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Reduce money laundering regs

Comment 20th July 2010

Money laundering requirements are too onerous for small transactions. The requirements for certified copies of passport and utility bills are a time consuming chore which create charging opportunities for lawyers and others. With the growth of paperless billing it can sometimes be difficult to provide the information asked for. The money level at which money laundering requirements are necessary should be raised considerably, perhaps to £100000. A simpler approach would be to discontinue the requirements for alltransactions but install a mechanism for checking a few transactions, say one every fifty thousand. This would provide the disincentive for fraud through the knowledge that a checking mechanism was in place.   

Why does this matter?

Simplicity in carrying out small transactions is very desirable. So is limiting and reducing the ability of lawyers, bankers and the financial dervices industry to make charges which are not needed and do not contribute to the value or effectiveness of the deal in hand.

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