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Vatican card payments suspended
Topic Started: Jan 3 2013, 09:34 PM (154 Views)
rumbaba
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http://m.bbc.co.uk/news/world-europe-20903443
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madfor4

.............................Cash only will be accepted until a solution is reached. The same rules have also been enforced at the Vatican's pharmacy................

However, a spokesman said "Such measures will not affect the sale of contraceptives"
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rumbaba
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It's ironic that the root of the problem relates to the lack of proper anti-money laundering procedures and the interim solution is to make everybody use cash :)
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waiting4atickle
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I inadvertently did some money laundering the other day - and found a nice clean fiver in the tumble dryer.

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rumbaba
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We do a lot of development on AML products, it's a growth industry. It annoys me in this country though, when you want to open an ISA or other savings account, you have to produce three lots of ID, regardless of the origin of the funds (usually an ISA that I'm transferring from another bank/BS).
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madfor4

The excuses related to 'money laundering' are sometimes laughable....

One of Mrs. Mad's private pensions underpaid her by about £250 in 2010. She received a letter from the company explaining that she'd need to furnish details confirming that a) she was alive b) that she lived at our address c) details of her bank account (with recent transfers)....

She telephoned stating a) she was alive and phoning them b) they'd posted the letter to our address which, as she was alive and living here, she'd received and d) as they paid her pension into her bank account every month, why couldn't they just pay in the £250 surplus....

The woman was apologetic but insisted that it was all due to "Money Laundering Regulations"; as did the manager my wife insisted on being referred to.

The upshot was that a)b) she got our local mayor to confirm on a headed, and officially stamped, document (no one can do "official" like the French) that she was alive and resident here and c) we visited our bank when we were in the UK and got them to print off a statement (without the money amounts), signed and stamped...

What a 'palaver'for a measly £250....
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rumbaba
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It's like tax,Mad, they only go to lots of trouble for the small fry: the big fish have no trouble at all.
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rumbaba
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I suppose, once the Vatican has cleaned up its act, there will be even more money swirling around in the Premier League :(
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