Money Matters

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Money Matters

with Roger Downes of Andorran Know your customer

Abbreviations abound amongst financial and legal language and KYC is one of the latest with which we have had to become familiar. Know your customer (or client if you prefer), or KYC for short, has become an everyday requirement as part of the financial world’s bid to combat terrorism, money laundering and the like.

It’s commonplace to be asked to prove your identity and where you live. For most of us, it’s easy enough as we have a passport or driving licence, although that isn’t true for everyone and some struggle to pass even the ‘easiest’ of tests. We’ve got used to being asked and now it’s almost as routine as putting on your seat belt when you jump in the car.

Reckon on the banks to take it to the extreme

In most professional firms, follow-up checks are then carried out to review the credentials of the person whose ID has been presented. We are told to do more stringent checks in certain circumstances and indeed we do.

But you can reckon on the banks to take it to an extreme. One in particular, who can remain nameless for the sake of this article. Multiple page questionnaires, often written in language that is difficult to understand and is ambiguous, have to be completed in short order, otherwise the bank will take steps to penalise you. In some cases, they go as far as closing your account without reasonable warning.

I spoke to someone recently whose account was closed without reference to the proprietor of the business. It was a retail business receiving direct payments on a regular basis. When the bank was challenged, the businessman was told there was nothing that could be done and that he would have to open a new account – a process he was told would take at least three weeks. So what does he do in the meantime?

No bank managers to talk to any more

It wouldn’t be quite as bad if you could talk to your bank manager, but they have long since ceased to exist. You’re not exactly going to get a lot of help, therefore, if you’re struggling with these forms. And if you fail, with or without help, your account will probably be closed. I know we have to do these checks, but big is definitely not beautiful in business when it comes to banking KYC. The Local Answer To advertise call 01242 510500 Page 17