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Modify the money laundering regulations

Comment 6th July 2010

The Money Laundering Regulations are too stringent. It has become very difficult to do something which used top be simple – such as changing signatories on a small club account where no transaction exceeds £500 and the total balance may be £1000.

Could bank accounts with low turnover be exempted from the regulations?

Why does this matter?

It would reduce the level of frustration and ill feeling towards the banks when they will not even accept a debit/credit card issued by themselves as identification.

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