KYC/AML info

[BertBert]

It's the a (stat) definition somewhere of what KYC info I need to give to but a new car?

I'm curious as to why they need a bank account sort code and account number.

[poo at Paul's]

So they know where the money’s coming from.

[BertBert]

Which it's not as it's a company lease and the company has already paid the deposit and applied for finance

[The Rotrex Kid]

Have you asked them?

[BertBert]

Yup. the answer was because they do.

Hence my thought about is there a definition of what they need or are allowed to ask for KYC?

[Wildfire]

From what I remember when working with a finance provider, so apologies if this is totally incorrect, I work in security it was a few years back, but the KYC policy for any given provider is a set of processes, so it comes down to the individual company and their risk processes as to what info they require.

I don't think it is uncommon to ask for bank details as to where funds will be coming from. It may be dependent on the amount.

[BertBert]

Thanks, that's helpful, but I thought there must be some guidance on what those processes contain.

In this case the bank details asked for are definitely not where the funds are coming from as that is a company bank account.

[rgf100]

I guess they may regard you as the ultimate beneficiary of the transaction? Seems extreme, but could make sense If you were some dodgy type using a friend’s company.

Best guess, anyway. It’s either that or they’re going to sign you up for a direct debit you don’t want.

[BertBert]

I rather feel it's just not very well thought through rather than deliberate for the specifics of the deal. I'm very curious as to what they do with the account number and sort code and why (and I don't like giving details that are not actually needed).

Edited by BertBert on Tuesday 21st February 15:39

[sugerbear]

A) They could have a list of account numbers and sortcodes that have previously been used for fraud.
B) They may be able to see from previous applications the account numbers and sortcodes you used on the application.
C) it proves you have a UK bank account (though they would have to verify this through a transaction via your debit card)

[QBee]

I just bought a company car for my MD.
Paid for it using the company bank account plus part exchange minus HP settlement - balance was £57k.
I was never asked for bank details.

Salesman couldn't believe his luck.
He had answered the phone, so he got the sale.
Car was £72k, a Mercedes GLE hybrid.
Joint dealership, the guy who answered the phone was their Smart salesman.
I have to say he was very attentive

[poo at Paul's]

BertBert said:

Which it's not as it's a company lease and the company has already paid the deposit and applied for finance

You said you were "buting" a new car, not leasing it.
What account have they asked for details of. The lease company's or yours?

[BertBert]

poo at Paul's said:

You said you were "buting" a new car, not leasing it.
What account have they asked for details of. The lease company's or yours?

Apologies, didn't mean to mislead. It will be on company Finance and the application form with the company details was submitted a few weeks ago.
Now I have got a KYC form for me personally - I'm not sure in what guise (personal, or director of the company or what).

It's not the biggest deal in the world, I just don't like giving such details without understanding why and what the data will be used for. I could ask for the privacy policy from them I guess.

[poo at Paul's]

So when you say ‘company’ you mean your own company do you?
If so, and they’re asking you for your own personal bank details it likely they’re thinking this is effectively you as a ‘sole trader’ albeit an incorporated one.
Even if not, as a director or manager of the business, the KYC regulations would mean many lenders will check out individuals as part of that process. Some lenders would hire PIs to do reports on business managers, even known them to talk to neighbours, go through bins etc!
It’s likely that as the dealer may have a CCL and is acting as an agent or facilitator for the finance, they’re wanting to dot their eyes so to speak.
I wouldn’t worry about it, but worth asking if they will be doing any sort of hard credit check that may affect your score etc.