CHOICE membership

Does my bank or credit card provider REALLY need to know?


#1

I received an email a couple of days ago from my credit card provider. It stated in part:

In order to meet our regulatory obligations and improve the quality of our service, we are required to update some of the details we hold in relation to your [credit card] with Card Number ending xxx.

Our records indicate that the following information we hold may not be up-to-date, and we ask that you confirm and update it by 15 December 2018:

• Nationality

• Occupation

Please log-in to the Online Service Centre where you can provide us with this information through secure messaging by visiting [insert website here] and:

  1.  Log-in using your username and password
    
  2.  Select the Card ending in xxxx
    
  3.  Click "My Messages"
    
  4.  Click "Compose" and select "Feedback/General enquiry" from the drop-down menu
    
  5.  Type "Enhancement", your nationality and your occupation
    
  6.  Click "Submit"
    

Seriously? One, they haven’t got the setup to collect this information. Two, under what law are they ‘required’ to collect it? The email states near the end, as part of an FAQ:

In accordance with Anti-Money Laundering and Counter-Terrorism Financing regulations and [insert provider name here] [policy name] policies, we are required to have accurate and up-to-date information about all our customers.

This may include, but not limited to, full name, date of birth, residential address, occupation and nationality. We may also ask further information from you such as your mother’s maiden name, email address and mobile number which will help us identify and/or contact you in the future, where necessary.

Another FAQ states:

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 require all Australian Financial Institutions to complete adequate due diligence on all customers. Part of this process is taking steps to maintain our records of your personal information.

Can anyone advise whether this is a scam to get more information about the provider’s customers, or if there is a legitimate requirement? I’m almost tempted to say that I’m an unemployed pimp, of African extraction (a couple of hundred thousand years ago, perhaps - but…).


Residency Tax Disclosure (Questions from Banks/Card Issuers)
#2

16 posts were merged into an existing topic: Residency Tax Disclosure


#3