Extreme KYC

bankman28

Hi there, newbie calling! 😊 Looking for some advice/information. 
One of the banks I use for a few small transactions a month only, has asked me to provide some KYC proof, the extent of which I find quite incredible.
They have asked for 3 things:
Proof of ownership of my house
Proof of my private endion
A signed self-certification under FATCA, Foreign Account Currency Transaction Act.
This is way beyond what I've ever seen be or been asked for!

Are all aspects of this legit under KYC procedures, is it reasonable? I have all the documents and there are no problems but I'm just a bit surprised and curious. If I don't provide within 14 days they will restrict my account. It's draconian stuff! 

bankman28

.... private pension.... 

DullGreyGuy

Technically FATCA isnt KYC but an independent requirement on FS companies that want to deal with the US.

Proof of source of funds is fairly standard practice, presumably your main income is your pension. Not sure why proof of home ownership is necessary but that may depend on your wider relationship with the bank

Daliah

Are you a US citizen?

bankman28

No, UK citizen.

xylophone

Proof of my private endion

That's really personal......

xylophone

I have had/have accounts with HSBC/Lloyds/Natwest/Barclays and a few others and several building societies/other financial institutions but I have never been asked for proof that I own my home!

Confirmation of non-us connection/details of income yes.

eskbanker

bankman28 said:

One of the banks I use for a few small transactions a month only, has asked me to provide some KYC proof, the extent of which I find quite incredible.

Feel free to name them - it might lead to more specific guidance from those who've experienced similar there, but at the very least it would act as a warning for everyone else!

born_again

bankman28 said:

No, UK citizen.

Which Bank?
Any oversea funds?
Dual nationality?
Live in the UK?

Daliah

bankman28 said:

No, UK citizen.

Difficult to understand why you would fall under FATCA. What if any connection do you have with the US?

Are you working there? Did you work there? Incl. remote working

Do you hold any accounts with US banks?

Ebe_Scrooge

xylophone said:

I have had/have accounts with HSBC/Lloyds/Natwest/Barclays and a few others and several building societies/other financial institutions but I have never been asked for proof that I own my home!

Confirmation of non-us connection/details of income yes.

Proof of a permanent UK address I could understand, I wonder if this is what they mean?  Not necessarily home ownership - just a genuine address, whether owned or rented?  Although, they could get that from the ER.