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Did this a couple of years ago with HSBC too. It wasn't that onerous tbh. Yes it is a regulatory requirement now. I didn't realise banks were still working through it, I guess some are slower than othersLeave a comment:
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Natwest. Business Profile and Know Your Customer!
Hi All,
Just received a letter from my Bank (Natwest) saying that I urgently had to update a Business Profile.
In the letter, all it asks for is "Information of details on people who have significant control over the business. This forms a key part of our ability to etect and fight fraudulent transactions, money laundering and tax evasion".
It directs me to a web site (which I have not yet looked at) - which says if I don't complete it by mid-April, "... accounts to your account(s) will be restricted. This means (but is not limited to) deposits, withdrawals, and transfers".
SO I called them, and the nice chap who was on a dedicated number that they had written to all of their SMEs asking for more details, and that proof of identity documents would need to be supplied including details such as NI numbers, proof of IDs, bills, etc. Plus details fo the company, turnover, expected turnover, mobile numbers, emails etc. He then said it was to do with the new legislation.
I asked him what legislation? He pointed me to "KYC" (know your customer).
I have had this bank account for 14 years - and I am REALLY protective of my information.
I would hate to think that this is just a data grab by Natwest. The fact that in one hand they are pointing to new legislation (whilst pointing to legislation from the mid-1990s), and then asking for all kinds of contact information which I don't want to give them (such as my mobile number).
They told me that all banks will be writing such letters.
Has anybody else received this letter?
Are you giving out your details?
What are they asking for?
Is it from Natwest, or other banks?
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