Money Laundering

Annoying checks that the law requires all banks to make before they are allowed to take money from you. The same law applies to anyone who takes money, including building societies, solicitors and accountants. The checks are made to make sure you are genuinely who you say you are. The aim of money laundering checks is to stop ‘ill-gotten gains’ getting into the banking system. Money laundering checks may include requiring you to produce your passport, driving licence, recent bank statements together with enquiries made of the credit reference agencies.

These checks are undertaken on absolutely everyone. A money laundering check does not mean you are suspected of anything illegal. The money laundering checks made at credit reference agencies leave an ‘enquiry footprint’ – an indelible record so that you can see who has checked you out. The enquiry footprint does not have any impact on your credit score or on your ability to get credit.

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