Revolut- confirm personal details again

sherbetlemons

I’ve had a Revolut account for a few years now. Mainly used for spending abroad on holiday so not used every day. I received an email this evening asking me to confirm my details to help them remain compliant. When I logged in it just asked me to confirm my personal information and add my occupation and reason for using the account. The email said if I didn’t do this my account would be restricted on the 19th November.

I’ve done this but does anyone know if this is standard practice? I’ve never had to do this before so not sure if I need to worry about it! 

M25

I had it 2 days ago via a mobile notification for Chase.

Asked me to confirm everything you mentioned including income and where the income came from.

I think it's very easy for them to do this sort of thing and that's probably why they're doing it.

masonic

This happens often. Anti-money laundering regulations have evolved over time, financial firms either need to comply with new requirements or discover that they haven't been very good at complying with existing requirements so have to collect info from customers. It is not just the newer firms that have fallen foul of this, at one point HSBC had the regulator breathing down its neck and had to contact a large number of long-term customers who had slipped through the net regarding the requirements.

I'm not surprised at all that Revolut will be having a spring clean on its path to becoming a proper bank.

born_again

sherbetlemons said:

I’ve had a Revolut account for a few years now. Mainly used for spending abroad on holiday so not used every day. I received an email this evening asking me to confirm my details to help them remain compliant. When I logged in it just asked me to confirm my personal information and add my occupation and reason for using the account. The email said if I didn’t do this my account would be restricted on the 19th November.

I’ve done this but does anyone know if this is standard practice? I’ve never had to do this before so not sure if I need to worry about it! 

Know Your Customer.

Not only can they restrict the account, they can close them down for failure to comply. To which a complaint is pointless as FOS will simply say they are doing as FCA require.