Kindred compliance

[Sherlock]

Got this.

I hope this email finds you well.

I am writing to inform you that we are in the final stages of processing your account review. To complete this process, we kindly ask you to provide a valid bank statement with Bank account IBAN *********************** ID provided by the bank. Kindly add the document as an attachment to your reply email.

Please accept our apologies for the delay in reaching out to you. Once we receive and verify the document, we will be able to finalize the process swiftly.

Thank you for your prompt attention to this matter. If you have any questions or need further assistance, please don't hesitate to reach out.

This pretty pisses me off, because asking my bank account statement is over the top of privacy. Do they send me their bank account statements? Because that would be only logical, because their money can be potentially dirty. I am not sending them anything. Beyond absurd.

Moreover after I had sent them my bank account statement, they asked for statement with IBAN. But IBAN is not part of my bank account statements, simply the bank is not providing it.

I was trying to explain that there are tools that derive bank account number from IBAN and vice versa (and everyone can see with naked eye that bank account is simply the last digits of IBAN).

Thank god this was later resolved with just a screenshot of internet banking where the IBAN is mentioned.

But what the companies will ask for in few years? Bank account statements of relatives? Check whether I paid insurance? Ask for current weather but in Fahrenheit and for Celsius they will not pay me.

This is truly absurd late stage of capitalism.

[newcustomeroffer]

It's a tedious and as you say intrusive process I agree, to date I've always redacted the actual transactions on the bank statements but I expect there'll come a time when that's not good enough.

It's clearly also creating an inordinate amount of admin work for the operators too. I had a request for a bank statement a few months back from one operator which I duly supplied, silence for maybe 4 months, then another request to resupply because by the time they'd actually got to processing my document it was more than 3 months old and therefore not valid - not exactly my fault now is it!!!

[baldidiot]

It's a tedious and as you say intrusive process I agree, to date I've always redacted the actual transactions on the bank statements but I expect there'll come a time when that's not good enough.

Someone did say that to me once (can't remember who off the top of my head) but I pointed out that providing an unredacted version would be a breach of GDPR as we have payments to staff and freelancers. That seemed to shut them up, so maybe try that if they ever quibble on blacking out transactions.

[Mattbar]

Someone did say that to me once (can't remember who off the top of my head) but I pointed out that providing an unredacted version would be a breach of GDPR as we have payments to staff and freelancers. That seemed to shut them up, so maybe try that if they ever quibble on blacking out transactions.

I've only ever sent redacted versions and never had any issues with that. The Requirement are getting more and more ridiculous though each new round of KYC

[davidlinden]

I guess the operators legal teams have fun making the hardest KYC challenges. Last two times I have gotten requests of graphs of the ownership structure and benificial owners... It's like "We dont want to read what you write, or the documents you send, so make me a graph". Has that always been a thing?

[bookmakers2u]

Be careful with Kindred as Partner because they find ways to shut down your account.

[ocreditor]

Totally agree with Sherlock, sending bank statement is none of anyone business! I hate when they ask for that, it's a useless request!

I admit I had to send this few times (not to kindred..) because I had no choice for these specific bodies, so i just put a black marker on all the clients names and amounts.

[Cash Bonus]

Got this.


This pretty pisses me off, because asking my bank account statement is over the top of privacy. Do they send me their bank account statements? Because that would be only logical, because their money can be potentially dirty. I am not sending them anything. Beyond absurd.

Absolutely, Sherlock. There's no doubt it's very unreasonable to say the least.

[Pokerface]

KYC requests are getting more and more ridiculous and being asked by departments that clearly don't have a full understanding of the business.

I would never provide a full copy of bank statements, transactions/balances etc are blanked out. I also blank out account numbers on utility bills and balances etc.

How do we even know this information is securely stored? We don't and they probably are not.

[newcustomeroffer]

How do we even know this information is securely stored? We don't and they probably are not.

It's a box-ticking exercise in the main from the operators, but yes as to how/where and with what levels of internal 'compliance' our sensitive documents are stored is anyone's guess. A little concerning really.

[Cash Bonus]

How do we even know this information is securely stored? We don't and they probably are not.

That's the most worrying thing that comes to mind, is they can do anything and we have to be able to trust them.

[Mason Cooper]

also had this problem