I've recently made a couple of changes to the bank mandate for our residents management company bank account. Now the bank has asked me to submit personal details forms for five out of the nine shareholders, none of whom are signatories to the account, and each of which owns 1 share out of 9. I assume they arlready hold details of the remainder. Thebank says that this is required under the MLR REgs, ie to persons who have a significant involvement to an entity. Is this a normal experience, because it seems unnecessarily intrusive to my mind.
Replies (2)
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I have to say I regard that as OTT. I do not think the statutory requirements are behind this - I suspect it is just the practice of the bank.
David
This increasingly seems to be the approach by the banks. Sounds as if it wasn't the Co-Op - they would have asked you for all 9!