Farage has bank accounts closed

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Banks not offering loans and business accounts to individuals or companies they deem to be undesirable is nothing new.

Try opening a new coal mine with a loan from a bank and see how hard it is to get a loan these days. Banks are applying limitations

I don't blame any bank who doesn't want to be associated with Farage and his business and political dealings; far less headaches as you lose customers on the other side when they find out who you are supporting
 
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CapitalOne said:
I’d love to help here but the annual training tells you how to do this. You have an MLRO and a Compliance officer you report it to. I know these people, they aren’t politically motivated monsters (unlike Farage).
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Is is this training freely accessible, or is it also a secret? I'd like to have some faith restored that there isn't some potential for banks to cause a Black Mirror-esque social credit hell scape.

Also, HOW do you know there people aren't politically motivated monsters? Nobody knows what anyone else is thinking in their heads.
 
Fubsy said:
Is is this training freely accessible, or is it also a secret? I'd like to have some faith restored that there isn't some potential for banks to cause a Black Mirror-esque social credit hell scape.

Also, HOW do you know there people aren't politically motivated monsters? Nobody knows what anyone else is thinking in their heads.
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Plenty of paid training out there.
 
Fubsy said:
Is is this training freely accessible, or is it also a secret? I'd like to have some faith restored that there isn't some potential for banks to cause a Black Mirror-esque social credit hell scape.

Also, HOW do you know there people aren't politically motivated monsters? Nobody knows what anyone else is thinking in their heads.
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Who audits the auditors? And who audits the people who aduit the auditors?
 
CapitalOne said:
He is a director of the company formally know as UKIP but now trading as “Reform”

www.lawsociety.org.uk

Politically exposed persons

Advice on identifying and working with politically exposed persons.
www.lawsociety.org.uk www.lawsociety.org.uk
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I don't think that's enough to be a PEP. But I haven't looked at the definition for a few months since I did my annual training :cry:

https://www.lawsociety.org.uk/topics/anti-money-laundering/peps

PEPs can be:

  • heads of state, heads of government, ministers, and deputy or assistant ministers
  • members of parliament (MPs)
  • members of courts of auditors or of the boards of central banks
  • ambassadors, chargés d’affaires and high-ranking officers in the armed forces
  • members of the administrative, management or supervisory bodies of state-owned enterprises
  • members of supreme courts, constitutional courts or other high-level judicial bodies whose decisions are not generally subject to further appeal, except in exceptional circumstances
PEPs also include:

  • the person’s family members
  • close business associates
  • beneficial owners of the person’s property (someone who enjoys the benefits of ownership even though the title of the property is in another person's name)
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Grim5 said:
Banks not offering loans and business accounts to individuals or companies they deem to be undesirable is nothing new.
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and do you think this might just be an issue when its done in concert with other intuitions for the legal political and social views of people or groups?
 
Caracus2k said:
and as I said before you would have fitted in well as a mindless apparatchik in some socialist hellhole
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This is the vibe I'm getting.

"If you want to keep a secret, you must also hide it from yourself."

They're the goodies though so we have nothing to worry about. They'll keep us safe. Our money safe. It's all in the training.
 
Fubsy said:
This is the vibe I'm getting.

"If you want to keep a secret, you must also hide it from yourself."

They're the goodies though so we have nothing to worry about. They'll keep us safe. Our money safe. It's all in the training.
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Don’t be an idiot. There are systems for a reason. It’s there to stop Russians funding the was and avoiding sanctions etc, along with the EU, the Americans and the Australasians. If you don’t like it you can go live in Turkey or somewhere. If you think Farage is a “goodie” then you are welcome to learn russian and move to Antalya :D
 
CapitalOne said:
Can you prove that?
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Can I prove what? Its demonstrably true that people have been punished by being unable to use the key and increasing digital services that we all rely upon to engage fully in society and that such actions have been undertaken in concerted efforts between multiple insitiuions.

An advanced form of this dystopian nightmare is already being used in China

CapitalOne said:
I mean you’d want that wouldn’t you if the entity in question was Al Qaeda
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Al Qaeda have been on published lists of proscribed organisations for decades now. What's so hard to understand? I get that companies can refuse to provide a service in some circumstances (like if it would be facilitating illegal acts by doing so).

The issue is the general principle that people should be told of what they have done wrong if they are being punished and that failure to do so is a hallmark of oppressive regimes
 
CapitalOne said:
Do we though? FCA regulated ones? Cancelling accounts of people who aren’t on a list of fraudsters, terrorists or money launderers? To be fair they wouldn’t be able to open an account in the first place these days. In these situations there is always the offshore UK market of course.
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I think it's more a case that because he's been identified as a PEP his business, that's what his account was AFAICT, had stricter requirements WRT money laundering. I'm going out on a limb here and guessing that his bank notified him, he didn't demonstrate the due diligence and ongoing monitoring that's a requirement for PEP business accounts, and so they closed his account. At least that's what i gathered from this i article.

It's worth noting that in that article quotes this...
Mr Farage said the bank had called him up and offered him a personal account within the banking group division, but not a business account.
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Ninja edit: Martin Smith beat me to it in this post, apologises. :)
 
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Fubsy said:
This is the vibe I'm getting.

"If you want to keep a secret, you must also hide it from yourself."

They're the goodies though so we have nothing to worry about. They'll keep us safe. Our money safe. It's all in the training.
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Do you put your trust in random YouTubers?
 
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