'Source of funds' questionnaire

Glen_Clark

My understanding is that bank clerks can be held personally liable - to the point of going to prison - if they don't report suspicious transactions.

Westie983

Just sounds like they want to know that the money invested was from you, (source of funds) I agree some of the questions as are a little over the top but its probably all relative to the figure you are trying to cash in and withdraw.

It does sound like know your customer (KYC) details which is collected from customers, and wouldn't have been taken when the account was opened.

I would suggest you fill out the details as requested, or speak to them first to find out if this is KYC information.

Refusing to do so may just delay your withdrawal, and they may put a hold on the account till its completed. If you have nothing to hide it shouldn't be a problem, possibly more important to get collected if its a large sum withdrawal.

Westie983

AnotherJoe

Westie983 wrote: »

Just sounds like they want to know that the money invested was from you, (source of funds) I agree some of the questions as are a little over the top but its probably all relative to the figure you are trying to cash in and withdraw.

What relevance is the OPs annual salary, job descriptions, and "nature of job" , now*, to what he was doing 8 years ago ?

* I bet it doesn't ask for the info to be back dated to when OP made the purchase.

Glen_Clark

AnotherJoe wrote: »

What relevance is the OPs annual salary, job descriptions, and "nature of job" , now*, to what he was doing 8 years ago ?

* I bet it doesn't ask for the info to be back dated to when OP made the purchase.

The OP indicates they are asking about the jobs he was doing 8 years ago when he made the purchase

Electro_Magnet wrote: »

Hi all,
I don't feel comfortable giving this information to them, even if I could remember all the jobs I was doing 8 years ago.
!

They have a legal obligation to ask, so you can't blame them for asking.
I agree they seem to be asking for a lot - perhaps they have sent him a standard form asking for all they are obliged to ask all customers?
Years ago they were a lot more relaxed about verifying information - self-certified mortgages etc that led to the financial crisis - so perhaps they are having to tighten up on it now?
But they are obliged to keep it confidential, and its about detecting crime, so I can't see a legitamate reason for refusing.
I've never been asked for that much info but would have no objection to providing it if I was.

Electro_Magnet

Hi everyone,
Many thanks for your input!
I had assumed that the questions related to my situation 8 years ago when I made the investment. On closer inspection the exact text reads “current salary” - so I’m not sure what I would need to put. I can’t see how my current salary would relate to the investment, as my current job didn’t provide the source of the funds (which is the supposed purpose of the form).
I had considered ticking the box which says “savings”. However that box contains the additional questions “name of the savings account” (as if I could remember!), “how long the savings were held” and of course, “where the funds cane from to fund the savings”!
There is no mention of financial regulations or legal requirements on the form.

coyrls

Maybe you could transfer your investment to a platform that has less onerous “source of funds” conditions and then withdraw the funds from there.

dunstonh

The AML guidelines are risk-based and firms interpret requirements in different ways. Some firms that have had weak AML compliance in the past and suffered the wrath of the regulator are required to ask more and go further than firms that have a good record.

ValiantSon

Electro_Magnet wrote: »

I had considered ticking the box which says “savings”. However that box contains the additional questions “name of the savings account” (as if I could remember!), “how long the savings were held” and of course, “where the funds cane from to fund the savings”!
There is no mention of financial regulations or legal requirements on the form.

I'm guessing that the money was filtered through your current account, so you could put that down as the account name. For how long they were held you could make an estimated guess, and for the source you can simply say that they came from income.

Glen_Clark

coyrls wrote: »

Maybe you could transfer your investment to a platform that has less onerous "source of funds" conditions and then withdraw the funds from there.

The OP has said

Electro_Magnet wrote: »

they have insisted they will not release my money until I return a "source of funds questionnaire" which they have sent me.

parking_question_chap

Just give short anwers and if they dont release funds take it up with the financial ombudsman. No idea how they can justify asking current job and salary relating to money you paid in nearly a decade ago.

Please let us know how it goes.