Acting for someone else; why does a bank need MY details here?

phonek

Basically, I'm acting as an LPA Attorney for my mother's savings account (she's the LPA Donor), and I'm trying to get additional login access and have the right to deal with the bank, as well as herself (she still has full mental capacity). 

They said I have to fill-out the bank's third-party agreement form: 
www.cynergybank.co.uk/media/2491/third-party-agreement-for-personal-account-s-jan-2019.pdf 

Q: But why on earth am I being asked for these fields on the form: "Residential status", "Employment information", and "Tax information", when it's not my account – I am acting on behalf of someone else here? 

What exactly has my residential status, employment status, and tax status got to do with the bank here?? 

If it's not my account, surely this is them over-reaching on the information they data-gathering with no reason they should have it, AFAICT it's entirely irrelevant to the purpose. 

Am I right, are Cynergy Bank over-reaching on data-collection being asked for here in these three fields... or am I missing something? 

Marcon

phonek said:

Basically, I'm acting as an LPA Attorney for my mother's savings account (she's the LPA Donor), and I'm trying to get additional login access and have the right to deal with the bank, as well as herself (she still has full mental capacity). 

They said I have to fill-out the bank's third-party agreement form: 
www.cynergybank.co.uk/media/2491/third-party-agreement-for-personal-account-s-jan-2019.pdf 

Q: But why on earth am I being asked for these fields on the form: "Residential status", "Employment information", and "Tax information", when it's not my account – I am acting on behalf of someone else here? 

What exactly has my residential status, employment status, and tax status got to do with the bank here?? 

If it's not my account, surely this is them over-reaching on the information they data-gathering with no reason they should have it, AFAICT it's entirely irrelevant to the purpose. 

Am I right, are Cynergy Bank over-reaching on data-collection being asked for here in these three fields... or am I missing something? 

All part of the hoops banks have to jump through in respect of money laundering.

jlfrs01

Not all financial institutions are the same. When I had LPA status over my late father's finances, two of the banks he dealt with were happy to give me unfettered access to his account and set me up with remote/telephone banking and as co-signatory on evidence of the LPA forms. The other one treated me as a new applicant and I had to do quite a lot of form-filling, it's just what it is. At least it's only a retail bank - business banking customers have it so much harder, what the banks make them do is in a different league!

DullGreyGuy

Welcome to the joys of UK AML, KYC and various other "anti" bits of regulation and law. 

The laws/regs require banks to do appropriate checks of those that control an account but the law doesn't defined what "appropriate" is. Hence you'll get a variation between providers until one bank gets a big fine and suddenly everyone starts playing catchup (hence multiple banks have been refreshing KYC checks on SME accounts a couple of years ago). 

You may not be the customer but you've control and could be using it to funnel funds to ISIS or be policitcally exposed etc

phonek

Marcon said:

phonek said:

Basically, I'm acting as an LPA Attorney for my mother's savings account (she's the LPA Donor), and I'm trying to get additional login access and have the right to deal with the bank, as well as herself (she still has full mental capacity). 

They said I have to fill-out the bank's third-party agreement form: 
www.cynergybank.co.uk/media/2491/third-party-agreement-for-personal-account-s-jan-2019.pdf 

Q: But why on earth am I being asked for these fields on the form: "Residential status", "Employment information", and "Tax information", when it's not my account – I am acting on behalf of someone else here? 

What exactly has my residential status, employment status, and tax status got to do with the bank here?? 

If it's not my account, surely this is them over-reaching on the information they data-gathering with no reason they should have it, AFAICT it's entirely irrelevant to the purpose. 

Am I right, are Cynergy Bank over-reaching on data-collection being asked for here in these three fields... or am I missing something? 

All part of the hoops banks have to jump through in respect of money laundering.

But how is knowing whether I'm a home owner or renter, or who I work for, or my NI number, got anything to do with money laundering?  

Marcon

phonek said:

Marcon said:

phonek said:

Basically, I'm acting as an LPA Attorney for my mother's savings account (she's the LPA Donor), and I'm trying to get additional login access and have the right to deal with the bank, as well as herself (she still has full mental capacity). 

They said I have to fill-out the bank's third-party agreement form: 
www.cynergybank.co.uk/media/2491/third-party-agreement-for-personal-account-s-jan-2019.pdf 

Q: But why on earth am I being asked for these fields on the form: "Residential status", "Employment information", and "Tax information", when it's not my account – I am acting on behalf of someone else here? 

