Financial Crime

[Gladys]

I was in the bank today and an elderly man was trying to withdraw cash (you know that foldy stuff that you used to have in your purse, wallet or pockets). It must have been quite a bit, because the cashier asked why he wanted it, he said something about wherever he was going cash was the only acceptable form of payment. She then said she would have to get her supervisor's OK.

 

Now, I ask you. This man wants his money to spend it as he likes, but some bright spark (regulator, not bank employee) now thinks that getting a supervisor's OK is going to provide a block to terrorist, money laundering and criminal activities.

 

Yep, the regulatory system works impeccably, at least Madoff turned up in court today and has pleaded guilty. But can a man get some cash out of his bank account? Nah!

[Albert Tatlock]

There has been a bit of trouble at the 'Old Mill' Tea Rooms lately - I think it's all best left in the hands of the authorities in the know

[mad_manx]

I was in the bank today and an elderly man was trying to withdraw cash (you know that foldy stuff that you used to have in your purse, wallet or pockets). It must have been quite a bit, because the cashier asked why he wanted it, he said something about wherever he was going cash was the only acceptable form of payment. She then said she would have to get her supervisor's OK.

 

Now, I ask you. This man wants his money to spend it as he likes, but some bright spark (regulator, not bank employee) now thinks that getting a supervisor's OK is going to provide a block to terrorist, money laundering and criminal activities.

 

Yep, the regulatory system works impeccably, at least Madoff turned up in court today and has pleaded guilty. But can a man get some cash out of his bank account? Nah!

 

 

Is it HSBC by the way ?. I've had a similar experience over there. I told them to ***k off. What I do with my money is my own business. I might even throw it in the fireplace if I wanted to.

[La_Dolce_Vita]

Is it HSBC by the way ?. I've had a similar experience over there. I told them to ***k off. What I do with my money is my own business. I might even throw it in the fireplace if I wanted to.

 

I thought the same. HSBC seem to want to throw up all these little barriers to withdrawing money.

 

And when I telephoned to transfer money between accounts the woman on the phone said I had an overdraft and asked me what I would like to do with it. I didn't understand what it was she was wanting to know specifically, and she didn't seem to either.

[piebaps]

I was in the bank today and an elderly man was trying to withdraw cash (you know that foldy stuff that you used to have in your purse, wallet or pockets). It must have been quite a bit, because the cashier asked why he wanted it, he said something about wherever he was going cash was the only acceptable form of payment. She then said she would have to get her supervisor's OK.

 

Now, I ask you. This man wants his money to spend it as he likes, but some bright spark (regulator, not bank employee) now thinks that getting a supervisor's OK is going to provide a block to terrorist, money laundering and criminal activities.

 

Yep, the regulatory system works impeccably, at least Madoff turned up in court today and has pleaded guilty. But can a man get some cash out of his bank account? Nah!

 

I think Gladys, that rather trying to be nosy or owt like that, the bank were simply trying to make sure the elderly chap wasn't being hoodwinked by some dodgy geezer who had claimed to have fixed his roof. We'll never know for sure but there is sometimes a less sinster explanation for things like this.

[slinkydevil]

I think Gladys, that rather trying to be nosy or owt like that, the bank were simply trying to make sure the elderly chap wasn't being hoodwinked by some dodgy geezer who had claimed to have fixed his roof. We'll never know for sure but there is sometimes a less sinster explanation for things like this.

 

But banks arn't in a position to give advice on what you spend your money on, even if it is a pikey roof replacement or driveway rogue trader.

[x-in-man]

They asked my dad what he wanted cash for when he went in to pay for his new car a while ago.

 

He just replied 'porno, and gimp suit, chains and padlocks'

 

 

 

They just wanted to make sure he was not being ripped off by a 'cash only' iffy builder, as he was an older gentleman, with a bit of cash.

[EvilCatfish]

Unfortunately thanks to terrorists/fraudsters/money launderers, the banks have to ask those questions as part of the procedure. If they end up getting caught up in fraud or money laundering not only will any legitimate Customer who's been scammed be very pissed at them, but they'll lose their banking license.

 

Its not just HSBC or any of the normal high street banks, its the whole financial system thats under scrutiny, if you don't have anything to hide whats the harm in the questions? Any issues with it - don't use the banking system, and keep all your money under your matress or something equally 'safe' at home.

 

Why people moan about security questions is beyond me, they're there to make sure you don't get scammed or unintentionally caught up in anything dodgy! And before anyone asks, no I don't work for HSBC - I've banked with them before and never will again, their service is terrible

[Chinahand]

I think it is totally obvious why people are pissed off with such intrusions - they know that the bad guys will lie, but you as an honest citizen have to go and tell the bank what you are going to do with your money which should be an entirely private thing.

 

Box ticking etc is too often a false bureaucratic system which stops employees using their brains and creates a system where if the boxes are all ticked its all ok. That gives the thieves an insentive to make sure all the boxes are ticked and then they just carry on with their crimes undisturbed.

