Stupid World

[pritch]

I care not of UK politics but I see now that Coutts have apologised to Farage and that he did have sufficient funds to keep his account open.

I saw the apology and wondered if they were just trying to make the problem go away. If they hoped Farage would quietly disappear they stuffed up. This could drag on, Farage is hardly ever out of the news. He's one of these people who endlessly claims on TV that he is being silenced.

[onearmedbandit]

At the end of the day as they are a private institute they can decide who they want to have as a client and who they don't, but it appears the way this was handled they've ended up looking a bit silly. Which if what you say about Farage is true he won't let them forget in a hurry.

[pritch]

Seems the twat liked getting an apology so now he needs another fix.

[husaberg]

Seems the twat liked getting an apology so now he needs another fix.

you have to love that he is trying to use this clause.

The legislation states: “A credit institution must not discriminate against consumers legally resident in the European Union by reason of their nationality or place of residence or by reason of any other ground referred to in article 21 of the charter of fundamental rights of the European Union when those consumers apply for or access a payment account.”

https://www.politico.eu/article/basi...-bank-account/
They can decide hes not a cutomer they want to have.

[pritch]

you have to love that he is trying to use this clause.

He appears to have no sense of irony.

The Government are considering law changes but with typical acumen the proposed changes will make it easier for criminals and money launderers. Chunks of London real estate are owned by Russian oligarchs because of Britain's slack adherence to international requirements.

From the Guardian today,
"It follows the recent furore over Coutts’s rationale for closing Farage’s accounts, the details of which emerged after he obtained and released internal documents last week. Those documents showed Farage had been “below commercial criteria for some time”, since customers are required to hold £3m in savings or borrow or invest £1m, and that the bank believed his alleged “xenophobic, chauvinistic and racist views” did not align with its values."

The word "alleged" seems superfluous in that instance.

[husaberg]

He appears to have no sense of irony.

The Government are considering law changes but with typical acumen the proposed changes will make it easier for criminals and money launderers. Chunks of London real estate are owned by Russian oligarchs because of Britain's slack adherence to international requirements.

From the Guardian today,
"It follows the recent furore over Coutts’s rationale for closing Farage’s accounts, the details of which emerged after he obtained and released internal documents last week. Those documents showed Farage had been “below commercial criteria for some time”, since customers are required to hold £3m in savings or borrow or invest £1m, and that the bank believed his alleged “xenophobic, chauvinistic and racist views” did not align with its values."

The word "alleged" seems superfluous in that instance.

They are also required to monitor politically exposed persons for laundering etc this comes at a cost

[As of June 2017, the UK's PEP definition is identical to the 2012 FATF definition, i.e. including reference to domestic PEPs; it is found in the Money Laundering Regulations 2017 Section 35A PEP is considered to be any individual who fits any of the criteria listed below:

A foreign person who has held any time in the preceding year a prominent public function outside the United Kingdom, in a state or international institution
Members of courts of auditors or of the boards of central banks
Ambassadors, chargés d'affaires and high-ranking officers in the armed forces
Members of the administrative, management or supervisory bodies of state-owned enterprises
Heads of state, heads of government, ministers and deputy or assistant ministers
Members of parliaments
Members of supreme courts, constitutional courts or of other high-level judicial bodies
The definition explicitly excludes middle-ranking or more junior officials.

PEP status also extends to relatives and close associates. Relatives and close associates include a spouse, a partner, children and their spouses or partners and parents. While other family members may not qualify under this definition, it may be appropriate to consider that other family members can also be used as a front for corrupt activities. Therefore, it may be appropriate to apply the definition to other extended family members that may have increased risk factors present and apply the requirements of the regulation (e.g. a PEP with material negative information may use their brother as a front for processing their proceeds of corruption). Close associates include any individual who is known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close business relations. It also includes any individual who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit of a person referred to in regulation.

The Financial Conduct Authority and Joint Money Laundering Steering Group both publish comprehensive guidance on both PEPs and other know your customer (KYC) related matters to assist firms in complying with their legal obligations.

The 4th EU AML Directive is expected to update the definition to include domestic PEPs, and limit relatives-status to spouse and partner only, and no longer the children and parents of PEPs.

Coutts reiterated that account closures involved a number of factors "including commercial viability, reputational considerations, and legal and regulatory requirements." Coutts said it could not comment on the detail of the case due to client confidentiality.

[onearmedbandit]

It just gets worse (which is better as far as Farage is concerned I guess)...

https://www.theguardian.com/business...account-coutts

Turns out she leaked the story to the BBC...not a good look for the CEO of the bank to be providing surely sensitive information on a client to the media. Just dumb.

[pritch]

Turns out she leaked the story to the BBC...not a good look for the CEO of the bank to be providing surely sensitive information on a client to the media. Just dumb.

A news comment clip I heard this morning suggested that following her resignation she has a golden parachute and will now likely be able to have her own account at Coutts.

[husaberg]

So Farange politicises his bank account from a private exclusive bank being wound up, Then complains when it is reported its because of his his politics and lack of funds for the accounts, Then gets apologies from the BBC reporting what they were told and brings down the CEO of the bank for releasing the information he was politicising.
Hard to believe with all his good press, links to Russia, racism, xenophobia the potential laundering of bribes and other costs where they are obliged to closely monitor his accounts.
Why they or other banks might want to not be involved with him. Its a real puzzler

[onearmedbandit]

A news comment clip I heard this morning suggested that following her resignation she has a golden parachute and will now likely be able to have her own account at Coutts.

A total and absolute mess. And it leaves him with a rather smug looking smirk on his face.

[pete376403]

A total and absolute mess. And it leaves him with a rather smug looking smirk on his face.

Isn't that his look at any time?

[pritch]

Isn't that his look at any time?

Exactly.

Twitter (X?) seems to think I want to read his utterings and I've been getting several a day. I'm reminded of the time early in Trump's presidency when Farage visited Trump and they got on so well Trump asked the British government to make Farage Ambassador to the US.

[pritch]

How embarrassing.

https://www.theguardian.com/uk-news/...o-russian-ally

[Laava]

I am sure they will take steps to ensure it never happens again!

[pritch]

Among other things the bank called Farage. a “disingenuous grifter” who promoted “xenophobic, chauvinistic and racist views”.

Sounds about right.

https://www.theguardian.com/politics...farage-crusade