Money laundering

[Ministry Of Silly Signings]

My brother's house sale fell through, a few years back, as the buyer wanted to pay the £10k deposit in cash. Apparently he still got paid in cash, and kept his money at home. Didn't keep any of his play slips and couldn't prove the source of funds. I've no idea how he'll go about purchasing a property going forward. There's a good reason as to why such stringent regulations are in place.

My mates old man had his house up for sale, value £220,000. Some family turned up to view it, had a carrier bag with £stacks in it, said they would buy, £ 200,000 cash. The seller said no, £220,000, they kept on saying`No,no, £200,000 cash !`. He managed to show them the door.

[Protheroe]

You normally have to prove the route of the money for the last 3 months. Last week though I re-mortgaged a commercial unit for a client, who owned the site unencumbered. We had to produce bank statements from 2020 to confirm the source, and also a completion statement of the prior property in 2020.

That's ridiculous.

Maybe mate, but if you don't comply they won't release the money. The bank holds all the cards.

Indeed, that's the point. There's also the bizarre and inconsistent application of the acceptability of inter-company loans v directors' loans which leaves me bewildered (and frustrated tax-wise) for funding deals these days.

---

And how many people have been prevented from significant money laundering as a result of these new regulations? About none, I suspect.

[Hughie Reed 31]

Never had any problems with my businesses bank accounts
Must have been lucky with them
Car wash
Turkish Barber’s
And my latest venture a vape shop
All doing well

[Kit Kat Chunky]

You normally have to prove the route of the money for the last 3 months. Last week though I re-mortgaged a commercial unit for a client, who owned the site unencumbered. We had to produce bank statements from 2020 to confirm the source, and also a completion statement of the prior property in 2020.

That's ridiculous.

Maybe mate, but if you don't comply they won't release the money. The bank holds all the cards.

Indeed, that's the point. There's also the bizarre and inconsistent application of the acceptability of inter-company loans v directors' loans which leaves me bewildered (and frustrated tax-wise) for funding deals these days.

---

And how many people have been prevented from significant money laundering as a result of these new regulations? About none, I suspect.

FCA Rules are all about interpretation. They don't give any guidance, they just tell you when you have got it wrong!

[CarlosCorbewrong]

Never had any problems with my businesses bank accounts
Must have been lucky with them
Car wash
Turkish Barber’s
And my latest venture a vape shop
All doing well

Same here.

Window cleaning
Nail Salon
Pimpin

[Borin' Baggie]

Never had any problems with my businesses bank accounts
Must have been lucky with them
Car wash
Turkish Barber’s
And my latest venture a vape shop
All doing well

Let me know when you open up an American candy store

[Hudds1]

You normally have to prove the route of the money for the last 3 months. Last week though I re-mortgaged a commercial unit for a client, who owned the site unencumbered. We had to produce bank statements from 2020 to confirm the source, and also a completion statement of the prior property in 2020.

That's ridiculous.

Maybe mate, but if you don't comply they won't release the money. The bank holds all the cards.

Indeed, that's the point. There's also the bizarre and inconsistent application of the acceptability of inter-company loans v directors' loans which leaves me bewildered (and frustrated tax-wise) for funding deals these days.

---

And how many people have been prevented from significant money laundering as a result of these new regulations? About none, I suspect.

FCA Rules are all about interpretation. They don't give any guidance, they just tell you when you have got it wrong!

The regs themselves and what the supervisory bodies are supposed to do are not fit for purpose.  I asked my professional body to complain but they are usually supine about such stuff.

[rsbaggy2]

Never had any problems with my businesses bank accounts
Must have been lucky with them
Car wash
Turkish Barber’s
And my latest venture a vape shop
All doing well

Same here.

Window cleaning
Nail Salon
Pimpin

Dessert parlours 
Massage parlours
Ray Parlour .... fact?

[baggiebloke]

Just use a mild detergent in warm water.

[Fulham Fallout]

Never had any problems with my businesses bank accounts
Must have been lucky with them
Car wash
Turkish Barber’s
And my latest venture a vape shop
All doing well

Don’t speak too soon, as the vape shop might go up in smoke.