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Finance: Banks and Building Societies

Volume 705: debated on Tuesday 25 November 2008

asked Her Majesty’s Government:

What assessment they have made of the effect of the requirement on bank and building society operators in the United Kingdom for prospective depositors to maintain an address in the United Kingdom so as to comply with anti-terrorism and money laundering legislation on British citizens and residents of the United Kingdom making deposits in offshore accounts. [HL6457]

Neither the Money Laundering Regulations 2007 nor other anti-money laundering and counterterrorist finance legislation require prospective bank or building society depositors to maintain an address in the United Kingdom. Accordingly no assessment of the type described is or has been required or undertaken.

Subject to other relevant legislation, the terms and conditions on which products or services are offered are a matter for firms.