Pepper Finance looking for ID

billbond4

I was with BoS and the mortgage got transferred to Pepper.
Today I get a letter from pepper looking for finance, seems a bit strange that they are looking for this information, shouldnt they have gotten it from BoS?

GerardKeating

billbond4 wrote: »

I was with BoS and the mortgage got transferred to Pepper.
Today I get a letter from pepper looking for finance, seems a bit strange that they are looking for this information, shouldnt they have gotten it from BoS?

The requirement for ID changed over time, perhaps what you gave BoI when the account was first setup is less than current requirements, so they want something recent.

Or BoI have lost the origional documents and Pepper got nothing.

coylemj

Or data protection legislation means BoI cannot hand over any of the OP's original supporting ID.

Or they can but more recent legislation means Pepper needs more.

Addle

I recently got the same request from my credit union.

c6ysaphjvqw41k

This post has been deleted.

source

All financial institutions have to comply with anti money laundering legislation, which means they must maintain up to date and accurate ID and proof of address.

There's no big conspiracy here, they're simply fulfilling their obligations under the relevant legislation.

daheff

ask them what they have on file first.

If they bought the loans from BOI, the ID documentation should have come with it. sounds to me like it didnt

billbond4

Yeah i might ask them what info they have on file for me.
Thanks

source

daheff wrote: »

ask them what they have on file first.

If they bought the loans from BOI, the ID documentation should have come with it. sounds to me like it didnt

I have already answered the reason for this in my post. Seriously the only reason is due to legal requirements:

Why must customer identification documentation be provided and kept up to date?
A financial services firm is obliged by law to seek identification and verification information from a customer when opening an account. This information is required to prevent money launderers from using the financial system to launder their ill-gotten gains and from compromising the customer’s account. By disclosing basic identification information and keeping this information up to date, a customer helps to ensure that his or her account is secure. By seeking customer information and keeping the information up to date, financial firms are ensuring that proper AML controls are in place and are preventing the Irish financial system from being used for money laundering.

Anonymous accounts or those with limited and/or outdated information allow money launderers to operate undetected in the financial system and exploit this weakness to turn their criminal proceeds into legitimate funds. If a customer does not disclose relevant information required by law, a financial firm is obliged under the AML laws to cease providing services to that customer and may ultimately have to discontinue the business relationship. Customers need to be aware of this as it may prevent accounts being used for everyday transactions such as receipt of payments (e.g. salaries, social welfare).

Taken from: https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism

daheff

source wrote: »

I have already answered the reason for this in my post. Seriously the only reason is due to legal requirements:



Taken from: https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism

AML & KYC are not new. They've been around for a long time in various guises. As the mortgage was with BOS I'm guessing its since 2000...so under fairly similar to now AML regime.

The op would have had (or should have had to) to provide information to BOS when opening up the original loan. BOS selling the loan to Pepper should not trigger anything with the AML. BOS *should* have this information in the first place and would be able to provide to Pepper on transfer of the mortgage.


AML is generally 2-3 things. Passport ID/Driving license, proof of address and PPS number.

Assuming the mortgage is owner occupier (ie not buy to let which would have to be advised to the bank), the only one of those things that could expire is the Passport/Driving license. OP would know if this was the case.

To me thats the only valid request for information here on the assumption all other ID was properly requested & provided in the original application.

Anything else may fall under 'Excessive processing' under GDPR.

IMO any lost ID documentation should be reported to the Central Bank and to the data commissioner as proper DD was not carried out by Pepper and/or they are willing to take on excessive risk of a mortgage that could (in the worst case) be money laundering.