Pooled or Co-mingled Bank accounts
Other

Mike Golding
Mike Golding
1 Thanks
21 Posts
3 years ago
0
CMP (Client Money Protect) state that my clients account (held with Santander Business) does not meet current Anti Money Laundering regs and that by 1st April I have to have a Pooled or Co-mingled account. Lloyds have withdrawn these accounts over concern about complying with AML regulations and Santander, with whom I have one just one business 'Clients' account - into which rents are paid, state that this account should be sufficient to comply. The co-op Bank, with whom I have one historic separate account for one business, requires me to open 30 individual accounts for each of my clients if I want to use their services. I do not know of any other Letting agent who has or is going to open one account for each client. Can you provide a definitive answer please

Thanks

MG

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