David Nuttall
Main Page: David Nuttall (Conservative - Bury North)Department Debates - View all David Nuttall's debates with the HM Treasury
Money Laundering: British Banks
David Nuttall Excerpts(7 years, 3 months ago)
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Mr David Nuttall (Bury North) (Con)
Having witnessed at first hand the anti-money laundering procedures of UK banks, when I tried to keep open an existing bank account, I wonder how any organisation has managed to launder ill-gotten gains through our banks, and I can only conclude that it is because complying with the regulations is seen as no more than a tick-box exercise. Does my hon. Friend agree that banks should adopt a more proportionate and common-sense approach when dealing with members of the public?
Simon Kirby
My hon. Friend will be pleased that the fourth money laundering directive, which the Government are consulting on as we speak, includes provision for a more proportionate approach to that very issue, and I hope he takes part in the consultation. I also hope that the banks, with FCA guidance and a Government steer, will have to take a proportionate approach in the very near future.