We’re all very aware of how frustrating it can be when trying to contact your bank or mortgage lender over the phone. It can be just as time consuming when attempting to open up a new account or apply for a new product. There seems to be a lot of hoops that you have to jump through to get anything done and security checks take ages to pass. Surely the bank must know it’s you when you contact them? Why all the suspicion and concern?
The simple fact is the bank has no idea it’s you when you call or when you walk into a branch. Even when staff recognise you they still have to go through the various checks and balances that are involved. For example, if you are looking to open an account or apply for a mortgage you’ll have to complete an AML IDENTITY CHECK like that from w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/. Anti money laundering checks are vital to keeping this illegally gained cash out of our economy. It also means the criminal has not benefited from selling whatever they stole in the first place.
Security checks like the AML, passwords and other verification systems that you come across are vital to protect your money and everyone else’s in the bank’s care. In fact, the bank is charged with looking after the finances by the regulatory body the Financial Conduct authority. They are very clear that financial services providers need to take every step required.
