4.3 Opening An Account Flashcards
1
Q
Before opening an account
A
- supply the provider with proof of their identity and address.
- Prevent money laundering
( money laundering regulations 2007)
2
Q
Money laundering
A
- criminals can use accounts to hide the source of their funds
- to make payments in support of their activities
- Providers who do not follow the legal requirements face heavy fines
3
Q
FCA
A
Financial conduct authority
4
Q
Providers need to separate …
A
Proof of identity
And address
( can’t use 1 document for both )
5
Q
Showing documents in a branch
A
Have to be originals
6
Q
Photographic identification
A
- passports
- uk drivers license
Must be current ‼️
7
Q
Applying for an online account
A
May be asked to send documents by
Post
Online copies
Ina local branch
8
Q
Photocopies
A
Sometimes signed ✍️by a professional to consort that they are true copies
9
Q
BBA
A
British banking association
10
Q
BBA proof
A
- gas, elec, phone, water bill -less than 3 months 💦💨⚡️📱3️⃣
- Council tax bill from current financial year
- UK drivers license 🪪
- current passport 🛂
11
Q
BBA proof pt 2
A
- employers ID card is employer known to provider🆔🪪👩💼
- pension/ other social security book👵
- Medical card 🩺💳
12
Q
BBA proof pt 3
A
- HMRC documents 📑
- insurance certificate issued in last 12 months
- mail order statement less than 3 months old 💌3️⃣
13
Q
Others
A
Benefits
Young 👧
Don’t pay bills
14
Q
Others difficulties
A
Hard to find identification + address ( don’t have them )
15
Q
Benefits doc examples
A
- entitlement letter issued by DWP
(Department for work and pensions) - also HMRC or local authority
- can just confirm identity via letter
