Sanitised case 17
An example of declined business which led to intelligence being shared with the UK authorities who were investigating these nominals for numerous large scale frauds including mortgage fraud.
This example shows how declined business can lead to significant information for law enforcement.
Applications for new accounts were received by the financial institution in Jersey from both X and Y for separate accounts.
The individuals stated that they were high net worth individuals with millions to invest.The financial institution requested due diligence information and it soon became apparent that these individuals were reluctant to provide any proof of existing banking relationships and were unwilling to evidence the source of their wealth.
Bank statements from the UK were provided and these showed that they held current accounts at a financial institution however it was noted that the accounts had been opened very recently. The nature of the transactions in the accounts and the overdraft facilities suggested that they were retail clients. Minimal information was provided in relation to the business interests of the individuals.
It was indicated that these individuals initially wanted to invest £4 million. The figure was increased to £6 or £7 million during conversations with the financial institution. The individuals seemed to have no interest in the services provided by the financialinstitution including interest rates. They specifically required for application forms for cheque books, credit card facilities and guarantee cards.
An error occurred when the financial institution sent credit card application forms to the wrong address and the client showed no concern that confidential information was released.
X and Y approached several financial institutions in Jersey – all applications were different in the requests and it was apparent that X and Y were career conmen.
Loading...