KYC Santander

RG2015

I have just looked at Santander’s Customer identification requirements for UK residents.

All they ask for is 1 item from each of two lists (see link below), along with yearly income and outgoings.

The OP is being asked for much more than this. I cannot see why they are being asked for so much more than a new customer.


https://www.santander.co.uk/assets/s3fs-public/AD_documents/customer_identification_requirements_for_uk_customers_misc_1869_feb_24_ipg.pdf

GeoffTF

RG2015 said:

I have just looked at Santander’s Customer identification requirements for UK residents.

All they ask for is 1 item from each of two lists (see link below), along with yearly income and outgoings.

The OP is being asked for much more than this. I cannot see why they are being asked for so much more than a new customer.

Perhaps something happened that made Santander doubt that the information that they had on record for the customer was accurate, complete and up to date.

BooJewels

I've been reading these recent threads with some concern - the list of documents being asked for in the OP seems wholly overkill for a long term customer.  I've recently done various ID checks for registering an LPA and later closing accounts and getting the funds for deceased estates and only had to supply what would seem reasonable; my ID docs (passport, council tax bill etc - usually one each from 2 lists, one for ID, one for address) and either the LPA or death certificate.  In the case of Santander, they were uploaded using a web portal they sent me a link to - but I'd contacted them first in that instance.

Having inherited money and become rather more flush than I was, I've half been expecting to supply proof of funds and already have a portfolio of documents ready for each item, but the OP's list seems a bit too much of an intrusion into their entire affairs - does one organisation really need that much information on their customer?

subjecttocontract

RG2015 said:

subjecttocontract said:

Not sure I could be bothered to spend the time & effort to provide all of the documents & info. Think I'd just go open an account elsewhere.

I agree, but is this a sign of things to come from all banks?

A few years ago I had a detailed request for information from HMRC. The request ran to 3 pages of wants and I was horrified. It would take me weeks to pull all that info together but fortunately I keep a spreadsheet so it was easy to send a copy. This was accepted and there were no further requests. If a banks request for info is relatively straightforward I'd have no problem complying. But  if it's likely to involve many hours of work one has to weigh up the value of continuing to bank with that organisation. A request such as the OP has received would suggest to me that they don't want the business.

TheBanker

RG2015 said:

I have just looked at Santander’s Customer identification requirements for UK residents.

All they ask for is 1 item from each of two lists (see link below), along with yearly income and outgoings.

The OP is being asked for much more than this. I cannot see why they are being asked for so much more than a new customer.


https://www.santander.co.uk/assets/s3fs-public/AD_documents/customer_identification_requirements_for_uk_customers_misc_1869_feb_24_ipg.pdf

These documents are to prove that the account holder is who they claim to be - i.e. the account has not been opened using a stolen or fictitious identity.

The OP said they'd been asked for: proof of income, house ownership, UK tax returns, proof of pension payments, copy of rental agreement 

This implies to me that the bank has concerns about transactions going through the account. The reference to both house ownership and a rental agreement implies the OP may own a property which they rent out. The requet for a tax return implies there may be a concern about tax evasion (which banks are legally required to act upon). I wonder if the OP is willing to tell us whether they are making regular cash or cheque deposits, or if the rent is arriving in the account from a third party?

Ultimatley we don't know what's triggered Santander to ask for this information, but they don't ask every customer to provide this so it must be something related to the activity on the account. It won't be a random request generated because one of their staff didn't have enough work to do! 

RG2015

TheBanker said:

RG2015 said:

I have just looked at Santander’s Customer identification requirements for UK residents.

All they ask for is 1 item from each of two lists (see link below), along with yearly income and outgoings.

The OP is being asked for much more than this. I cannot see why they are being asked for so much more than a new customer.


https://www.santander.co.uk/assets/s3fs-public/AD_documents/customer_identification_requirements_for_uk_customers_misc_1869_feb_24_ipg.pdf

These documents are to prove that the account holder is who they claim to be - i.e. the account has not been opened using a stolen or fictitious identity.

The OP said they'd been asked for: proof of income, house ownership, UK tax returns, proof of pension payments, copy of rental agreement 

This implies to me that the bank has concerns about transactions going through the account. The reference to both house ownership and a rental agreement implies the OP may own a property which they rent out. The requet for a tax return implies there may be a concern about tax evasion (which banks are legally required to act upon). I wonder if the OP is willing to tell us whether they are making regular cash or cheque deposits, or if the rent is arriving in the account from a third party?

Ultimatley we don't know what's triggered Santander to ask for this information, but they don't ask every customer to provide this so it must be something related to the activity on the account. It won't be a random request generated because one of their staff didn't have enough work to do! 

You make some good points but it is more than just for identity verification. Santander's own words on this page I linked to confirm this.

"We need to ensure that we know our customer and, in certain circumstances, identify that customer to comply with the Money Laundering Regulations. These regulations aim to prevent criminals from using financial products and services to launder money. They also protect you from criminals who might try to use your identity without your knowledge."

Surely this is to satisfy KYC requirements. Why would they only go half way at the account opening stage only to follow up later? Not in this case though as the OP has had the account for 40 years and probably has never done any ID verification.

