ING Requesting Additional Information to Satisfy Their Local and Global Legal and Regulatory Requirements

johnwinds on 04/11/2018 - 07:55
Last edited 04/11/2018 - 10:49 by 1 other user

I got this message from ING in my internet banking message section:

Subject: Important information about your ING account
Product: General Enquiry
From: ING

To satisfy our local and global legal and regulatory requirements, we need to have a little more information about you on file.
The good news is that it’s quick and easy.

Here’s what to do
Please call us at your earliest convenience so we can continue to provide our services to you without interruption.
We’re here 24/7 on 133 464 (or +61 2 9028 4077) if you’re currently overseas).

Timing is everything
Please get in touch by <date> or we may need to limit your banking services.

Thanks for your help,
The ING team

Upon calling the number, the consultant repeated the bit about local and global regulatory requirements and said he will ask a few questions:

Current Address?
Are you a US resident for tax purposes?
Place of birth?
Primary source of wealth (Employment, business, investments)?
Employer?
Profession?

He then said he will "pass the information on to our team" and thanked me for my time.

My questions is this: is this just normal information collection? I.e. did ING get caught out in the royal commission fall out, i.e. not having sufficient KYC on their customers and are now scrambling to catch up? In other words, they didn't have some basic information about me even though I've been a customer for 10+ years?

Or am I being looked at specifically for AML/CTF/reporting to AUSTRAC and they are following the rule about not tipping off the person?

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Comments

  • [Deactivated] on 04/11/2018 - 08:16

    Comm bank are requesting address confirmation messages as well but can be confirmed online. I don't know the reason.

  • JIMB0 on 04/11/2018 - 08:39

    Do you cycle a lot of money through your account?

  • elgrande on 04/11/2018 - 08:41
    +14

    Sounds like your under investigation. Best to move your assests to somewhere safe. I will pass on my bank details.

  • Melb69 on 04/11/2018 - 09:17

    Are you laundering fund? Do you have high travel to destinations in Asia. Did sound odd, but the number is ING, so must just be checking your details. Although I don't know why they need your employment details. I don't think they need to know that.

  • amkssg on 04/11/2018 - 09:21

    It's for tax reasons. It's the same reason why you provide you TFN to the bank, failure which the bank is required to tax you at the highest rate.
    The bank just needs to be satisfied that you are not defrauding the ATO.
    There are a few possible reasons for why you were contacted, for example if you were not an Australian Resident when you open the account.

  • sleepy le beef on 04/11/2018 - 09:27

    Had to give NAB more info about residency for tax purposes but that was all done online.

  • resubaehtgnolhcs on 04/11/2018 - 09:43

    I recently opened two new accounts with other banks. I looked at ING and they asked for a lot more personal info (e.g. country of birth, proof of citizenship etc) than the other banks I opened accounts with. I am not sure why ING needed so much information - one of the banks I opened an account with only needed my DL number and I was done!

    • Marty-69 on 04/11/2018 - 11:13

      Maybe because they're a Europe based (Dutch) bank they have stricter rules and checks?

  • Mummy2 on 04/11/2018 - 12:00

    I've recently been thorough all this with my bank, HSBC, in the UK. I've had that bank account for over 20 years (and it's onky used for uk transactions). It seems like lots of banks are requesting all this additional info now.

  • EightImmortals on 04/11/2018 - 13:07

    So what happens if you decline their request for information that should not have anything to do with the service they are offering?

    • Randxyz123 on 04/11/2018 - 13:40

      So what happens if you decline their request for information that should not have anything to do with the service they are offering?

      Then they can decline to provide you with their banking services.

      I've had commbank ask similar questions.

      The only thing I'd say is to be very careful about clicking on "links" to provide additional information. Given this new requirement, there will be a bunch of scam emails to come.

      Always login from a new browser window and go to the website directly. If you can't find where to enter such info call the bank and say the link didn't work or something.

  • Scrooge McDuck on 04/11/2018 - 13:37
    +6

    In 2010 the US passed a law (FACTA) requiring all non-US financial institutions to report any US-people for tax purposes to the US Treasury. ING began asking all their customers questions about their US status at login some time after this. It seems like you haven't answered the question and ING are updating their records.

    tl;dr: Uncle Sam has his finger in everyone's pocket to make sure no one has any extra money.

  • bobbieb on 04/11/2018 - 16:02
    +4

    This is pretty normal. All of the banks - Australia and globally - are scrambling to comply with their CRS and FATCA obligations.

    The demands on Banks from the US through FATCA, and in-turn CRS from Europe, are fairly onerous - including some rather nasty penalties if the institution is perceived as not cooperating.

    • polol on 05/11/2018 - 22:04

      this is the correct answer

  • ozb10 on 04/11/2018 - 23:12

    I remember I reported to ING online a while ago. Not sure why you needed to call, maybe they changed the process.

  • petitejam on 05/11/2018 - 09:25

    Huh, if I got this I'd probably think it was a scam, nice to know it's not but nice to know that there could be scams like it. Well if I get one of these emails I'll know what to do.

  • Myone888 on 05/11/2018 - 12:11

    I closed my ING account last week. Too troublesome with all the USA questions!, especially when it’s nothing to do with us.

  • LFO on 05/11/2018 - 12:52

    Current Address?
    Are you a US resident for tax purposes?

    They have to ask. It's OK

    Place of birth?
    Primary source of wealth (Employment, business, investments)?
    Employer?
    Profession?

    They don't have to ask. Taken for a ride if you answered…

  • RXB1981 on 10/01/2020 - 12:28

    Hi John, how did this end up? Did ING follow it up further?

  • fujay on 29/09/2020 - 14:20

    I missed their call, so got an email, and message in ING website.
    On top of questioned listed here, they asked me certify my Drivers license, Passport and send them a copy.

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