Money Laundering

Anti Money Laundering

Anti Money Laundering Explained for Consumer Information

Money laundering is the process by which criminally obtained money or other assets are exchanged for “clean” money with no obvious link to its criminal origin.

By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities.

Compare Bank Accounts views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering.

This is why we work with banks and providers to ensure all our service providers include the following:

•  Confirming the identity of consumers

•  Retaining transaction and identification records for a minimum period of five years

•  Training staff in terms of anti-money laundering regulations

•  Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities.

•  Also individual service providers have the following obligations. Reserve the right to refuse opening an account or refuse to process a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity.

Will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.

By providing banks with false identification or contact details, they will deem this a misuse their service and are legally bound to report such misdemeanors to the relevant authorities, and as such you may be the subject of a criminal investigation.

They will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.

FSA REGULATED INFORMATION

All banking providers have to be registered with the FSA. All the companies listed on compare bank accounts are FSA regulated and operate under the Financial Ombudsman Service.

If you are not satisfied with the outcome of any complaint you can write to Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR.

Natwest Current Plus Switch

RBS Select

Secure Trust Bank Basic Bank Account

Lloyds International Banking

Think Money

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