Business account onboarding process

Hi all,

I’ve got a Monzo personal account but want to switch my business account away from NatWest (the Business Banking Switch programme). With Monzo not being ready yet I’ve just tried Starling but their onboarding process is asking me for a surprising amount of information, some of which I don’t think is relevant.

What is the situation with Monzo - do they ask for things like names of clients, personal LinkedIn profiles?

Thanks.

Could you please provide some example what information do you think is not relevant for the bank to know?

Names of clients, names of suppliers, personal LinkedIn profiles, business plans. Just to be clear, it’s Starling asking for this - was just interested what Monzo Business asks for by way of comparison as I’ll probably just wait for that to come online now.

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That does seem a bit excessive to open a Business Account.

I never had to do anything like that when I opened one, albeit about 10 or so years ago!

Thanks, I thought the same and told them to leave it!

Monzo asked relevant questions about company registration details, persons with significant control, turnover, time in business, type of business activities etc. As far as I can recall everything was relevant to account opening but they certainly didn’t ask for names of clients or a business plan.

I’ve opened account in Starling just couple of weeks ago and wasn’t asked such questions. Had same type of questions as mentioned by @projectfortytwo