One of the crimes that costs the UK billions of pounds each year is money laundering. As well as the significant financial cost to the economy, the fact that money laundering is a crime that tends to go hand in hand with other serious crimes such as drug dealing is why this is something that needs to be clamped down on.
Money laundering is the process of making money that has come from something illegal, look as if it has been earned legally. There are many ways that criminals will do this, and the internet has given more opportunities to criminals looking to clean their dirty money.
Because of this fact, there are now more processes in place to reduce this problem – for example, when you open a bank account now, the bank will need to prove that you are who you say you are using a process like this AML ID Verification w2globaldata.com/an-idiots-guide-to-aml-kyc-id-verification/ as this is a way to be able to trace money better and prevent criminals opening up bank accounts under false names and addresses – something that is a big part of money laundering.
You will have to provide the bank with ID such as a passport or driving licence as well as proof of your address, such as a bank statement, a utility bill or your driving licence. The bank will let you know which forms of ID they will and won’t accept.