA rule. The implementation of the
regs is very strict, not just on compliance but also on being able
to show that you have complied. The individual in the office,
today, may know you, but if that individual moves on and in 2
years time someone comes and does a compliancy check, the
EA will be toast.
tim
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373943 ] |
Sa, 25 März 2006 12:31 |
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tim (in sweden) wrote:
>
> "Ken" <Reply to NG only> wrote in message
> news:4423c604$0$23293$db0fefd9 [at] news.zen.co.uk...
>>
>> "Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
>> news:zpPUf.41204$wl.23024 [at] text.news.blueyonder.co.uk...
>>> "Ken" <Reply to NG only> wrote:
>>>
>>>> I have noticed this clause on a number of estate agents details and
>>>> when I
>>>> recently agreed a price on a house to purchase the agent even though
>>>> they
>>>> knew me asked for a copy of diving license or passport as id.
>>>
>>> PADI or BSAC?
>>
>> Sorry meant to be driving.
>> Had to Google to see where the PADI or BSAC was coming from?
>
> So did I,
>
> And having found out what the initials stand for I still don't know
> what he means.
It was a joke picking up on a typo. "diving licence"
> Back to the question.
>
> I think that this is just a CYA rule. The implementation of the
> regs is very strict, not just on compliance but also on being able
> to show that you have complied. The individual in the office,
> today, may know you, but if that individual moves on and in 2
> years time someone comes and does a compliancy check, the
> EA will be toast.
The EA will be toast even if the individual in the office who
knows you is still there, surely.
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373945 ] |
Sa, 25 März 2006 12:52 |
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"Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
news:JS9Vf.41767$wl.1022 [at] text.news.blueyonder.co.uk...
> tim (in sweden) wrote:
>
>>
>> "Ken" <Reply to NG only> wrote in message
>> news:4423c604$0$23293$db0fefd9 [at] news.zen.co.uk...
>>>
>>> "Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
>>> news:zpPUf.41204$wl.23024 [at] text.news.blueyonder.co.uk...
>>>> "Ken" <Reply to NG only> wrote:
>>>>
>>>>> I have noticed this clause on a number of estate agents details and
>>>>> when I
>>>>> recently agreed a price on a house to purchase the agent even though
>>>>> they
>>>>> knew me asked for a copy of diving license or passport as id.
>>>>
>>>> PADI or BSAC?
>>>
>>> Sorry meant to be driving.
>>> Had to Google to see where the PADI or BSAC was coming from?
>>
>> So did I,
>>
>> And having found out what the initials stand for I still don't know
>> what he means.
>
> It was a joke picking up on a typo. "diving licence"
>
>> Back to the question.
>>
>> I think that this is just a CYA rule. The implementation of the
>> regs is very strict, not just on compliance but also on being able
>> to show that you have complied. The individual in the office,
>> today, may know you, but if that individual moves on and in 2
>> years time someone comes and does a compliancy check, the
>> EA will be toast.
>
> The EA will be toast even if the individual in the office who
> knows you is still there, surely.
What I don't understand is why the need in the first place. I though money
laundering was to do with large amounts of cash. If I buy it would all be
cheque or money transfers.
Ken
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #373946 ] |
Sa, 25 März 2006 13:19 |
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"Ken" <Reply to NG only> wrote:
> What I don't understand is why the need in the first place. I though money
> laundering was to do with large amounts of cash. If I buy it would all be
> cheque or money transfers.
Money laundering is now so broadly worded that it covers just about
everything, including parking offences.
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #374077 ] |
Mo, 27 März 2006 12:02 |
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> > tim (in sweden) wrote:
> >> ... The individual in the office, today, may
> >> know you, but if that individual moves on
> >> and in 2 years time someone comes and does
> >> a compliancy check, the EA will be toast.
> >
> "Ronald Raygun" wrote
> > The EA will be toast even if the individual in
> > the office who knows you is still there, surely.
>
"Ken" <Reply to NG only> wrote
> What I don't understand is why the need in the first place.
> I though money laundering was to do with large amounts
> of cash. If I buy it would all be cheque or money transfers.
More to the point, though, is that the cheque or
money transfer will be passed through the solicitor,
and not the EA. So the solicitor ought to do a
ML check - but why is the EA checking???!
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #375660 ] |
Mo, 27 März 2006 14:39 |
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"Tim" <me [at] home.uk> wrote in message news:3OCdncweycS3JbrZRVnygw [at] bt.com...
>> > tim (in sweden) wrote:
>> >> ... The individual in the office, today, may
>> >> know you, but if that individual moves on
>> >> and in 2 years time someone comes and does
>> >> a compliancy check, the EA will be toast.
>> >
>> "Ronald Raygun" wrote
>> > The EA will be toast even if the individual in
>> > the office who knows you is still there, surely.
>>
> "Ken" <Reply to NG only> wrote
>> What I don't understand is why the need in the first place.
>> I though money laundering was to do with large amounts
>> of cash. If I buy it would all be cheque or money transfers.
>
> More to the point, though, is that the cheque or
> money transfer will be passed through the solicitor,
> and not the EA. So the solicitor ought to do a
> ML check - but why is the EA checking???!
The EA is checking because whilst they feel it is not mandatory it is
recommended to do so by their Professional Body as it good practice!!!!
So if I am awkward and refuse? Will they refuse to deal with me?
Ken
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| Re: MONEY LAUNDERING REGULATIONS 2003 [message #375669 ] |
Mo, 27 März 2006 17:19 |
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> >> > tim (in sweden) wrote:
> >> >> ... The individual in the office, today, may
> >> >> know you, but if that individual moves on
> >> >> and in 2 years time someone comes and does
> >> >> a compliancy check, the EA will be toast.
> >> >
> >> "Ronald Raygun" wrote
> >> > The EA will be toast even if the individual in
> >> > the office who knows you is still there, surely.
> >>
> > "Ken" <Reply to NG only> wrote
> >> What I don't understand is why the need in the first place.
> >> I though money laundering was to do with large amounts
> >> of cash. If I buy it would all be cheque or money transfers.
> >
> "Tim" wrote
> > More to the point, though, is that the cheque or
> > money transfer will be passed through the solicitor,
> > and not the EA. So the solicitor ought to do a
> > ML check - but why is the EA checking???!
>
"Ken" <Reply to NG only> wrote
> The EA is checking because whilst they feel it is not mandatory it is
> recommended to do so by their Professional Body as it good practice!!!!
> So if I am awkward and refuse? Will they refuse to deal with me?
Richard Faulkner on this newsgroup is a retired EA - AIUI, he
says EA's *have* to pass *any*offers made on to the vendors,
by law. So if they refuse, threaten them with legal action!
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