What exactly has my residential status, employment status, and tax status got to do with the bank here?? 

If it's not my account, surely this is them over-reaching on the information they data-gathering with no reason they should have it, AFAICT it's entirely irrelevant to the purpose. 

Am I right, are Cynergy Bank over-reaching on data-collection being asked for here in these three fields... or am I missing something? 

All part of the hoops banks have to jump through in respect of money laundering.

But how is knowing whether I'm a home owner or renter, or who I work for, or my NI number, got anything to do with money laundering?  

A great deal eg it's far easier to track someone who is home owner rather than a renter; and your NI number is a unique identifier.

DT2001

Due diligence would be my guess. You have control of the funds therefore they apply the same requirements as if it were in your name.

Well done for getting it sorted early. I needed a new account for my mother after the Post Office changed their rules for the account into which her SP was paid. I had an LPA but the new bank insisted on her providing all the information (early stages of dementia) which we ended up doing on speakerphone so I could write down the answers for her and not be accused of prompting! I then sorted everything on line and only realised after she had passed away that I hadn’t sent them a copy of the LPA.

DullGreyGuy

phonek said:

Marcon said:

phonek said:

Basically, I'm acting as an LPA Attorney for my mother's savings account (she's the LPA Donor), and I'm trying to get additional login access and have the right to deal with the bank, as well as herself (she still has full mental capacity). 

They said I have to fill-out the bank's third-party agreement form: 
www.cynergybank.co.uk/media/2491/third-party-agreement-for-personal-account-s-jan-2019.pdf 

Q: But why on earth am I being asked for these fields on the form: "Residential status", "Employment information", and "Tax information", when it's not my account – I am acting on behalf of someone else here? 

What exactly has my residential status, employment status, and tax status got to do with the bank here?? 

If it's not my account, surely this is them over-reaching on the information they data-gathering with no reason they should have it, AFAICT it's entirely irrelevant to the purpose. 

Am I right, are Cynergy Bank over-reaching on data-collection being asked for here in these three fields... or am I missing something? 

All part of the hoops banks have to jump through in respect of money laundering.

But how is knowing whether I'm a home owner or renter, or who I work for, or my NI number, got anything to do with money laundering?  

Because some industries are well known to be more exposed to bribes, money laundering, funding overseas activities or being politically exposed. NI number is identification, have you looked at the UK Sanctioned list? There are some fairly common names on there and not all with a single known address/dob etc. Home owners tend to be more stable and traceable than renters, some other FS firm has most likely had to pass you for a mortgage.

On the Sanctions list type thing an ex colleague used to to have to carry a news article about an FBI top wanted person being arrested because he shares the same name and dob as the person and was always flagged at immigration... whilst yes he could have escaped from jail etc since the story etc it also helped in showing that the two of them were very different races.

Hoenir

phonek said:

or am I missing something? 

You have full unfettered access to a bank account. Total control over the money paid in and money paid out. That's the bottom line. Confirming someone's identity shouldn't come as any great surprise as a consequence. 

phonek

Thanks for the responses everyone. 

Well as Cynergy Bank are another organisation with a complete PIA implementation of how they both setup and handle LPA's (e.g. despite there being an easy verification process setup by the govt, they don't even use the govt's "Use an LPA" website: https://www.gov.uk/use-lasting-power-of-attorney – no that would be too easy wouldn't it Cynergy!), we've decided it's not worth the bother just for a savings account that she'll likely want to leave after 12mths or so (when rate drops!). 

Really, some idiotic banks need to sort themselves out on this stuff. When there's a govt approved and controlled website for verification of documentation, why the flipping hell are they still asking customers for 'solicitor certified' physical copies in the year 2024! 

All of this is an utterly time consuming needless headaches and cost, all because they're too lazy to fix their damn in-house procedures to newer approved digital standards – expecting customers to remain having to jump through needless hoops, instead. 🙄

dunstonh

Some of the questions will be down to AML.  Some will be for FATCA (NI is the UK's identifier number).   Some of it will be down to evidence vulnerability checks (FCA are strong on this point but have left it to firms to work out what needs to be done and will fine the ones it is not happy with).

Really, some idiotic banks need to sort themselves out on this stuff. When there's a govt approved and controlled website for verification of documentation, why the flipping hell are they still asking customers for 'solicitor certified' physical copies in the year 2024!

What system is there that is streamlined electronically and doesn't require individual user registrations?