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Laundering laugh that&#39s no joke

I am an IFA and, under money-laundering regulations, I am obliged, even when transacting a £10 a month insurance or savings scheme, to see, for example, a passport and a council tax bill (or similar documents) as evidence of identity, etc. I am required to record the details and to fill in a form for the company I deal with. If sent to me, I will usually need to return them by registered post. In other words, about one hour is wasted in this messing about.

I got some premium bond information recently asking me to invest and I cannot see anywhere where it says: “Send your passport/driving licence”, etc.

Why is it that Al-Qaeda or some drug dealer may be allowed to invest, say, £80,000 for wife and grown-up (fictitious) children and be allowed to do so without any of the irritating requirements I have to put up with? Further-more, any prizes, being tax-free, are non-disclosable.

What a laugh.

Name and address supplied


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