Requests for information
Why we ask for evidence before and after you open your account
Why are you asking for information about me or my company?
When you approach us to open an account we'll ask for information and documents from you. This includes your name, address, and date of birth and if it's for a business account, business name, turnover, details on the key people and what your business does.
This information is referred to as Know Your Customer (KYC). KYC is a requirement under the Money Laundering Regulations at the start of, and throughout our relationship. It's how we develop and maintain an understanding of you and your business which helps us to build our relationship in the right way.
Financial crime, which includes money laundering, terrorist financing, fraud, people trafficking and drugs smuggling, is a global problem. According to the National Crime Agency, financial crime costs the UK economy as much as £190 billion a year1. All banks are responsible for reducing financial crime. Our KYC processes help prevent criminals and criminal activity.
To protect you and ourselves from financial crime, we must make sure that the information we have about you is accurate and up to date. To do this we might contact you sometimes. We may need to talk to you about specific transactions or updates to your personal records which will help us.
1 This figure is taken from the 2019 National Strategic Assessment of Serious & Organised Crime.
What happens if I don't give you the information you ask for?
It's important that you work with us to give us the information that we need to keep the right records. If we don't get a response from you within the time frame we give you, we'll write to you and let you know your account will be blocked unless you provide the information we asked for. If information isn't provided, we might give you notice that your account will be closed and your funds returned to you.
What if I need help?
If you receive a letter asking for information and you'd like further help, please call the number that's on the letter.
You can learn more about financial crime by visiting the Financial Conduct Authority's website.