Revolut wants PPS number

I am having trouble providing my PPS number on the Revolut App - I cannot see where you can input the number. Any help would be appreciated.
 
NoRegretsCoyote said:
I think this just proves my point. Revolut allowed you to open two accounts in the first place and then cleaned up after the fact.

I doubt that AIB (for example) would allow you to open a second current account if you already had one with them.
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What is it about two accounts. I have at least 4 individual accts with B of I and 2 joint accts.
 
This is from revolut page. :Revolut is required to collect your Personal Public Service Number (PPSN) when a credit application is being completed. This is required by the Central Bank of Ireland’s Central Credit Register for customer identification. If your loan is approved we will need you to verify your PPSN before you can access your money.
So reading this unless you are looking for credit they shouldn't be requesting a PPS number.
 
I have read and understand to join them they may require this information, but for existing customers seeking credit this is a requirement according to the above statement.
 
horse7 said:
I have read and understand to join them they may require this information, but for existing customers seeking credit this is a requirement according to the above statement.
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Even after becoming a customer of a financial institution and having initially provided identity, tax (PPSN), address info etc. the financial institution may, from time to time or in specific circumstances, request this info again to keep their records up to date. They're required to do so under anti money laundering and know your customer regulations. There's nothing odd about a financial institution checking a customer's PPSN. Obviously only ever give such info out when you're absolutely sure that the request is from a legitimate source.
 
ClubMan said:
They're required to do so under anti money laundering and know your customer regulations.
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Also bear in mind that tax authorities within the EU share data all the time and tax identification numbers such as PPSNs are used to identify, for example, people who are receiving deposit interest in another country and not declaring it in their country of residence.
 
My understanding, perhaps incorrect, has always been that the banks are obliged to ask for your PPSN and having done so fulfil their obligation. I've declined to provide it to a bank in the past and it didn't cause me any issues. My wife just ignored the Revolut requests and they've stopped asking.
 
Nobody has made a comment on this revolut statement that only concerns credit.
 
horse7 said:
Nobody has made a comment on this revolut statement that only concerns credit.
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Yes, because it's not relevant to a discussion about a bank account.

Here's the relevant statement from revolut:

"Revolut is required to obtain self-certification from customers on following information under FATCA/CRS:

Name
Resident address
Date of birth
Tax residencies: Jurisdiction(s) of tax residence. You're typically considered a tax resident in countries where you pay taxes or are physically present for at least six months of a year.
Taxpayer Identification Number (TIN) with respect to each tax residency"

A PPSN is the Irish TIN
 

An interesting sentence in that report:-


Sounds like it's time for the Regulator to pull up his (or her) boxers!
 
This is correct. The PPSN request has nothing to do with AML, it's a requirement under tax regs for financial institutions to request it where the account in question is interest-earning. There's no obligation to provide it, although some institutions insist.



You might have stumbled on the Revolut issue inadvertently. My understanding is that TIN is only required for CRS purposes where the customer is a tax resident in another jurisdiction, and that the TIN required is for the other jurisdiction. Revolut might actually have an issue here because many of their accounts are actually located in Lithuania or the UK, so their Irish customers might be deemed to be tax resident in another jurisdiction (Ireland).
 
It seems to me that there are a number of circumstances in which a bank will need to have your PPSN
  • Deposit Interest payable
  • Mortgage
  • Credit Card
  • Loans, Overdrafts and any other credit applications/updates
  • CRS & FATCA
The wishy washy CBI language notwithstanding, it makes sense to me that the banks would gather and verify your PPSN along with the AML documentation at the time your account is being opened, or based on periodic review to fill gaps for existing customers. It's easier for everybody than having to check it every time an additional account or facility is required or one of the above circumstances arises. I certainly have no difficulty giving my PPSN to a recognised financial institution and updated my Revolut account on request.

When the PPSN (or RSI number as it was called) was first introduced 45 years ago, the enabling legislation ensured that there was a very short list of people who could legally request it and retain it. That list has grown exponentially over the years and those allowed/required to request and retain you PPSN now extends far beyond the original duo of Revenue and Social Welfare. The reality of the world we live in and the way it operates is that the PPSN is the only viable unique identifier for interactions with state services and underpins many valuable services like revenue collection, welfare distribution, fraud avoidance and detection etc. Like many others, I certainly do have concerns about scope creep and the potential for abuse, however the biggest potential threat comes from the vast amount of information the state holds, and it's ability to aggregate such data. For those who worry about privacy that's a far greater risk than some micky mouse payments outfit.
 
My wife is getting asked for more & more detailed financial documentation from Revolut.
Can anyone offer advice? I have never experienced this level of documentation demands in the many accounts we have opened with other institutions.
She's had Revolut for 5+ years. All fine. PAYE worker. Nothing out of the ordinary.
  • Mid-Mar'23: Revolut must have asked for some documents & we sent it. They then said "Thanks for verifying your income. We've finished reviewing your submission and everything is in order!"
  • Then sometime over the summer they "contacted you asking you to send us some up-to-date information". My wife isn't the most responsive on financial matters... so ignored it.
  • Sep'23: they restricted her a/c, and asked for any 2 of the following:
    • 2 recent consecutive payslips showing ER name, EE name, period, and amounts
    • Recent bank statement confirming receipt of salary
    • Work contract dated & signed by ER & EE, stating duration of employment, salary &/or additional benefits
  • 6-Dec'23: again my missus is not the most responsive for financial matters... sort of falls to me
    • I sent the payslips and bank statement. I chose Sept as that was our most recent joint current account statement.
  • 7-Dec'23: Revolut came back and have asked now for:
    • Recent one full month payslip (with details as above)
    • Latest Tax Return Statement or Tax Declaration
    • Letter from your employer confirming your salary
    • Work contract (with details as above)
That strikes me as excessively intrusive.

Again... nothing like our experience with any other financial institute. No even remotely in the same ballpark.

What are my wife's options?
Is there any value in complaining to the Financial Regulator?
 
It's the financial regulator that requires banks to obtain this information to stop money laundering

Explainer - Why must I prove my identity when obtaining a financial services product?

When you apply for certain financial services products (e.g. opening a bank account), you will be asked to verify your identity. Read more here
www.centralbank.ie

You can try and challenge it but Revolut will claim they are just following their normal procedures. The fact that they have not received a timely response has raised suspicions.

I'd be inclined to see how things went with a timely response.
 
Just a note about Revolut - my sister has been closing all of her deceased husbands accounts etc.
Out of Bank of Ireland / Credit Union/ Ulster Bank and AIB......Revolut were the easiest, most sympathetic and quickest company to deal with.

A major thumbs up to them for their processing in relation to deceased accounts. Sorry a bit off topic.
 
sector_001 said:
That strikes me as excessively intrusive.

Again... nothing like our experience with any other financial institute. No even remotely in the same ballpark.

What are my wife's options?
Is there any value in complaining to the Financial Regulator?
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It's likely that some activity on her account has raised an alert somewhere. There can be flags for unusual numbers of transactions, certain types of transactions, transfers to certain people/countries, etc. It's also possible that they do random verification.

The work contract request is unusual but all the other documents are normal.

Waiting months to reply to these is not helping matters. I'm surprised they haven't frozen or closed her account.

Is she getting her wages paid into the account? Did she apply for a Revolut loan/credit card?
 
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