We're required by law to make sure the information we hold about our customers is accurate and up-to-date. This helps us protect your account and comply with regulatory standards. From time to time, we may need to contact you to request updated information or documentation.
Keeping your trust account information up-to-date
What you need to know
At Cater Allen, we must keep your account information up-to-date to meet regulatory obligations. This protects both you and our services.
Here are answers to some of the common questions you may have about our data refresh process:
It's part of our legal responsibility to "Know Your Customer" (KYC) and make sure we have accurate information on file. This includes reviewing and updating information, monitoring transactions, and conducting due diligence.
Even if you've been with us for a long time, UK regulations require us to conduct ongoing customer due diligence. This involves regularly reviewing our existing records to make sure the information is still correct. We may also need to ask for updated documents. Or request information about where your money came from and how it was built up.
Yes. It's important to provide the requested information to keep your account active and compliant. If we don't receive the information, we might restrict access to your accounts until we do.
Cater Allen is required to comply with UK regulations. This includes the Money Laundering and Terrorist Financing (Amendment) Regulations 2019. These regulations make sure that banks conduct due diligence. This is to prevent illegal activities such as money laundering or fraud.
If we don't receive the information we need within 30 days of our initial request, we'll send you a reminder. After 60 days, we may need to temporarily restrict access to your accounts. This means you won't be able to make or receive payments. If we still don't receive a response, your account could be closed after 90 days.
We take your privacy and security very seriously. All personal data is handled in compliance with the UK Data Protection Act 2018 and GDPR regulations. We use secure channels for collecting and storing your information. Only authorised personnel have access to it.
The block will be lifted as soon as we receive and verify the information and any supporting documents.
If you're unable to respond within the given timeframe, please contact us to discuss your situation.
If you have any other questions or need assistance, please contact the Cater Allen team on 0800 092 3300. We’re here to help.