Not technically Monzo related but


(Adam) #1

So, I’ve just asked my employer to change my bank details. They’re asking for written confirmation of my account number and sort code?

I asked if this was specifically because this was a Monzo account and they said no, it’s a requirement for all employees as a money laundering regulation?!? Has anybody ever heard of this…

Thinking back to when I started they took a photocopy of my Halifax account which has my account number and sort code on.

They’re insistent, I’ve offered to show them the app with my details but they’re having none of it.

I don’t know enough at this stage to argue with them, is there any such money laundering responsibilities that an employer has to follow strictly in terms of this?

Hopefully somebody can help. It’s a medium sized company with about 3000 employees.


(Andre Borie) #2

To me this smells like bullshit, I wonder if their system is just not up to date and they’re using this as an excuse to put the fault on you knowing full well that Monzo doesn’t provide printed statements, so the fault is on you for not providing it and so they don’t have to update their system to recognise the new sort code.


(Nathan) #3

How can they prevent money laundering this way? when their role is to pay you and not the bank/authority regulating how you make your money and what you do with it, this sounds absolutely wild. :triumph:

If I’m missing something, someone educate me please!


(Andre Borie) #4

I guess by not paying their employees (with dirty money) they are preventing themselves from laundering money. :joy:


(Adam) #5

I always thought the onus was on the bank to make relevant checks to prevent money laundering! Hence the ID verification with Monzo.

Where and what I do with my money is of no interest to my employer surely? Their only responsibility is to pay me, into an account of my choice?!


(Nathan) #6

sigh :frowning_face:


(Patrick) #7

My old employer did this - they would accept a screenshot of your online banking or app though.

I always found it bizarre because paper statements and screenshots would be incredibly easy to forge.

My current employer doesn’t require any evidence and allows you to change your bank details yourself via an online portal.


(Andre Borie) #8

Still wondering what they were trying to protect against in the first place - I mean what’s the worst case scenario? That you’ll be giving away your monthly pay check to someone else’s account? In this case I doubt this “someone else” will complain.


(Adam) #9

I’m still trying to get my head around it too.

So I give them incorrect details, worst case scenario it gets bounced back or credits to somebody else’s account - my problem to deal with not theirs.

I don’t understand the money laundering quote, who money launders only £1400 a month? :joy: why would you have your legitimate salary money laundered? It’s baffling me.

Maybe it’s just time to get another job :thinking:


(Ian Lyon) #10

This doesn’t sound right at all :thinking:

In every job I’ve ever had, I’ve just given them the account details and they’ve set it up on their systems - simple as that :man_shrugging:


( related to Monzo CEO, Investor in Monzo ) #11

@Acooke13
"So, I’ve just asked my employer to change my bank details. They’re asking for written confirmation of my account number and sort code? "

I would assume that this is more to do with them paying you into a bank account that you have given them the details to so its not their responsibility if you provide the incorrect details. - and they then have proof that you asked them to pay your salary to a particular account

Just type out on word - print out and present

  • as requested my bank details for further salary payments from 01/11/2017 are -

Employee name / any number / maybe NI number ?

Monzo Bank
230 City Rd, London EC1V 2QY
sort code 04-00-04
account name
account number - 00000000

and sign it

hand it to them - job done - keep copy for your records of info provided so you know you provided correct details


#12

This is nonsense.

When my employer asked for my bank details, when I joined, I wrote the account and sort code numbers on their form.

Sounds like someone is wielding the little bit of officious power they have. Just like some bouncers, Doctors’ receptionists and first-line IT support. When it would be so much easier to help.


(Wayne) #13

Where I used to work required bank details changes on paper with bank details, my info and me signing it. Was a bit strange. It was a big company I worked for too.


(Max Walker) #14

Whilst it does seem a bit over the top, I guess they might just be trying to create a paper trail. Where I work always requests you put it in writing and I thought that was a bit silly, however, my friend attempted to update his details and muffed it up, at which point that papertrail made it much easier to work out that he had made a mistake with his account number.

I guess it might just be for certainty, if they see it written down and have a copy then there can’t be a mistake such as a misheard number over the telephone. Money laundering thing is probably a lie though.


(Adam) #15

I sent an email with the details and they’re asking for proof of the account. I sent a screenshot of the app with my account number and sort code, which also includes my full name. That’s not good enough. An account opening letter please, I don’t have one. Then you’ll have to get one.

:thinking: does anybody have any legal guidance on this? I’m not giving up!


#16

I’m struggling to understand why they need this if the account number and sort code is valid?


(Adam) #17

I have just specifically asked them if it’s because they don’t recognise the sort code.

If that is the case I’d rather they just told me rather than try and fob me off…!


#18

Good call. Sounds like they’ve not updated their info from BACS, hence why they don’t recognise it.


(PhilB) #19

AIUI unless they’re in one of the business areas here (or under one of the additional supervisory authorities listed) https://www.gov.uk/guidance/money-laundering-regulations-who-needs-to-register then they have absolutely no AML obligations (absent some sort of suspicion?) to begin with - does your employer fall into these areas?


(Chris) #20

Hey Adam,

Are you a member of a trade union? If so, contact them, if not I’ve got some of my old Unison stuff lying around and I can attempt to lend you a hand that way.