Monzo Bank demands new personal information to keep account

eskbanker

AstonSmith said:

Stupid question:

What exactly are the details required to meet the KYC requirements?

If we knew what those are, we could easily say whether how much money a person makes is included or not.

As above, the requirements aren't defined exactly in the legislation, so it's down to each institution to determine what it considers appropriate.

AmityNeon

Banks care more about not getting fined, so if they have to go the extra mile to demonstrate their compliance, they will do so, and that includes forcibly closing the accounts of thousands of customers if necessary. You'll notice a world of difference between the level of detail requested by HSBC (one of the largest multinational banks with a scandalous history), and a new bank like Kroo.

MEM62

ReadandWrite said:

To be clear I'm not precious about how much I earn, but I am careful to ensure I don't throw my personal information around... It is a matter of principle, as where does it end? If a bank strong-arms me for information I am not required to give by law, I think that it sets a dangerous precedent on my privacy. Any thoughts would be welcome?

You are not 'throwing your personal information around'.  You are sharing data with an institution with whom you already have a relationship and share data.  Furthermore, your bank will have very tight controls over that data.  As for the requirement to do so, you bank has, in light of their own customs and practices, requested the information as part of their procedures for meeting their regulatory obligations.  Requests for information are made in many similar circumstances and rejecting the request just because you cannot find a statute that legally compels you to comply makes little sense.    

You trust the bank with the data you have shares already, you trust them with your money.  To have an objection to this request for further data is just not logical.