Receiving payment by Company cheque

[Tubs]

Steve, the French cheques have nothing to do with money laundering. They don't seem to go to the same extent as the UK in checking the person opening an account. I walked into a local bank, filled in a form and walked out 10 minutes later with an account. I then transferred money to it (twice because HSBC staff don't seem to able to do international transfers).

But I find that the UK seem to take every EU directive so seriously, like all our lives depended on it. Whereas the French (and others I'm told) go through the motions and then just carry on as before.

When I came over permantly my Carte Bancaire was in an envelope awaiting me as was my cheque book.

The difference is there are penalties for issuing a cheque that cannot be met, In the UK no one cares so people issue away knowing it will bounce.

A couple of years ago so many of our cheques that we sent to French client were stolen that we would send the cheques by recorded delivery only.

The KYC (know your customer) is nothing to do with the EU it's a requirement of FATF, which, if you do not comply with the requirements could lead to the country being blacklisted.

The largest finance centre in the world for laundering proceeds of crime is London and this is why the UK is taking such drastic measures. The trouble is that the more a country does to prevent money laundering the better that counties reputation becomes, which in turn leads to the country becoming a target for money launderers.

Tubs

[Swiss Jeff]

Cash is always the best option

[Norman Verona]

Tubs, OK, but why do estate agents site money laundering regs as an excuse to see a prospective purchasers source of funds, then the solicitor will do the same then the building society..........

Whereas Hifx, where we buy our Euros, ask for a copy of the passport and insist the sterling comes from a UK bank as they know the bank will have done the checks.

This seems sensible to me. One organisation has verified you're not laundering money so as long as you're using funds from that organisation it's OK.

But most say, no, they must do all the checks all over again.