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Has Due diligence - bank requesting copy invoices

Due diligence - bank requesting copy invoices

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Our bank has asked me to provide copy invoices and documentation for many receipts and payment made / received over the past year, and to provide the reasons for making a range of payments including suppliers and salary payments to employees. I am interested to know if  this is a common request because I have never had to provide this information before?

Many thanks


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By lionofludesch
15th Jul 2019 16:25

I've never heard of this.

Have you asked what business it is of theirs ? They could have a good reason.

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By tom123
15th Jul 2019 16:36

If this is 'your' bank, it sounds to me like you are under some kind of 'special measures' or 'business support'.

Is the company in difficulty?

Have you confirmed there is no possibility of this being a scam?

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By Wanderer
15th Jul 2019 16:39

Never heard of this.

Which bank?

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By kiwilondon99
15th Jul 2019 16:48

yes - which bank ~? your main Bank, or ....

is it part of an invoice discounting facility for example, which requires you to provide copy data to ensure complaince with the funding faciltiy?

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By Debbiejw
17th Jul 2019 09:40

Hello , thank you for your feedback. We are not under special measures and we do not factor our invoices. The "audit" is referred to as enhanced due diligence. The bank is a European bank and I suspect the exercise may be due to the restructuring of the bank in preparation for Brexit.

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