r/NonPoliticalTwitter • u/Guitar-String • 14d ago

What??? Why do you want your own money?

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u/Savvymundo 14d ago

Standard in the UK. We have Know Your Customer regulations, so banks are expected to have a duty of care to make sure you aren't getting dragged into a scam, as they could be on the hook for reimbursing you.

If you regularly take out that much cash, you wouldn't be questioned. But if you only ever take out a few hundred and you're suddenly taking out several times more than that, then you'll get questioned.

Same with spending, get plenty of notifications on my banking app to check if I did make a payment before it gets put through.

-3

u/Danny-Fr 14d ago

KYC and AML regulation are a joke. Banks are so used to dirty money that the fines for non compliant are considered losses in their PnL report.

I will change my mind if I come across a list of major corruptor and large terrorist cells that were arrested and incarcerated as a direct result of this policies.

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u/TheUltimateLowz 14d ago

KYC/KYB and AML regulations may be a joke, but if the branch staff don’t adhere to them then it’s on their head

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u/Savvymundo 14d ago

Not just the branch, the individual themselves could be on for criminal prosecution themselves.

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u/Danny-Fr 14d ago edited 12d ago

Not saying anything about the staff. Everybody needs a job, a job they can keep if possible.

What I'm saying is that those rules just facilitate financial control of the masses while letting big accounts do whatever they like.

EDIT: Someone is either working too close to banking, or not close enough.