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min answer › question first answered	2019-05-14T14:22:06.727Z
uin	HL16068

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registered interest

date

exactly:

or between:
and

answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member printed

question first answered

answering member


label

tabling member


label

1129583

registered interest

date

04/06/2019

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Bank Services: Proof of Identity

house id

legislature

25277

	pref label	House of Lords

question text

To ask Her Majesty's Government whether all existing banking customers must provide proof of identification to banks to check for possible money laundering; if so, under which regulations this policy was brought in; whether an impact assessment was carried out on the costs to customers, particularly those in rural areas, of any such requirements; and what estimate they have made of the total cost of any such policy.

tabling member printed

Lord Vinson

uin

HL16068

answer

is ministerial correction

date of answer

18/06/2019

answer text

The Money Laundering Regulations 2017 (‘the Regulations’) do not require banks to carry out customer due diligence – including identity checks—on all existing customers. The Regulations instead require banks to take a proportionate approach to applying customer due diligence checks commensurate with the risk of money laundering. The legal requirements on banks to carry out customer diligence for existing customers are set out in Regulations 27(8)(9) and 29(7). The Joint Money Laundering Steering Group’s guidance provides further detail on applying these requirements.<p> </p><p>The impact assessment for the transposition of the 4th EU Money Laundering Directive (which led to the most recent revision of the regulations) estimates the total cost of the changes made, while concluding that industry has difficulty in identifying costs caused by the money laundering regulations. This is particularly the case for customer due diligence as many of these are costs that a prudent business would take on in any case as a matter of commercial practice, to comply with UN or EU sanctions, or to protect themselves and their customers from fraud. The full impact assessment is available on gov.uk.</p>

answering member printed

Lord Young of Cookham

question first answered

18/06/2019 15:20:03

answering member

57

	label	Biography information for Lord Young of Cookham

tabling member

1807

	label	Biography information for Lord Vinson