UK Brokers - Recent AML Updates from the FSA??

Discussion in 'Retail Brokers' started by 2cents, Nov 28, 2006.

  1. hey guys - some of my clients have received the following ludicrous request... need to go thru the whole certification circus again just to keep their accts open!!! this allegedly due to some new FSA requirements, AML-related? heard of anything?

    "Re: Your Account with ODL Securities Limited EImportant Notice

    We refer to our email dated 01 November 2006. We would appreciate it if you could give your urgent attention to this email as action is required by you with regard to your account with ODL Securities Limited and a failure to act on your behalf will unfortunately and regrettably require us to cease our relationship with you and close your account(s).

    ODL Securities Limited is authorised and regulated by the Financial Services Authority in the UK and consequently has to abide by the rules and regulations imposed by that authority together with the statutory requirements in force at any one time in the UK and/or the EU. You may be aware that there have been some recent changes in the Anti Money Laundering requirements imposed on us and consequently we requested that you provide us with some additional information, shown below, so that we can continue to service your account(s).

    We would therefore be grateful if you could send to us within the next 14 days, the following documents:-

    Certified* (black & white), clear copy (must include full name, Date of Birth, address if applicable) of


    · Signed Passport or

    · National ID Card or

    · Photocard Driving Licence;

    And a Certified copy or Original of one/two of the following:

    · Recent (within 3 months) Bank/Building Society Statement/passbook or

    · Current Photocard driving licence (if not used above, please do not send original) or

    · Current year Local Authority tax bill or

    · Recent (within 3 months) Utility bill (not a credit card or mobile telephone bill) or

    · Recent (within 3 months) Mortgage statement.

    And a Certified copy or Original of:

    · Recent (within 3 months) Bank/Building Society Statement/passbook

    *Certified means original documents to be ‘certified copy of the originalEby either a. regulated or professional person covered by money laundering regulations or an official of a government department or b. by a lawyer. The contact details of the persons certifying these documents must also be provided to us.

    We understand this may be administratively cumbersome and cause some inconvenience, for which we apologise however we have no choice in the matter. If the required documents are not received by us within 14 days of this email we will have to instigate our procedures for closing your account(s) with us. For your ease of reference we are hereby enclosing a copy of those procedures. We value your continued business and should you have any queries or require any further clarification, please do not hesitate to contact me by email or by telephone +44(0)20 7903 6100."