Rabo Bank

rgossip30

I am in the process of opening an online account with this bank .
One question that irritates me is that they ask how the account will be funded . When you choose third party they want details of the the third party relationship and who it is etc . I ask myself is this the future of banking each lodgement must be verified .

rgossip30

I am in the process of open an account with Rabodirect bank. When they ask how do you intend to fund the account if you say third party . They want details of the person, relationship etc. I find this irritating is this the future of banking each lodgement from a third party needs to be verified .
I doubt at this point its law .

homer911

Blame the regulator/legislators - this is a legal requirement of all financial institutions

Jim2007

rgossip30 wrote: »

I ask myself is this the future of banking each lodgement must be verified .

Every lodgement is monitored! Accounts are monitored for large single deposits, frequent small deposits, unusual deposits and so on. Furthermore every SEPA transaction carries details of both payer and receiver.

JTMan

rgossip30 wrote: »

I am in the process of opening an online account with this bank .
One question that irritates me is that they ask how the account will be funded . When you choose third party they want details of the the third party relationship and who it is etc . I ask myself is this the future of banking each lodgement must be verified .

Understandable control from an AML and an anti terrorist funding perspective.

Helps prove the source of funds and make it more difficult to launder dirty money.

rgossip30

I called the Bank and they said it was for internal monitoring only . I do know that transactions are monitored .I assume it is done by clearing Banks who then report to revenue.

Jim2007

rgossip30 wrote: »

I called the Bank and they said it was for internal monitoring only.

Yes of course it is. Because it is the bank that is responsible for the monitoring and the reporting!

Amirani

JTMan wrote: »

Understandable control from an AML and an anti terrorist funding perspective.

Helps prove the source of funds and make it more difficult to launder dirty money.

Exactly this. It's a regulatory requirement.

Nichard Dixon

Rabobank go beyond the legal requirements in their data collection and admit to doing so. They are just trawling for information using legal requirements as a cover.

JTMan

rgossip30 wrote: »

I called the Bank and they said it was for internal monitoring only . I do know that transactions are monitored .I assume it is done by clearing Banks who then report to revenue.

Rabo need to take responsibility for ascertaining the source of funds. Not the clearing bank.

They are just trawling for information using legal requirements as a cover.

Unfair comment. All banks have to comply with AML rules. Some banks have more stringent AML rules. AML is a legal requirement, Rabo are not using a cover.

Jim2007

Nichard Dixon wrote: »

Rabobank go beyond the legal requirements in their data collection and admit to doing so. They are just trawling for information using legal requirements as a cover.

If they were to admit such activity they would be leaving themselves wide open to prosecution under the DPA. Not very credible in my view.

rgossip30

What is more interesting Investing in UCIT funds its up to the investor to make a self assessment . They say they do not submit any details to revenue . The obligatory current details are sent to revenue only.The revenue chasing banks accounts around the world why are funds in Ireland self assessment . This is open to abuse or is this on purpose to then after a period of time raid these accounts and demand penalty payments on interest.
The European Saving Directive requires financial institutions to report the details to the revenue in the investors country. This has a limitation in that many equity funds are out of scope . The new Common Reorting Standard will repeal the EUSD so that all funds will be included . The Bank maybe using this temporary loophole to attract investors .:cool:

rgossip30

Jim2007 wrote: »

If they were to admit such activity they would be leaving themselves wide open to prosecution under the DPA. Not very credible in my view.

What has annoyed me is their light airy no problem approach about disclosure of details. I asked this question 2 times to an operator to be told 'self assessment its up to you'.
A form 8D is sent by the Bank and gives all your details PPS,amount invested address etc. The next time some twat tells me self assessment &**%$£ will be my reply.