I have asked to verify income sources and provide bank statements, P60 and other tax details.
I am concerned about the security of this information if provided to Revolut.
What is this information used for?
Verify income source
beeare
#1
Verify income source ~ again?
Macca
#2
I would assume with Revolut being a financial institution, it’s to do with money laundering regulations to make sure funds are genuine and legally obtained
AndreasK
#3
Hi @beeare,
Due to the sensitive nature of our work, which involves moving large amounts of funds on a daily basis, we are obliged to comply with government regulations regarding money laundering, fraud or even terrorism funding. Once we can safely determine the source of the funds being uploaded and passed through our system, we can raise your top up limits to ensure you can continue to use our service without any issue.
We understand that it is a hassle to have to provide this documentation, and we also understand that this is highly sensitive information, which is why we ensure to comply with all relevant data protection and data privacy regulations and EU directives.
Be sure to let us know if you have further questions on this.
Cannot verify account, need help!
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Macca
#5
I would assume they would use it in exactly the same way as pretty much all financial institutions have to by law i.e checking against various risk databases (both national and international) to make sure you are exactly who you say you are and that money being transacted has not been gained by, nor will be used for, ill means (criminal activity, money laundering, terrorism finance etc)