Revolut - "We're required by law to keep your records up to date" - request for updated identity docs

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podgerodge

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Revolut asking me for up to date passport or similar updated ID, or I "won't be able to top up your account via card" etc.

They say they are "required by law to keep your records up to date".

I don't have an issue with this, but am curious, as I don't recall being asked to keep identity documentation up to date with AIB, BOI etc., and presume same law applies to them on KYC?
 
podgerodge said:
Hmm yes I'd say so, as my previous passport expired a couple of months ago.
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Sorry, I led you astray, mixing up my account with a separate verification issue on my wife's account. It was PPSN that they had to collect after change of entity / country.

Your issue is the expired Passport. Revolut seem to automatically seek new ID when the document used in previous verification has expired. And you're correct, the Irish banks don't do this.

Just make sure you only ever respond to messages within the Revolut app.
 
RedOnion said:
Your issue is the expired Passport. Revolut seem to automatically seek new ID when the document used in previous verification has expired. And you're correct, the Irish banks don't do this.
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This is gas. It's been drummed into accountants for years that we must update ID whenever a passport or drivers licence goes out of date.
 
podgerodge said:
So I guess my point then is how Revolut are subject to a law that Irish banks are not?
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It's the same law, or at least stems from the same EU Directive.

Here all Banks are required to take a 'risk based approach'. For the most part, Banks will only seek new identification when they enter into a new relationship with the customer (e.g. taking out a new product), but there are other circumstances as well.

Revolut seem to have taken a different approach, or might be subject to stricter regulation based on where they are / were licenced. For example the central bank guidance in Lithuania is that new ID must be obtained when the customer document expires. Maybe if the national guidance differs across the countries that Revolut operate in, they implemented the most strict controls for all countries rather than developing different rules.

I'm not close enough to this area to bluff any further! :)
 
I don't recall PTSB ever contacting me unilaterally like that (and my passport is years out of date as this stage) but they did insist on collecting updated identification info (driving license, PPSN, proof of address) when I did a large SWIFT transfer in branch a year or two ago.
 
Both the credit union and Ulster bank asked us for ID's at various stages. Out of the blue and not related to doing something. Our foreign bank doesn't need to ask us, if our ID goes out of date we get a warning on the bank machine and if you don't stick in your new ID your banking will be blocked.
 
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