 

Intelligent systems need intelligent thoughtful people behind them but my impression of banking is that its a rush to the bottom with systems designed to be run by 4 year old neanderthals. The result is a bureaucracy which positively discriminates against independent thought but where those at the top lament the quality of their employees - well if your systems treat your employees as idiot robots don't be surprised when they behave like them.

[Gladys]

I think it is totally obvious why people are pissed off with such intrusions - they know that the bad guys will lie, but you as an honest citizen have to go and tell the bank what you are going to do with your money which should be an entirely private thing.

 

Exactly so, Chinahand. What is more concerning is that these measures are doing very little to prevent financial crime, vide Madoff, Stanford, with promsies of more to come, and terrorism. Overall, has our quality of life improved or diminished with these ever intrusive measures?

[thebees]

Unfortunately thanks to terrorists/fraudsters/money launderers, the banks have to ask those questions as part of the procedure. If they end up getting caught up in fraud or money laundering not only will any legitimate Customer who's been scammed be very pissed at them, but they'll lose their banking license.

 

Its not just HSBC or any of the normal high street banks, its the whole financial system thats under scrutiny, if you don't have anything to hide whats the harm in the questions? Any issues with it - don't use the banking system, and keep all your money under your matress or something equally 'safe' at home.

 

Why people moan about security questions is beyond me, they're there to make sure you don't get scammed or unintentionally caught up in anything dodgy! And before anyone asks, no I don't work for HSBC - I've banked with them before and never will again, their service is terrible

 

Utter tosh! The terrorists still terrorise, the money launderers still launder and the fraudsters still defraud, how charmingly naive of you to think all the regulations are there to protect the masses.

[Tempus Fugit]

a few months ago I had occasion to visit xxx bank to pay in a cheque to transfer funds from one account at xxx bank to another account at xxx bank and I was asked what the source of the funds was. It should have been perfectly obvious as the payee on one cheque was the same as the signature of the other. I think the staff are just brainwashed and are just following a crib-sheet without thinking for themselves any more, perhaps they aren't paid to think as well

 

Another idiotic situation was when I went to get a new mobile phone a couple of years ago, nothing would do but I had to produce my passport what's that all about then ?

 

years ago I was told about a chap who went to see his accountant, was greeted by his first name as they had been pals at school together, but before they could do business he had to produce identification documents although they had known eachother for some 40 years

[Dunroamin]

Sorry but all these questions, like airport searches and checking names against passports, are not really effective tools in the "fight against terrorism" but merely the politically correct Governments showing that they are doing something, anything, rather than doing nothing!

 

They are as useless as a chocolate fireguard in actually achieving anything but at least, Government would argue, we cannot be blamed and stuff the public and the inconvenience that they cause.

[P.K.]

They may appear to be ineffective measures but what is the alternative - do nothing at all?

 

Certain documents relate to a certain level of identification, top of which is passport and birth certificate. In these litigious days going for the top shelf is the only cya measure. However I was once thoroughly pissed off by an officious little toe-rag who insisted on me presenting my passport claiming that my plastic driving licence with photo and signature were not good enough id for him. So I got my passport and returned a couple of hours later and deliberately picked the same Obersturmbahnfuhrer. I held up my driving licence with a "You said this was not good enough" and then held up my passport with the other hand saying "But you say this is". They then went a very nice red colour as well they might - I deliberately have the same photograph on both items. What followed was a slanging match that stopped everyone in the place in their tracks. I think me calling him "as stupid as a pissed parrot" didn't help much. Eventually I was "invited" into a supervisors office where it was sorted out.

 

Interestingly on folks telling porkies the effectiveness of some voice monitoring equipment used by insurance companies and so forth have been called into question. Basically the claim is it can detect stress and when it does the operator hears a bleep but the caller does not. This leads on to a different set of questions. It turns out it may all be total bollocks.

[mad_manx]

Unfortunately thanks to terrorists/fraudsters/money launderers, the banks have to ask those questions as part of the procedure. If they end up getting caught up in fraud or money laundering not only will any legitimate Customer who's been scammed be very pissed at them, but they'll lose their banking license.

 

Its not just HSBC or any of the normal high street banks, its the whole financial system thats under scrutiny, if you don't have anything to hide whats the harm in the questions? Any issues with it - don't use the banking system, and keep all your money under your matress or something equally 'safe' at home.

 

Why people moan about security questions is beyond me, they're there to make sure you don't get scammed or unintentionally caught up in anything dodgy! And before anyone asks, no I don't work for HSBC - I've banked with them before and never will again, their service is terrible

 

So is this what they expect then

 

Bank: "Why do you need the money" ?

 

Customer(who is a terrorist) : "It's to buy some uraninum to make a Weapon of mass destruction. Will also be buying some AK47 rifles as well"

 

Seriously!!!! do you think any self respecting terrorist is going to reveal the true nature of the cash withdrawal.

 

I do appreciate checks while paying money in. That is necessary to make sure that the money is clean. What annoys me is all those questions when you try to take some money out.