No ID - no cash in looming anti-terror plan

25th September 2006, Comments 0 comments

25 September 2006, AMSTERDAM — More than a million bank customers are at risk of being unable to access their money if they don't identify themselves to their own bank by 31 December.

25 September 2006

AMSTERDAM — More than a million bank customers are at risk of being unable to access their money if they don't identify themselves to their own bank by 31 December.

Actions such as using your cash card (PIN card), transferring money, withdrawing savings could become blocked, the Postbank and SNS Bank have confirmed.

The compulsory identification regulation was introduced several years ago to combat terrorism and money laundering.

Taking only Rabobank and ABN Amro customers into account, more than a million account holders still need to report to their bank to show their passport, driver's licence or ID card.

Banks are now launching awareness campaigns to prevent customers from suffering the encountering the worst possible consequences.

"We will first send three or four reminders," SNS Bank spokeswoman Elbrich Raessen said.

"Blocking the accounts will only happen in extreme cases in the spring of 2007 at the earliest."
 
Only a third of all SNS Bank clients have already identified themselves.

The closure of accounts will only occur under the supervision of the reserve bank DNB. After 31 December, the DNB will be informed about unidentified account holders.

[Copyright Expatica News 2006]

Subject: Dutch news

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