Post Office statement in response to FCA announcement on money laundering

Commenting on an FCA announcement on strengthened controls to reduce the risk of money laundering at Post Offices, a Post Office spokesperson said:

“We welcome today’s FCA announcement seeking to ensure that legitimate customers can continue to benefit from Post Office’s everyday banking services.

“We have been warning since last December that cash deposit limits were having a detrimental impact on lawful deposits and withdrawals at Post Offices. Legitimate customers should not be unfairly penalised by having to travel many miles to city or town centre bank branches and be excluded from the essential local provision of cash and banking services that Post Offices provide.

“While we are pleased with the measures announced today, there remains much more for the industry to consider, including a proper exceptions process to verify customers, as well as individual account checking by banks to further exclude money-launderers, while enabling bank-approved customers to use Post Offices’ vital services.”

ENDS