letter from Santander asking for a lots of information
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I really hope that is the case. It would be a definite invasion of privacy and dangerous for banks to require so much information on existing private accounts (including things like data on customers' savings and income, which are none of a bank's business).
The only time I'd say it would be legit to query personal information is if a bank detects sudden large transactions (withdrawals/deposits). But it can then just request sources of deposits, with proofs provided, to ensure that money laundering is not taking place, and check with a customer with regard to withdrawals, in case they are related to scams, etc.
Except banks are required *by law* to determine where your money is coming from. Failure to follow anti money laundering regulations have serious consequences - hefty fines and, worst case, even jail time.
Also, money launderers don't generally turn up to the bank with a suitcase full of money, they split it into smaller chunks and spread it around a lot - trying to hide it as legitimate income, so it's not only sudden large deposits that should raise suspicions.0 -
johnsmith1890 wrote: »From the list of questions posted by the OP, I would say this refers to a business account. I've opened several personal accounts in recent times and there's been nothing like that. All they wanted was basic information.I really hope that is the case. It would be a definite invasion of privacy and dangerous for banks to require so much information on existing private accounts (including things like data on customers' savings and income, which are none of a bank's business).
It happens on personal accounts as well.
If you are referring to number 4 on the list, that is just telling you what to provide if you say your source of wealth/funds is your own business.
I have had to go through this twice on personal accounts with different organisations and both times the request was very similar to OP's.0 -
Yes, that's always the excuse for these data harvesting exercises.Except banks are required *by law* to determine where your money is coming from.
Several years ago Selftrade, the online stockbrokers, demanded that its customers supply similarly detailed information about their personal finances, citing regulatory requirements as justifying the exercise and threatening that customers not complying would be unable to transact on their accounts. After receiving complaints from customers regarding the intrusiveness of the information demanded, Selftrade backed down. If regulations required that Selftrade collect such detailed information from its customers, Selftrade would not have backed down.
My guess is that most of the information demanded of the OP by Santander will find its way into the hands of Santander's product marketing departments and used in attempts to generate sales leads.1 -
It's the law - it's easy to go and check if you can be bothered.
No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.0 -
johnsmith1890 wrote: »No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.
Where is the suggestion that this info was being asked for when opening a current account?0 -
Where is the suggestion that this info was being asked for when opening a current account?
Oaky, it does appear that the OP is talking about further down the line. However, my point stands. What law states that banks must collect all that intrusive information about their customers? Property title deeds, investments and so on ...0 -
johnsmith1890 wrote: »No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.
This is the bit I was referring to.Ergates wrote:Except banks are required *by law* to determine where your money is coming from.0 -
Except banks are required *by law* to determine where your money is coming from. Failure to follow anti money laundering regulations have serious consequences - hefty fines and, worst case, even jail time.
Also, money launderers don't generally turn up to the bank with a suitcase full of money, they split it into smaller chunks and spread it around a lot - trying to hide it as legitimate income, so it's not only sudden large deposits that should raise suspicions.
Well, that's fine. They can check with the customer if they detect any payments/withdrawls that are suspicious (my bank did that once when I made a payment, and that was absolutely fine). What they surely do not have the right to do is to request, then store, other private information, such as data on people's savings/assets with other institutions, and so on. I'd be highly suspicious about how such private information could be used (by a whole host of potential 'interested' parties), if not now then in the future.0 -
Yes, that's always the excuse for these data harvesting exercises.
Not really an excuse when it is actually the law.
It's not like the police lock somebody up for theft and you can turn around and say "theft was just the excuse to lock them up"Well, that's fine. They can check with the customer if they detect any payments/withdrawls that are suspicious (my bank did that once when I made a payment, and that was absolutely fine). What they surely do not have the right to do is to request, then store, other private information, such as data on people's savings/assets with other institutions, and so on. I'd be highly suspicious about how such private information could be used (by a whole host of potential 'interested' parties), if not now then in the future.
Any bank has the right to request whatever they want. You have the right to say no. And the bank then has the right to close your accounts. It's not really a question of rights.
If you ever meet anybody who works in KYC, you'll discover that it's a complete pain to collect all of this data and costs the banks millions to do it. Certainly isn't for marketing.
The other part is that bank information on customers can be incredibly inaccurate and out of date. It's very difficult to flag a 'suspicious' transaction for querying with the customer if you don't have any data on which to judge whether it might be suspicious.0
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