Why bank need a to know where i am

pollypenny

DS still keeps his U.K. account as until recenthe paid his professional fees from it.

J_B

ttoli wrote: »

It is for money laundering , I live in Cyprus and haven't touched my UK accounts in years.

JuicyJesus wrote: »

Not quite true, some banks refuse to operate accounts for people who are not resident in the UK.

IIRC, there was a thread on one of the Cyprus forums a while back about Nat West (or was it Barclays?) closing accounts of folks not resident in the UK?

brianposter

As far as I am aware it is for tax purposes - the EU requires that banks report your account to the authorities in the country where you are tax-resident to avoid people hiding money in other countries.
This has the unfortunate effect that many accounts do not have the facilities to do the reporting and are consequently not available to non-residents.

Ballard

Banks are required to know where their customers live as part of their onboarding & kyc procedures. If something illegal occurs on an account, for instance, they will need to know where to send the rozzers so it’s a perfectly reasonable request.