PracticeAccounting FirmsAnti-money laundering rules hit pensioners

Anti-money laundering rules hit pensioners

The government have been accused of using tough anti-money laundering rules to deter pensioners from opening Post Office card accounts so as to carry on collecting their pensions at the Post Office.

Link: City baffled by money laundering

The charge was laid by Liberal Democrat shadow trade and industry secretary Vincent Cable, who said it was ‘absurd’ to require applicants to make two telephone calls to call centres, attend an interview and bring identity documents such as passports.

He said: ‘These rules are designed to prevent money laundering – but if you canonly pay benefits or pensions into one of these accounts the issue simplydoesn’t arise.’

He claimed this was putting 40% of post office business in peril.

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