On the face of it, the Santander request does suggest some unusual activity (ies) from the OP and their OH.

In case this causes undue concern for the OP, I would add that there are many cases reported here and in the media where banks have made a complete hash up with these checks.

A word of warning though, despite the heavy handed actions of Santander, failure to comply could make things much worse.

TheBanker

RG2015 said:

TheBanker said:

RG2015 said:

I have just looked at Santander’s Customer identification requirements for UK residents.

All they ask for is 1 item from each of two lists (see link below), along with yearly income and outgoings.

The OP is being asked for much more than this. I cannot see why they are being asked for so much more than a new customer.


https://www.santander.co.uk/assets/s3fs-public/AD_documents/customer_identification_requirements_for_uk_customers_misc_1869_feb_24_ipg.pdf

These documents are to prove that the account holder is who they claim to be - i.e. the account has not been opened using a stolen or fictitious identity.

The OP said they'd been asked for: proof of income, house ownership, UK tax returns, proof of pension payments, copy of rental agreement 

This implies to me that the bank has concerns about transactions going through the account. The reference to both house ownership and a rental agreement implies the OP may own a property which they rent out. The requet for a tax return implies there may be a concern about tax evasion (which banks are legally required to act upon). I wonder if the OP is willing to tell us whether they are making regular cash or cheque deposits, or if the rent is arriving in the account from a third party?

Ultimatley we don't know what's triggered Santander to ask for this information, but they don't ask every customer to provide this so it must be something related to the activity on the account. It won't be a random request generated because one of their staff didn't have enough work to do! 

You make some good points but it is more than just for identity verification. Santander's own words on this page I linked to confirm this.

"We need to ensure that we know our customer and, in certain circumstances, identify that customer to comply with the Money Laundering Regulations. These regulations aim to prevent criminals from using financial products and services to launder money. They also protect you from criminals who might try to use your identity without your knowledge."

Surely this is to satisfy KYC requirements. Why would they only go half way at the account opening stage only to follow up later? Not in this case though as the OP has had the account for 40 years and probably has never done any ID verification.

On the face of it, the Santander request does suggest some unusual activity (ies) from the OP and their OH.

In case this causes undue concern for the OP, I would add that there are many cases reported here and in the media where banks have made a complete hash up with these checks.

A word of warning though, despite the heavy handed actions of Santander, failure to comply could make things much worse.

The standard documents they ask for are sufficient to identify and verify the customer - i.e. make sure they are the person they claim to be. For most run of the mill accounts, that, combined with the information on the application form (source of wealth/funds) will be sufficient to meet regulatory obligations. If I say I am opening a new current account and the source of funds will be my salary, that's not unusual or likely to require further enquiries. If I was opening a savings account with a deposit of £3m which I said was from a lottery win, that is unusual and would likely result in a request for additional evidence. It's not listed on the standard page because for most customers it won't be needed.

If I said my account was for wages, but then deposited £500k from the proceeds of a house sale, this is likely to prompt further enquiries. The type of document requested will depend on the specifics of the case - they'd ask for diferent things if I said I'd sold a house, vs if I said I'd been gifted the money by a relative. 

The 'problem' is that the OP's had their account for such a long time that Santander probably never asked how it was going to be used, so they'll be comparing the activity to a 'typical' customer. There will be something, that may well be perfectly legitimate, that's triggered this request. Whatever it is will be the reason they've asked for these specific documents. 

The OP should take comfort from the fact that Santander have asked. If they actually had reason to believe (s)he was up to no good, the account would be frozen. If it isn't, then they have questions but don't at this time think the OP is doing anything untoward.

BooJewels

It did say in the OP that they had income from a rental property - so that particular bit didn't strike me as unusual.

I too have been a long standing customer - I think it must be about 34 years - but I was progressively migrated from Girobank via Alliance and Leicester to Santander.  So I probably won't have provided much ID at the time of opening and I think it started as a business account initially anyway.  

GeoffTF

This is pure speculation, but suppose that an identity thief borrows money in your name, and your bank notices that the ID for that loan does not quite match the ID that they have recorded for you. A natural response would be for the bank to ask for details of all the other accounts that you have, so that they can check that the details that they hold are correct. That is clearly in your interest.

WillPS

RG2015 said:

subjecttocontract said:

Not sure I could be bothered to spend the time & effort to provide all of the documents & info. Think I'd just go open an account elsewhere.

I agree, but is this a sign of things to come from all banks?

I have no idea why they're being so heavy handed - but given these reports are all from people who banked with Santander (and their predecessors Abbey and Alliance Leicester) long term I suspect there's some discrepency in their core customer details which should have been established at the point accounts were opened. Possibly KYC is even a useful bit of cover for Santander so they don't have to explain otherwise why this data is needed.

I presume (hope?) that bank accounts opened recently are not going to be subject to the same sort of checks.

I've been through KYC checks elsewhere, most recently Amex. It was essentially the same kind of questions they ask at account application (salary, home ownership status etc). I gather occasionally these checks are followed up by requests for proof.