Revolut. Asking More Personal Info for Compliance
Discussion
Yes.
All banks are required to perform KYC (Know Your Customer) and CDD (Customer Due Diligence).
To help them understand if Bad Company is money laundering, they need to understand what Bad Company’s “profile” looks like. One of the key components of this is how much Bad Company earns.
If Bad Company states they earn less than £25k a year, but they fund their account with £3k every month, this indicates activity outside of expectation, and they may need to be reviewed for possible money laundering indicators.
It’s really not a big deal. It’s a fairly big range, just be honest. It’s not nefarious, it’s just ticking some boxes to show they have done their required bit for the money laundering regs.
Nothing to get one’s knickers in a twist about. It’s your expected income, not your xhamster search history.
All banks are required to perform KYC (Know Your Customer) and CDD (Customer Due Diligence).
To help them understand if Bad Company is money laundering, they need to understand what Bad Company’s “profile” looks like. One of the key components of this is how much Bad Company earns.
If Bad Company states they earn less than £25k a year, but they fund their account with £3k every month, this indicates activity outside of expectation, and they may need to be reviewed for possible money laundering indicators.
It’s really not a big deal. It’s a fairly big range, just be honest. It’s not nefarious, it’s just ticking some boxes to show they have done their required bit for the money laundering regs.
Nothing to get one’s knickers in a twist about. It’s your expected income, not your xhamster search history.
bad company said:
OK, done. Apart from the income question they wanted pictures of the front and back of my driving license or passport and a mugshot.
You could see how awake they are by sending in a photo of David Beckham instead...Of course the real money launderers carry on regardless.
On a tangent, I had to go through gov.uk authentication the other day as I'm a company director and we needed to file our Confirmation Statement. It seemed quite a high tech solution they've introduced. Scanning passport pages, passport smart cards, special way of taking photos with flashing lights etc. I wonder how much the nation's debt has increased by to pay for it all.
lo and behold, they've just asked me for the same: driving license/selfie etc.......
wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
Inbox said:
It just says local regulations, whose regulations? Mind you it is Revolut so you take your chances.
I have never been asked by my bank for income details.
I have - whenever wanting to borrow, or increase credit limits. I would expect this for a mortgage, but I don't remember this being the case in the past for things like overdrafts/increasing credit limits. I have never been asked by my bank for income details.
Chris Type R said:
On a tangent, I had to go through gov.uk authentication the other day as I'm a company director and we needed to file our Confirmation Statement. It seemed quite a high tech solution they've introduced. Scanning passport pages, passport smart cards, special way of taking photos with flashing lights etc. I wonder how much the nation's debt has increased by to pay for it all.
You will be paying for it because the price to submit your Compensation Statement goes up to £50 shortly. locoloco said:
lo and behold, they've just asked me for the same: driving license/selfie etc.......
wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
I think Gresham St has covered it all, above, but even with big firms like Revolut you'd be surprised, it might be a manual intervention where they're doing batches of client accounts at a time, or simply someone in IT might have realised that a glitch caused some clients who registered between X and X dates not to be sent a request to update/confirm their details etc.wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
The "local regulations" bit I imagine is just them not having to do the coding etc that shows the local financial authority relative to the home address initially provided by the client at sign up; they can just use the same message globally.
MisanoPayments said:
locoloco said:
lo and behold, they've just asked me for the same: driving license/selfie etc.......
wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
I think Gresham St has covered it all, above, but even with big firms like Revolut you'd be surprised, it might be a manual intervention where they're doing batches of client accounts at a time, or simply someone in IT might have realised that a glitch caused some clients who registered between X and X dates not to be sent a request to update/confirm their details etc.wonder if its wholly related to general banking ,or because they offer a wider range of things (crypto etc). anyways, atleast it was painless - unlike another entity (HMRC) where i struggled to get a pic of the license that their system liked.
The "local regulations" bit I imagine is just them not having to do the coding etc that shows the local financial authority relative to the home address initially provided by the client at sign up; they can just use the same message globally.
Not sure an assumption quite cuts it all things considered.
Chris Type R said:
I have - whenever wanting to borrow, or increase credit limits. I would expect this for a mortgage, but I don't remember this being the case in the past for things like overdrafts/increasing credit limits.
i have just setup a paypal credit card with a balance, they asked for nothing and no photo IDDave Hedgehog said:
they can shut my account, no way are they getting my driving licence
Why not?I recently considered opening an account with Revolut but a quick google suggested they were marginal on money laundering compliance so presumably they are trying to clean up their act. I don't think they're asking for anything more than other banks these days.
My quick google also suggested they have a questionable record on preventing fraud and on compensating defrauded customers.
Dave Hedgehog said:
i have just setup a paypal credit card with a balance, they asked for nothing and no photo ID
PayPal aren’t a bank, and will be operating under a different set of regulations as a result. Revolut have a banking licence in the UK, and will need to act in a way that complies with that status. Panamax said:
Dave Hedgehog said:
they can shut my account, no way are they getting my driving licence
Why not?I recently considered opening an account with Revolut but a quick google suggested they were marginal on money laundering compliance so presumably they are trying to clean up their act. I don't think they're asking for anything more than other banks these days.
My quick google also suggested they have a questionable record on preventing fraud and on compensating defrauded customers.
And as mentioned Revolut do seem to be a favourite amongst fraudsters, one wonders if that was part of why the PRA took so long to grant them a full UK Banking licence.
https://www.fintechweekly.com/magazine/articles/re...
As institutions go I have them in a much higher risk camp compared to say our once upon a time but no longer 'high street' banks.
DanL said:
Dave Hedgehog said:
i have just setup a paypal credit card with a balance, they asked for nothing and no photo ID
PayPal aren't a bank, and will be operating under a different set of regulations as a result. Revolut have a banking licence in the UK, and will need to act in a way that complies with that status. @Dave - Links to a lot of the regs start here https://www.gov.uk/guidance/money-laundering-regul... (read this as if you were a banker).
DanL said:
Dave Hedgehog said:
i have just setup a paypal credit card with a balance, they asked for nothing and no photo ID
PayPal aren t a bank, and will be operating under a different set of regulations as a result. Revolut have a banking licence in the UK, and will need to act in a way that complies with that status. See https://www.paypal.com/uk/legalhub/paypal/serviced... and search for "laundering" in that page.
The main difference between revolut and paypal in this regard appears to be that revolut are doing the anti money laundering (AML) checks up front and paypal do them as you use the account, in accordance with service limits/thresholds.
eg. you try to move more than the limit with paypal -- they'll contact you for exactly the same sort of know your third party (ky3p) information before proceeding.
The other thing obviously is that paypal and a bank account are likely to see pretty different patterns. Revolut would need to be able to move tens/hundreds of thousands of quid in various transactions to do stuff like mortgage payoffs, or crypto spends/proceeds. It's a bit different than paypal's bread and butter of a few hundred quid here or there in general - paypal actually has stated limits for individual transactions. For unverified accounts it appears to be a couple of thousand.
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