Reduce unnecessary money laundering requirements

Remove the money laundering requirements which make it necessary to re-prove identity to a bank and/or stockbroker when certain trading limits or transactions are reached or when new products/accounts are required.. 

You can't have an account in the first place without confirming identity so, having done so once, it should not be necessary to do so again.

This is particularly true bearing in mind the additional legal requirement for staff of such companies to report "out of the ordinary transactions" to the police for investigation into possible money laundering.

As it stands I can lose time and money when I try to sell shares I hold if the sale takes my cumulative dealings over a (secret) limit.  I then cannot deal until my id is confirmed again.  Crazy and very frustrating it will be!

Why does this idea matter?

It proves nothing that has not already been satisfactorily proven.  Repeal of this part of the regulations will save time and money for all parties.

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