Money Laundering

Annoying checks that the law requires all banks to make before they are allowed to take money from you. The same law applies to anyone who takes money, including building societies, solicitors and accountants. The checks are made to make sure you are genuinely who you say you are. The aim of money laundering checks is to stop ‘ill-gotten gains’ getting into the banking system. Money laundering checks may include requiring you to produce your passport, driving licence, recent bank statements together with enquiries made of the credit reference agencies.

These checks are undertaken on absolutely everyone. A money laundering check does not mean you are suspected of anything illegal. The money laundering checks made at credit reference agencies leave an ‘enquiry footprint’ – an indelible record so that you can see who has checked you out. The enquiry footprint does not have any impact on your credit score or on your ability to get credit.

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Accident Sickness And Unemployment Insurance (ASU)
Additional Cardholder
Adjudication
Administration Order
Adverse Credit
AER
Agreement In Principle
Amortisation
Annual Equivalent Rate (AER)
Annual Fee
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Annuity Mortgage
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Attachment Of Earnings Order
Bank Reference
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Base Rate
Bridging Loan
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Cap And Collar
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Capital And Interest Mortgage
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Card Protection
Cash Advance
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CCN
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Charge Over Equitable Interest
Charging Order
CIFAS
CIFAS Case Type
CIFAS Entry
CML
Collar
Collateral
Commission
Consolidation Loan
Consumer Credit Act 1974
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Cooling Off Period
County Court Judgment (CCJ)
Court Information
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Credit Agreement
Credit Card
Credit Card Cheques
Credit File
Credit Impaired
Credit Limit
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Credit Reference
Credit Report
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Deed Release Fee
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Delinquent
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Delphi
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Depreciation
Disassociation
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Dynamic Delinquency
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Electoral Roll
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Enquiry
Equifax
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Experian
Extended Credit Taker
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Financial Association
Financial Ombudsman Service
Financial Services Authority (FSA)
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Forced Sale Value (FSV)
FSA
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Further Advance
GAIN
Garnishee Order
General Insurance Standards Council (GISC)
Geodemographic Data
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Gone Away Information Network (GAIN)
Guarantor
Health Insurance
Higher Lending Fee
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Hunter
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Notice Of Arrears
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Offset Mortgage
Ombudsman
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Overdraft
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P60
Payment Holiday
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Pension Mortgage
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Plastic
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Principles Of Reciprocity
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Schumer Box
SCOR
Scottish Decree
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Sequestration
Set Off
Share
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Standard Variable Rate
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Title Deed
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Tracker Mortgage
Trade Organisation
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Valuation
Victim Of Impersonation
Wait Period
Warrant Of Execution
Wescore
Writ Of Fi Fa
Z Score

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