Nationwide flex account anti money laundering measures

BRichard

A relative has a Nationwide account and they seem to be asking her when she logs in an unreasonable amount of questions about sources of income, which they say is to comply with anti money laundering regulations. I have not had the same experience with my bank, or at least not yet anyway. There is an option to leave it for now and do it later, but I was wondering if other people are complying or ignoring the requests because it sort of looks compulsory that it will have to be done within a set period. We would like to say mind your own business to the bank, but I have heard sometimes people have had their accounts closed for not complying with this sort of thing.

TheBanker

Financial institutions are required by law to understand the source of funds passing through their accounts. It may seem intrusive but if you don't answer, they will close the account. Lots of banks are doing similar excersises, it's probably only a matter of time before your bank asks you, unless they already have the details through a recent product application.

Hoenir

Banks are required to know their customers.  Banks can chose who to conduct business with. A reluctance to be transparent is more often or not a red flag.  As far as income goes. Banks can see net salary credits in the account. Not as if they don't have a good idea as to what someone earns. Easy enough to gross the figure up using a payroll calculator. 

400ixl

Just comply, no point in trying to avoid it.

Shakin_Steve

400ixl said:

Just comply, no point in trying to avoid it.

Yes...resistance is futile 🙂

SiliconChip

Hoenir said:

...As far as income goes. Banks can see net salary credits in the account. Not as if they don't have a good idea as to what someone earns. Easy enough to gross the figure up using a payroll calculator. 

I have 7 current accounts (and savings accounts at 7 banks in addition to some of these), only 1 of which has my salary (pensions in my case) paid in, so how are the other 6 to know what my income is? I just comply with the request when I'm asked, but your reasoning doesn't hold water for anyone with accounts at more than 1 bank.

Hoenir

SiliconChip said:

Hoenir said:

...As far as income goes. Banks can see net salary credits in the account. Not as if they don't have a good idea as to what someone earns. Easy enough to gross the figure up using a payroll calculator. 

I have 7 current accounts (and savings accounts at 7 banks in addition to some of these), only 1 of which has my salary (pensions in my case) paid in, so how are the other 6 to know what my income is? I just comply with the request when I'm asked, but your reasoning doesn't hold water for anyone with accounts at more than 1 bank.

I'm merely providing a basic explanation as to why wishing not to disclosing the information as it's considered private is valueless. Nothing else.  

AmityNeon

"Mind your own business."
"OK, bank elsewhere."

They are your bank; your money is literally their business and they have regulations to follow. They are not your family, your friends, work colleagues, or casual acquaintances in a setting where social etiquette applies.

BRichard

Yes you are right it's outrageous that I would even think it, but I am sure the poor little banks will survive if anyone does tell them to mind their own business.

AmityNeon

BRichard said:

Yes you are right it's outrageous that I would even think it, but I am sure the poor little banks will survive if anyone does tell them to mind their own business.

A bank's viability or sustainability as a result of refusing custom is not the concern; if an individual does tell every bank to mind their own business, that individual could eventually find themself without a bank account.

BRichard

Absolutely, that's why I said it's outrageous.