Which documents must I give my bank

noisla

My long time bank, Santander, recently did a know your customer (KYC) and I provided them a certificated copy of my ID, address and tax IDs. 

Now they called me with a mini interrogation and say they "need" copies of statements from all my other bank accounts with other banks, investments e.g. share certificates, my rental contract where I live, proof of my employment and my salary, tax statemens...

This is basically every personal document I own. I feel uneasy about this. Is this normal? Are they allowed to do this? I'm already feeling stupid for answering their questions on the phone. It's more than even in a tax audit.

(It's definitely Santander not a scam, as I hung up their call to me, contacted them back)

MikeJXE

I'm with Santander too and have never been asked any questions similar 

If they asked my all those questions they would get a definitely NO  unless I was asking them for a loan or mortgage 

TheBanker

If you don't give them the documents they've asked for, they are likely to close your accounts. 

But there is 'something' that's prompted them to ask for these documents, which seem to be trying to establish your source of funds or wealth (i.e. where the money Santander are holding has come from). Whatever the 'something' is, may well mean the same issue arises at another bank in future. All banks now have to go to great lengths to satisfy anti-money laundering regulations - you only need to look at some of the recent fines (including Santander) to see why. 

noisla

But all these documents won't tell them anything about the source of my wealth (sold my house), and they told me they don't want any evidence of that - I offered. They just want everything about my current life. But it seems intrusive.

mjm3346

They can ask for almost anything, you don't have to provide it and they don't  have to keep you as a customer

Band7

If you believe their request is unreasonable, move as much of your funds out as you can. Then open a formal complaint. Santander are sometimes a bit overzealous with the checks they believe they should be doing. If they uphold your claim, fine. If not, just take your custom elsewhere for good.

Compound_2

Perhaps you could just provide whatever you're comfortable with. They might not persist with demanding everything.

MalMonroe

If it was my bank, I'd feel the same as you. I'd also be looking around for one of those bank switching deals. If they don't know me by now, they never will. 

That's just me of course but they are being a bit over zealous as Band7 says. 

COIAHLGW

Would Santander know exactly where you have other accounts however?

TheBanker

COIAHLGW said:

Would Santander know exactly where you have other accounts however?

Yes if there are credits/debits to the Santander account from/to the other accounts. They will also be able to see any accounts reported to the Credit Reference Agencies. 

grumbler

TheBanker said:

COIAHLGW said:

Would Santander know exactly where you have other accounts however?

  They will also be able to see any accounts reported to the Credit Reference Agencies. 

Do they really see names of the lenders?