Stockbroker Degiro faces complaints about stuck money

Low-cost broker Degiro has said that missing data in anti-money-laundering (AML) and anti-terrorist-funding (ATF) processes are to blame for client funds failing to turn up in their accounts. According to Degiro, the failed transfers all related to transactions triggered within the UK's Faster...

Full description

Saved in:
Bibliographic Details
Published inInvestors Chronicle p. 40
Main Author BHATT, ZAYANI
Format Trade Publication Article
LanguageEnglish
Published London The Financial Times Limited 12.04.2019
Subjects
Customer services
Money laundering
Stock brokers
Netherlands
United Kingdom > UK
Online AccessGet full text

Cover

More Information
Summary:Low-cost broker Degiro has said that missing data in anti-money-laundering (AML) and anti-terrorist-funding (ATF) processes are to blame for client funds failing to turn up in their accounts. According to Degiro, the failed transfers all related to transactions triggered within the UK's Faster Payments Service. Gert Jan Holstege, Degiro director of front office, said vital data which needed to be shared with Degiro's cash management provider, Deutsche Bank, was missing and it could therefore not process transfers through anti-money-laundering and anti-terrorist- funding systems.
ISSN:0261-3115