GDPR madness

Pawnless Endgame said:
What actual good did GDPR do at the end of the day? I was inundated with hundreds of emails up until around May time which I think was the deadline. Then after that deadline, I still get hounded by emails and a small portion of the internet is no longer accessible.
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From my experience (had to deal with it all at work) it basically tries to protect Joe Bloggs from big companies like Amazon, Facebook etc etc from doing nefarious things with your data by keeping you inform and giving you extended rights.

However, this has not scaled with size or function of the business, so small businesses have to conform in the same way. Which is a ball-ache.
 
why does the mortgage company need to do a laundry check on money that's already sitting in a bank and would have had a laundry check anyway?

seems to make no sense. if your bringing 30k in cash sure but if it's coming directly from a bank surely it's safe to assume the money is legit
 
The_Abyss said:
There are no GDPR laws in the UK. It is the Data Protection Act 2018.
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The GDPR has direct effect across all EU member states.
However, the GDPR gives member states limited opportunities to make provisions for how it applies in their country. One element of the DPA 2018 is the details of these. It is therefore important the GDPR and the DPA 2018 are read side by side.
 
Efour said:
You do get questions when you stick a load of cash in an account. I got the 3rd degree for 2k once. I was moving it between 2 accounts and I just wanted to have a fat was for an hour. It was a ton of aggro withdrawing and a ton at the receiving end too.
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That must have been some time ago? The Faster Payment limits on accounts now range between 10k-20k, so moving 20k between accounts isn't going to raise much of an eyebrow.

arknor said:
why does the mortgage company need to do a laundry check on money that's already sitting in a bank and would have had a laundry check anyway?

seems to make no sense. if your bringing 30k in cash sure but if it's coming directly from a bank surely it's safe to assume the money is legit
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Really?!?!

HSBC were stung with a $1.9billion fine for laundering money for the Mexican drug cartel. So no, just because it's in a well known bank, it doesn't mean the money is legit.

But whilst i agree with Asim that 3 months doesn't exactly prove where the money is coming from, it meets the regulations outlined by the financial authorities, and that's all the care about.
 
I think the OP needs to be a little clearer.

Who is asking for the statements? Mortgage company? solicitors ? Someone else?
Also why not ask the people who are requesting the information why they need bank statements? Instead of running to the internet/forum and "hoping" to get an answer.
 
I've just bought a flat, and I had to do the same. I blacked out all the important bits (i.e. where I'm spending my money), and when I did it never got queried. Then later on in the process, I had to send more accounts and in the end I didn't have time to black it all out, so I just sent it uncensored - In the end, time was against me, and I wasn't too bothered if they saw what I was spending my money on.
 
Marky said:
I've just bought a flat, and I had to do the same. I blacked out all the important bits (i.e. where I'm spending my money), and when I did it never got queried. Then later on in the process, I had to send more accounts and in the end I didn't have time to black it all out, so I just sent it uncensored - In the end, time was against me, and I wasn't too bothered if they saw what I was spending my money on.
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MMR needs to see how you're spending your money: Instead of just looking at your income mortgage lenders will now have to consider your overall financial health, which means taking a much closer look at your outgoings as well.
 
Guest2 said:
To me (and person gifting money) this seems very invasive and the complete opposite of data protection laws.
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It's not against data protection laws because the person will give permission for them to view the data.

Guest2 said:
How do I know the company / companies this data goes to is protected?
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You can ask them for a copy of their data protection statement which will detail what processing they do with your data.
 
To all the purposefully obtuse people who say "well 3 months doesn't prove anything" of course you're right and no one is going to go through your entire financial history to see where money comes from. But getting 3 months bank statements is certainly an awful lot more proof that you've tried to stick to AML procedures than if you do nothing!

Plus the person who is gifting the money should be the one providing the bank statements, OP shouldn't be providing them on their behalf, so they will be giving permission by providing them.
 
I am a providing the bank statements given to me by family, does this then mean I should have to sign consent for for holding this data?
I know my familys wages and in fact also the wages of some friends, should i have to sign consent data protection forms as i know this?
My girlfriend knows things about me, should she have to sign data protection forms as well? The world’s gone mad

Years ago you could walk into a bank with a bag of cash and buy a house, no questions asked. Now they want your manhood size before you fart.
All this and Russians and buying up property in London without issue. No doubt there are many many loopholes when buying a 10 million pound house, but this are made difficult for the average joe buying one for 200-300k
 
Guest2 said:
Years ago you could walk into a bank with a bag of cash and buy a house, no questions asked.
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That’s not really true though is it. If an average joe walks into a bank with enough money for a home in cash I can assure you at any point in the “modern banking” era there would have been an investigation of sorts. Not as thorough sure but there no way they would reasonably expect that to happen as a daily thing.

For a start they would most probably be checking serial numbers to see if it was registered as being stolen money ect ect
 
Many recent cases of money laundering prior to property purchase, have shown large amounts of money regularly moving between various accounts before one is eventually used to purchase a property.
It is often done to generate a background for a person to make them look like they have legitimate income and expenditures to allow mortgage purchase.
Then the mortgage is paid off using illegal money or laundered money.
 
Guest2 said:
I am a providing the bank statements given to me by family, does this then mean I should have to sign consent for for holding this data?
I know my familys wages and in fact also the wages of some friends, should i have to sign consent data protection forms as i know this?
My girlfriend knows things about me, should she have to sign data protection forms as well? The world’s gone mad
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No. Just go and read the legislation if you don't know. All the information is available online and is not really difficult to understand.
 
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