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Parliament Stoate questions Treasury on banking
Parliament Stoate questions Treasury on banking
| Friday, 21 March 2008 | |
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Stoate questions Treasury on banking Dr. Stoate: To ask the Chancellor of the Exchequer what guidance he has issued to financial institutions on (a) the level of identification required in order to open a bank account and (b) access to banking services for those who do not possess standard forms of identification. Angela Eagle: Under the Money Laundering Regulations 2007 customers opening a bank account must satisfy the relevant financial institution as to their identity. Financial institutions are also required to maintain appropriate records and monitor accounts. The regulations do not prescribe that customers must produce particular documents such as a driving license or passport. Guidance from the Joint Money Laundering Steering Group provides advice on the identification and verification requirements that financial institutions must apply. That guidance was updated in 2007, and was approved by the Chancellor of the Exchequer. It is available at: http://www.jmlsg.org.uk/bba/jsp/polopoly.jsp?d=749 That guidance sets out the standard evidence that private individuals might usually provide. It also addresses the particular situation of those at risk of financial exclusion where the usual evidence may not be available. In these cases “non-standard” evidence can be accepted. The guidance specifically discourages financial institutions from declining to open an account because “non-standard” evidence is produced. |
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© 2008 Dr Howard Stoate - Member of Parliament for Dartford
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