Periodic Review

J

JD2021

Registered User
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I've been with KBC since the very start, couldn't fault them in fairness, will be sorry to see them go.

This morning however, recieved a peculiar letter to do with what's called a periodic review, required under the criminal justice act obliging kbc to hold sufficient information on identification documents on its customers.

I've never had such a request for information in all the years I'm with them, they are looking for occupation, am I self employed, source of funds. No mention of ID which is strange also.

I'm not self employed incidentally.

I'm not sure if this is normal, I recall my credit union asking for updated photo ID, proof of address etc before but never KBC.

The only income ever lodged was salary, PUP, during pandemic, I had a house insurance claim well over a year ago that was a cheque, sent to KBC and lodged, sold a few bits of garden and household equipment for less than 2k over a month ago got paid by ET, Other than that a small normal un exciting current account.

Just wondered is this a common request, what would have triggered this, last time I checked I'm not a master criminal I'm more surprised given KBC winding down. I've no other products, accounts with KBC, just a standard current account with a balance that wouldn't exactly excite anyone.

Any thoughts appreciated.
 
I don't think that this is unusual.
I've had several institutions recheck my details for money laundering purposes over the years.
I'm no master criminal either.
I'm not even an apprentice criminal... ;)
 
It’s not surprising that they are reviewing their AML documentation when they are winding down . If your account is being passed to another bank , they will expect it to be up to date
 
cremeegg said:
It may be a requirement but it is far from normal. Effectively they are saying to their customers, 'prove you are not a criminal'
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No they're not.
They're asking for specific information that they are obliged by law to keep on file and up to date for anti money laundering purposes.

Money laundering

Money laundering is a very serious offence. This document looks at the steps that have been taken to combat this crime.
www.citizensinformation.ie www.citizensinformation.ie
 
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Yes, not a mention of any ID, of course they'd have that but as explained ocvount opened years ago.
 
I suppose I can understand money laundering obligations and I've absolutely no issue supplying the requested info but I've honestly the most boring current account imaginable, what comes in ( not a lot) pretty much goes out.

I've no overdraft, no other products with KBC and actually had begun to look at new options because of wind down.

I'm curious also about the specific questions, Occupation, Self employed, yes or no, Sources of funds etc. All that's ever gone in is salary, PUP During pandemic, House insurance claim via cheque lodgment 2 years ago and I sold some items under 2k a month ago.

Just seems very odd

Thanks everyone for your responses.
 
huskerdu said:
It’s not surprising that they are reviewing their AML documentation when they are winding down . If your account is being passed to another bank , they will expect it to be up to date
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Thank you but I believe current accounts not or won't be passed on regardless of what happens, bank of Ireland for example have stated that they won't be automatically taking over current accounts, ironically I'd actually been looking at options over the past week or so.
 
Banks arent saying "show me your id, we think youre a criminal". Theyre simply carrying out their legal and compliance obligations under the (3rd?) aml directive and its just responsible banking practice that regulators, shareholders and customers (should) expect. Its normal kyc due diligence. Ops review may have been triggered by something?
 
ArthurMcB said:
Banks arent saying "show me your id, we think youre a criminal". Theyre simply carrying out their legal and compliance obligations under the (3rd?) aml directive and its just responsible banking practice that regulators, shareholders and customers (should) expect. Its normal kyc due diligence. Ops review may have been triggered by something?
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Thank you, I'm guessing it's nothing to be worried about, I suppose had they asked for updated ID, I would not have been curious, I do recall my credit union looking for up to date ID and proof of address about 2 years ago as part of their compliance obligations.

The specific 3 questions asked of me
Occupation

Self Employed YES/NO, I'm no

Sources of Funds (this is the odd one)

As explained, my salary and or PUP during pandemic were the only regular lodgements and surely they can see that, apart from that a recent lodgement for items I sold €2k and 2 years ago cheque lodgement from insurance company (Home insurance claim), that's it.

Thanks again
 
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