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Monzo/banks have an obligation to do “Know Your Customer” to avoid money laundering. They historically had very lax rules which meant they could sign anyone up but got slapped in the end of July for breaches. I think they’re moving to tighten up to avoid further slapping.
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That's obviously the way they've decided to do their KYC. You may not legally have to provide it (they could employ other routes) but if you refuse they can drop you as a customer as not passing their vetting.
They aren't the only one asking for similar details. If you want to avoid it you've probably got a better chance with a traditional bank where you can open an account in branch.
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Legally, you don't have to give them anything. But Monzo are also not legally bound to give you a bank account, and can decide who to give accounts to based on the risk. And Know Your Customer / Anti Money Laundering (KYC/AML) regulations say they should ask for proof of ID.
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BCarley
aggi
Drakien
@greeno
Monzo turning the screw on this. Do you legally have to supply your salary, job details and tax residency info to a bank?
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