Farage has bank accounts closed

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Murphy said:
Weird as the actual legislation is more expansive than that...

Not saying the link you provided is wrong as it could be me reading it wrong, it's late.
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No, the link I gave was dated 2019 and there have 100% been changes since then so it could be out of date. Failure of my annual training!

Edit: although I'm not a lawyer so my AML guidance comes from elsewhere, it was just the first link I found on google :cry:
 
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Quartz said:
Since when? My late aunt banked with them and had nowhere near that.
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From their own site:

To open an account all UK clients and expats are required to save £3m+ or borrow (such as through a mortgage) or invest more than £1m with Coutts. To become an international client, you are required to save, borrow or invest more than £3m with us, depending on your country of residence.
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Murphy said:
Weird as the actual legislation is more expansive than that...

Not saying the link you provided is wrong as it could be me reading it wrong, it's late.

e: I would guess (c) could be applicable but then hasn't he been in charge of his political party for yonks.
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No, I'm back to he's not a PEP as Reform have no MPs.

https://www.lawsociety.org.uk/conta...do-they-count-as-a-politically-exposed-person

However, members of the governing body of a political party with some representation in a national or supranational parliament and their family members and known close associates will be regarded as PEPs.
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Pudney said:
No, the link I gave was dated 2019 and there have 100% been changes since then so it could be out of date. Failure of my annual training!

Edit: although I'm not a lawyer so my AML guidance comes from elsewhere, it was just the first link I found on google :cry:
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Yea i thought that as the legislation is dated 2017 but from what i can tell the Latest available (Revised) hasn't changed the definition, IDK I'm off to bed. :o
Pudney said:
No, I'm back to he's not a PEP as Reform have no MPs.

https://www.lawsociety.org.uk/conta...do-they-count-as-a-politically-exposed-person
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Not disagreeing but the legislation doesn't seem to make that distinction.
 
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Caracus2k said:
Learn to read....

the offer of a personal account was made later on today (at around 18:45 hours)

inews.co.uk

What we know about Nigel Farage's claim he has been shut out of his bank accounts

In a six-minute video on Twitter, Mr Farage says he can no longer get a bank account. How true could his claims be?
inews.co.uk inews.co.uk



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I stopped reading at "Nigel Farage has claimed.." The man lies for a living, he is a lying POS yet everyone is taking his word for all this.
 
CapitalOne said:
You are so rude
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People often confuse people pointing out they are mistaken for rudeness

CapitalOne said:
and maximum diddums for Farage. If he doesn’t like it here why doesn’t he go off and live somewhere he actually likes :D
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I can only hope you fall foul of the system sooner rather than later so that you might reflect on your lack of consistent principles
 
Pudney said:
No, I'm back to he's not a PEP as Reform have no MPs.

https://www.lawsociety.org.uk/conta...do-they-count-as-a-politically-exposed-person
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Sure, but if it was you making that decision would you not air on the side of caution? I realise he’s never going to put himself to a vote because lol but if this was Zimbabwe (we’re on that road for sure) you’d be careful. Based on the ultimate outcome being a facist regime where you need a rucksack to carry your days wage.
 
Fubsy said:
I'm actually finding your attitude to this terrifying.

For a second here, who gives a **** who Farage is, and what he could possibly have done, mingled with, blah blah brexit, pint, plane, boat watching etc.. If there is a CHANCE that the bank is refusing to give him a reason, when requested, as to why the account is being closed - that just in itself is a big, big, problem as we hurtle towards a cashless future.

Now if he has done something wrong, the bank have told him why, but he's just throwing his toys out the pram like he usually does because he doesn't like that he's been caught out, then yea, fair play have at him.

Problem is here, we don't know. That's what I find worrying.
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One reason for NOT giving a reason is there is an ongoing investigation but the requirement from the regulators is to cease the relationship (ie close the account).
 
Colonel_Klinck said:
I stopped reading at "Nigel Farage has claimed.." The man lies for a living, he is a lying POS yet everyone is taking his word for all this.
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Its because regardless of his politics people are scared it could happen to them.. During covid they shut down protesters banks in Canada, obviously they do the same in China so maybe he's lying, maybe he isn't.
 
Murphy said:
Yea i thought that as the legislation is dated 2017 but from what i can tell the Latest available (Revised) hasn't changed the definition, IDK I'm off to bed. :o

Not disagreeing but the legislation doesn't seem to make that distinction.
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Aah, but in earlier parts of the section it refers to "prominent public function" which is where Reform would fall down.

Edit:

(12) In this regulation—

(a)“politically exposed person” or “PEP” means an individual who is entrusted with prominent public functions, other than as a middle-ranking or more junior official;

.....

(14) For the purposes of paragraphs (9), (11) and (12)(a), individuals entrusted with prominent public functions include—

.....

