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529 posts

Ultimate Geek
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Topic # 240229 27-Aug-2018 17:42
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As many of you probably know AML/CFT Phase 2 came into play this year...

 

It seems like a fresh batch of newly minted company "AML compliance officers" have been inducted by the same half-day-accreditation cowboys who've been putting the fear of god into Directors nationwide and bought you the likes of their overzealous Test & Tag, Health & Safety Reform and Meth Test regimes.

 

This conclusion comes from the number of requests I've had recently from businesses "requiring" further information for their "AML compliance" including copies of [passports, drivers licences, utility bills, bank statements, mortgage / rental agreement, copy of credit cards etc] in forms varying from email, notarized copies, post and/or requiring verification in person.

 

The irony of this regime is that this exposes customers to significant risks of identity theft and therefore increased money laundering as many of these companies have crappy systems in place (like email) to transmit and store this information.

 

Recently I had to take a bunch of documents into a business to have them physically verified.

 

Among these they wanted a copy of passport, recent bank statement and front/back copy of credit card used for billing!!!

 

My standard practice is to watermark any copies with the date & name of requestor (over content) and redact any sensitive information if possible (so less chance of being used as a blank cheque for identity theft and can be tracked back if leaked etc).

 

In this case I presented my watermarked copies and redacted out some of the credit card numbers however it took a full 5min arguing with the pleb at reception about why there was no way I was providing a full copy of my credit card then speaking to a manager before they would accept it.

 

Unfortunately this is typical of much regulation which ends up causing more cost and harm than good with a lack of clear information in place about how it is supposed to be practically and consistently implemented.

 

I would be great to see much of the AML-onboarding consolidated into specialised companies (there are already a few out there) who have the systems in place to do it securely rather than the free-for-all privacy nightmare that it currently is, or at the very least have a clear resource (led by Privacy Commissioner?) organisations & consumers can reference as to AML best practice so we can all push back against shoddy and overzealous policies.

 

Failing that it maybe time to start naming and shaming a few companies who may be in the running to become the next local Equifax.

 

Accepting nominations for the "Equifax Customer Data Protection Award - NZ" below:


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683 posts

Ultimate Geek
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  Reply # 2079910 27-Aug-2018 18:31
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If only that could be built into RealMe and preapproved.. would be too easy


31 posts

Geek
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  Reply # 2079995 27-Aug-2018 21:14
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Watermarking is a fine idea, thanks for the thought there. Having seen how various companies treat customer data from my consulting days I am loath to supply such information myself



529 posts

Ultimate Geek
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  Reply # 2080012 27-Aug-2018 21:35
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mrdodge: Watermarking is a fine idea, thanks for the thought there. Having seen how various companies treat customer data from my consulting days I am loath to supply such information myself

 

Yep - and by watermark I simply mean take a vivid and write over some of the visible content so can't be easily photoshopped out.

 

Speaking of which; I was at George Walkers (office furniture resellers) just the other day looking for office under-desk mobiles.

 

I pulled out one of the drawers out of a unit and out came someone's tenancy application or something-a-rather (didn't look too closely) with all their personal details on it that had been wedged under the bottom drawer. I also noticed a section of the warehouse containing all the recent arrivals there were filing cabinets still stocked full of documents - obviously come direct from liquidators etc and probably full off confidential info.

 

A lot of Orcon-branded stuff there too and again probably more documents wedged down the back of filing cabinets etc....pretty bad.


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Uber Geek
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  Reply # 2080077 28-Aug-2018 09:19
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15 minutes to open business account and 60 minutes working out the AML steps...

How do you prove where the money is coming from before you float the company. Why is a letter from my accountant acceptable proof of income source when I only met him last week so how does he know anything..

Frustrating.

And do we think the clever Mafia lawyers can't work their ways past this stuff...

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