Extreme KYC

k_man

To the OP, did you accidentally select I am a US citizen

(or similar) during the application process?

I did this once, as the applications seem to sneak that question in, even after confirming you are a UK resident/citizen/tax payer (can't remember the exact terminology used)

DullGreyGuy

Daliah said:

bankman28 said:

No, UK citizen.

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

They arent saying they call under FATCA, they said they wanted a self certification that they don't fall under FATCA. I am fairly certain for our business account we had to make declarations in relation to FATCA despite having no obvious US connections

xylophone

They arent saying they call under FATCA, they said they wanted a self certification that they don't fall under FATCA.

This makes no sense at all.

Do you mean that the bank where you hold your account (what kind of account is this?) has stated that it is unaffected by FATCA but wants you to confirm that you have no FATCA obligations?

See

https://forums.moneysavingexpert.com/discussion/comment/79535683/#Comment_79535683

DullGreyGuy

xylophone said:

They arent saying they call under FATCA, they said they wanted a self certification that they don't fall under FATCA.

This makes no sense at all.

Do you mean that the bank where you hold your account (what kind of account is this?) has stated that it is unaffected by FATCA but wants you to confirm that you have no FATCA obligations?

See

https://forums.moneysavingexpert.com/discussion/comment/79535683/#Comment_79535683

No, I am saying they want you to confirm that you have no FATCA obligations... they are not stating you do or do not up front.

xylophone

No, I am saying they want you to confirm that you have no FATCA obligations..

Well that seems simple enough then - if you have no FATCA obligations, just confirm this to the bank.

bankman28

Hi there, Many thanks for the replies.

I am still confused as to why one day a bank officer woke up and decided "let's do a deep analysis of this guy". However, I didn't see any personal advantage in challenging this and I only saw more problems ahead if I didn't provide the information. So I have already provided it and I really hope that this is the problem, whatever the problem was, over with.

It seems very fluid what the bank can ask for, there doesn't seem to be a list available where I can find, that defines what a bank can ask for.

bankman28

Anyway, many thanks for all the helpful replies, and suggestions.

bankman28

One question confuses me most. My pension is not paid into this bank account, so I'm not at all sure why they would quiz me about it?

wmb194

bankman28 said:

One question confuses me most. My pension is not paid into this bank account, so I'm not at all sure why they would quiz me about it?

My guess is they want to know that your deposits are coming from somewhere credible and that it matched the "occupation" or lack therof and rough income level that you no doubt stated when you opened the account. Perhaps they saw lots of "small transactions" over many months and wondered whether it was a prelude to something as small initial transactions are often used by fraudsters to test whether an account is working or not*.

*You see evidence of this in many of the savings accounts threads where posters say they sent a £1 test payment to a new account then followed by a far, far larger payment and then they were blocked and had to call the bank's/BS's fraud line to have things unfrozen. Some banks seem to be more sensitive than others - Santander... - but this is one of the sorts of pattern that fraud systems are looking for.

DullGreyGuy

bankman28 said:

One question confuses me most. My pension is not paid into this bank account, so I'm not at all sure why they would quiz me about it?

They still want to know where the ultimate source of your income is from... would be too easy to wash money if they simply accepted that the £50k a month coming into your account was from "your other current account" rather than asking where that money was ultimately coming from.