Anti-money laundering rules hit pensioners

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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