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As regards rescreening for money laundering activities, I had a B & B offshore account in the IOM for many years, and was asked once during that period to reconfirm my identity and address details with notarised documents. This was unrelated to any activity in the account, which I deposited around 75k GBP in and just left there with nothing going in or out. So banks do sometimes carry out checks in mid-stream so to speak.

I has a similar request from Lloyds, they had a copy of my passport already but when it expired requested a certified copy of my new one.

So, you had become a different person ? - or, the same old git with an older face ?

jobsworths, creating work for work's sake. They had already satisfied the requirements of MLR - anything more was over-kill.

A couple of points, which are just my opinion:-

1. UK address. Vitally important to have one. No problem in having an overseas correspondence address as well. For the fun of it you could even regularly change your prime address just to keep the bank on it's toes . They don't really care where you live but MLR (or their interpretation of it) will drive their actions.

Especially if you want to remain liable for UK taxes.

I said, 'maintain a UK address' - I didn't say maintain a property.

I have a Barclay Off shore in the IOM and recently received a letter requesting Passport identitiy check and bills from my place in Thailand to continue using the service or the account could be closed.

Yes, this is SO annoying and unnecessary. It is also NOT required by the FSC of the Isle of Man.

Email these guys

http://www.gov.im/fsc/

And tell them about Barclays threatening you.

I have had great responses from them, unlike that shower of numbnuts over on Guernsey. They will even contact the bank if they think you are being treated unreasonably.

Otherwise change your bank, and inform both the FSC and Barclays, effectively you are being forced to go through the same bullshit required on opening an account. Know Your Customer, yeah OK, but If you haven't changed you address and there have been no significant changes in the use of the account, then you are dealing with some insignificant little bean-counter trying to justify his/her salary.

Or move your banking to Thailand, Singapore or Australia where so far I have not been hassled, get a much better service, higher interest rates with lower charges.

Edited June 25, 201115 yr by 12DrinkMore

I dont think they will allow iyou to change your address as they will want to know if you are a no longer resident in the UK.

If you are a non resident they will not allow you to open an account

if you already have an account then it shouldn't be a problem for normal accounts but if you want to open ISA's and certain investments that have tax implications then you may have issues

I have a Barclay Off shore in the IOM and recently received a letter requesting Passport identitiy check and bills from my place in Thailand to continue using the service or the account could be closed.

Or move your banking to Thailand, Singapore or Australia where so far I have not been hassled, get a much better service, higher interest rates with lower charges.

please share

not seen a single Thai bank that offers any sort of decent interest on savings

I have a Barclay Off shore in the IOM and recently received a letter requesting Passport identitiy check and bills from my place in Thailand to continue using the service or the account could be closed.

These are standard MLR requirements. Did they not ask for them previously - or has there been an address change.

The request is not unreasonable (if they have not had them before) but the modern-day threat to discontinue the service is heavy-handed and unnecessary.

A couple of points, which are just my opinion:-

1. UK address. Vitally important to have one. No problem in having an overseas correspondence address as well. For the fun of it you could even regularly change your prime address just to keep the bank on it's toes . They don't really care where you live but MLR (or their interpretation of it) will drive their actions.

Especially if you want to remain liable for UK taxes.

I said, 'maintain a UK address' - I didn't say maintain a property.

You don't need to maintain a property to be liable for tax.

Until recently under EUSD requirements you could be subject to witholding tax just by having a UK address, but now they have changed that to reporting only, but still the tax man will want to see you declaring what the bank reports.

Also with a UK address you could find yourself liable for IHT due to domicile issues.

I have a Barclay Off shore in the IOM and recently received a letter requesting Passport identitiy check and bills from my place in Thailand to continue using the service or the account could be closed.

Or move your banking to Thailand, Singapore or Australia where so far I have not been hassled, get a much better service, higher interest rates with lower charges.

please share

not seen a single Thai bank that offers any sort of decent interest on savings

Check out the thread

http://www.thaivisa....instant-access/

May not be huge 2.5% to 3.25%, but better than most of the UK offering.

Edited June 26, 201115 yr by 12DrinkMore

A couple of points, which are just my opinion:-

1. UK address. Vitally important to have one. No problem in having an overseas correspondence address as well. For the fun of it you could even regularly change your prime address just to keep the bank on it's toes . They don't really care where you live but MLR (or their interpretation of it) will drive their actions.

Especially if you want to remain liable for UK taxes.

I said, 'maintain a UK address' - I didn't say maintain a property.

You don't need to maintain a property to be liable for tax.

Until recently under EUSD requirements you could be subject to witholding tax just by having a UK address, but now they have changed that to reporting only, but still the tax man will want to see you declaring what the bank reports.

Also with a UK address you could find yourself liable for IHT due to domicile issues.

IHT on what ?

Having a UK correspondence address does not make you liable to tax.

Especially if you want to remain liable for UK taxes.

I said, 'maintain a UK address' - I didn't say maintain a property.

You don't need to maintain a property to be liable for tax.

Until recently under EUSD requirements you could be subject to witholding tax just by having a UK address, but now they have changed that to reporting only, but still the tax man will want to see you declaring what the bank reports.

Also with a UK address you could find yourself liable for IHT due to domicile issues.

IHT on what ?

Having a UK correspondence address does not make you liable to tax.

Maybe IHT doesn't concern you but there could be many expats that it does concern and having a UK address is not vitally important to them, quite the opposite.

Not when the EUSD rules change this coming Friday it wont automatically mean being liable to tax with a UK correspondence address, but it does mean that the UK tax man will know more about your funds than you might want him to know.