KYC requesting for too much information

General
1

I have been urged by IE to provide personal information for KYC purpose. However, I wonder if the information required is unnecessarily too much. IE is not my only investment account out there. I hold way more assets in some other platforms or banks than I have in IE, but they did not require me to provide evidence of source of fund or bank statement, for example.

All my source of fund are from legitimate sources (just usual salary and personal savings), and I have nothing tricky to hide. I just do not feel right with IE collecting so much more of my personal information than other institutes when all institutes are subject to the same set of legal requirements. I am not sure if IE is over-collecting personal data under the name of KYC, but for other purpose.

Do any of you have the same concerns?

2 Likes
2

This is a starting point:

Your responsibilities under money laundering supervision - GOV.UK Your responsibilities under money laundering supervision - GOV.UK

3

I would suggest that your other platforms are not regulated by the FCA? Check their smallprint and see where they are based.

4

Agree totally

I have been told I must provide a financial paper trail from my mum’s probate 8 years ago, through very possibly 8 financial institutions ( 1 per year roughly, a mix of 1 year bonds and ISAs ) , and they want to see the Grant too

From 8 years ago !!

5

That seems excessive.

6

There is a general obligation to keep records for 6 years (AFAIK). Some documents you may need to keep longer such as your birth certificate.

Bad news is it looks like Grant of Probate needs to be kept 20 years.

Ive not been asked. I presume this is being triggered by folks adding new large “cash” sums into their accounts rather than performing ISA transfers.