(c)members of the governing bodies of political parties;
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Colonel_Klinck said:
I stopped reading at "Nigel Farage has claimed.." The man lies for a living, he is a lying POS yet everyone is taking his word for all this.
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The claim that Farage had not been told that his personal accounts would be closed (rather that only his business ones would be closed) came directly from someone misrepresenting what he had actually said about the matter!

You don't get to have it both ways and accuse him of being a liar because you lack the comprehension to understand that he has said that the offer of retaining a personal account, within the same banking group, was only made earlier today after he had gone public with the banks intention to to remove *all banking facilities*. With that intention being communicated to him months ago by his bank.
 
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CapitalOne said:
If he doesn’t like it here why doesn’t he go off and live somewhere he actually likes :D
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My first thought when i read about this was that he made it up or exaggerated so he could use it as an excuse to leave the UK now it's all turned to poop, didn't he say he'd leave the UK if Brexit turned out to be a disaster.
 
Caracus2k said:
People often confuse people pointing out they are mistaken for rudeness



I can only hope you fall foul of the system sooner rather than later so that you might reflect on your lack of consistent principles
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It’s people like me who look after your money, pay more tax and spread understanding. My advice would be stop swimming against the current. I don’t judge you because I don’r know you. What I will say is if Farage the financier and exponent of brexit “less regs please” gets bitten by regs thats ****** funny. Also, please stick to your area of expertise (unless you work in financial services in which case do your bloody training) rather than talk conspiracy nonsense because your guy got caught. He does not give a **** about you.
 
Pudney said:
If you would like to see the rules feel free to read them:

https://www.jmlsg.org.uk/guidance/current-guidance/
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Thanks for this. Obviously not going to read the whole lot, at least not tonight, but skipped to section 6 of part one which generally reads to me as suspicion is enough to start the process, if steps taken to feed that suspicion is reasonably documented.

Still, there's tradeoffs here, that someone *could* have this done to them maliciously (however unlikely) and then have to fight to prove that, by that point the damage has been done.

We just have to have faith that won't happen I suppose. I guess this is the permanent gift terrorists and criminals have imparted on to our fragile freedom.

I'm going off topic, and off to bed.
 
CapitalOne said:
Also, please stick to your area of expertise (unless you work in financial services in which case do your bloody training)
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Appeals to your claimed authority on the subject don't inspire much confidence... especially when you keep getting smacked down in this thread with actual information on the subject at hand that you appear unaware of or at least unable to find yourself from some basic research.

Example: where you asked for an example of an FCA regulated company being seemingly caught acting is a manner similar to the allegations made by Farage and were promptly provided with an example that had already been mentioned in the thread!

CapitalOne said:
rather than talk conspiracy nonsense
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What 'conspiracy nonsense' have I talked about?

Again I just expect that people should be aware of what they are being punished for and that allowing key institutions to withhold services, often in concert with others, without reasons being given isn't a good idea.

CapitalOne said:
I don’r know you. What I will say is if Farage the financier and exponent of brexit “less regs please” gets bitten by regs thats ****** funny.
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You seem to not even be able to comprehend irony and what is typical of most peoples sense of humour.

It sometimes funny when someone who advocates *for* something or more of something falls foul of what they have pushed for not the reverse.


CapitalOne said:
because your guy got caught. He does not give a **** about you.
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He's not 'my guy'... again the ability to maintain a consistent set of principles when dealing with different people and groups seems alien to you.

I have never voted for UKIP and voted remain in the referendum (but expected the result to be honoured either way)
 
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Murphy said:
So you're saying his political party is not a "prominent public function", i mean i can't argue but...;)
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Yes, but when you think about the purpose of the legislation it makes sense without being insulting towards Farage/Reform. A PEP is someone who could be susceptible to bribery due to their influence on public policies (e.g. an MP or a Judge who can give a final ruling). Being popular cannot be enough or Marcus Rashford would end up being a PEP.

Fubsy said:
Thanks for this. Obviously not going to read the whole lot, at least not tonight, but skipped to section 6 of part one which generally reads to me as suspicion is enough to start the process, if steps taken to feed that suspicion is reasonably documented.

Still, there's tradeoffs here, that someone *could* have this done to them maliciously (however unlikely) and then have to fight to prove that, by that point the damage has been done.

We just have to have faith that won't happen I suppose. I guess this is the permanent gift terrorists and criminals have imparted on to our fragile freedom.

I'm going off topic, and off to bed.
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Suspicion is enough, you don't need proof. Failure to report when you have a suspicion can lead you to be personally criminally liable, so if in doubt you report. Ultimately the safeguard is the National Crime Agency will investigate and decide what action to take, but that may come too late for the individual/business. But that's been considered a reasonable price to pay to combat global crime and terrorism.
 
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