Letter from Sabadell bank .

Posted: Thu Dec 21, 2023 12:38am

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Wilj

Posts: 16

Location: Torrevieja

Joined: 20 Oct 2021

Before I begin I would like to wish everyone a very happy Christmas and also a happy and healthy New Year.

Today My wife received a letter from Sabadell Bank Titled : Request for Mandatory Information.It says Documentary proof of Professional Activity is required.And they would like an answer within 30 days.The documents accepted as proof of your/in this case my wifes professional activity,1 a recent payslip.We are both retired ages 77 and 78, 2 an employment contract,3 a recent form 037 (registration of activity) 4 Pension, benefit or unemployment certificates ,or the equivalent document in your country of tax residence.Has anyone received a similar demand from the bank and could they please advise me of how to reply and what are the British equivalent of the forms they need.

Thank you Torrevieja forum members.

Ps. If they do not receive the information within a stipulated time I suspect they will freeze our account and not pay our bills .Why are Spanish banks so troublesome?

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Posted: Thu Dec 21, 2023 8:31am

John123456

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Posts: 1464

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Location: Benidorm

Joined: 27 Feb 2021

Posted: Thu Dec 21, 2023 8:31am

Merry Christmas and a very Happy New Year to you!

There has been a couple of other posts similar to that of yours within the last two weeks.

Banks are a business, and the more money depositors put in, the better. According to the bank’s intention, they will not even ask for these financial proof of income or identity. It’s just that the law says so and they have to comply. If someone uses the convenience of the bank to launder money, then the bank is also responsible. Banks can also be subject to huge fines. So the banks have become very strict in order to avoid liability. The first link below will provide a full explanation.

Around March or April of each year you will receive notification from DWP (assuming you are British) providing a statement of the amonunt of state retirement pension due to you both. This document will be proof of income. If you have private pensions the yearly notification from the pension provider will prove your income from these sources also. The second link below provides a full list of documents acceptable as proof of income.

Yes, the bank will suspend your account if they do not receive the infornation within the set timescale.

https://www.lawhub.es/anti-money-laundering-law-why-banks-require-proof-of-income/

https://www.bancsabadell.com/cs/Satellite/SabAtl/Required-documentation/1191359578138/en/SVMyFinances.init.bs

Posted: Thu Dec 21, 2023 9:22am

Anne1939

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Posts: 376

375 helpful points

Location: La Marina

Joined: 18 Aug 2020

Posted: Thu Dec 21, 2023 9:22am

Hi, you are not alone, many customers of the bank have received the letter. Have a look on this thread:

Sabadell bank asking for details of income

Hope this helps

Regards

Anne

Posted: Thu Dec 21, 2023 12:53pm

Wilj

Original Poster

Posts: 16

Location: Torrevieja

Joined: 20 Oct 2021

Posted: Thu Dec 21, 2023 12:53pm

John123456 wrote on Thu Dec 21, 2023 8:31am:
Merry Christmas and a very Happy New Year to you!
There has been a couple of other posts similar to that of yours within the last two weeks.

Read more...

Banks are a business, and the more money depositors put in, the better. According to the bank’s intention, they will not even ask for these financial proof of income or identity. It’s just that the law says so and they have to comply. If someone uses the convenience of the bank to launder money, then the bank is also responsible. Banks can also be subject to huge fines. So the banks have become very strict in order to avoid liability. The first link below will provide a full explanation.
Around March or April of each year you will receive notification from DWP (assuming you are British) providing a statement of the amonunt of state retirement pension due to you both. This document will be proof of income. If you have private pensions the yearly notification from the pension provider will prove your income from these sources also. The second link below provides a full list of documents acceptable as proof of income.
Yes, the bank will suspend your account if they do not receive the infornation within the set timescale.
https://www.lawhub.es/anti-money-laundering-law-why-banks-require-proof-of-income/
https://www.bancsabadell.com/cs/Satellite/SabAtl/Required-documentation/1191359578138/en/SVMyFinances.init.bs

Thank you John123456 for your reply. My wife has found her HM Revenue and Customs Tax code notice will this letter be sufficient to send to Sabadell.I am going to send it by post if it is as I do not know how to send it with my computer. Basically I do not know how to upload documents etc.

Best wishes.

Wilj.

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Posted: Thu Dec 21, 2023 12:57pm

Wilj

Original Poster

Posts: 16

Location: Torrevieja

Joined: 20 Oct 2021

Posted: Thu Dec 21, 2023 12:57pm

Anne1939 wrote on Thu Dec 21, 2023 9:22am:
Hi, you are not alone, many customers of the bank have received the letter. Have a look on this thread:
Sabadell bank asking for details of income

Read more...

Hope this helps
Regards
Anne

Hello Anne1939.Thank you for replying to my message so quickly.I have also had a reply from John 123456. Thank you both.

Best wishes Wilj.

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Posted: Thu Dec 21, 2023 6:29pm

alanandsue

Posts: 19

29 helpful points

Location: Torrevieja

Joined: 23 Apr 2019

Posted: Thu Dec 21, 2023 6:29pm

John123456 wrote on Thu Dec 21, 2023 8:31am:
Merry Christmas and a very Happy New Year to you!
There has been a couple of other posts similar to that of yours within the last two weeks.

Read more...

Banks are a business, and the more money depositors put in, the better. According to the bank’s intention, they will not even ask for these financial proof of income or identity. It’s just that the law says so and they have to comply. If someone uses the convenience of the bank to launder money, then the bank is also responsible. Banks can also be subject to huge fines. So the banks have become very strict in order to avoid liability. The first link below will provide a full explanation.
Around March or April of each year you will receive notification from DWP (assuming you are British) providing a statement of the amonunt of state retirement pension due to you both. This document will be proof of income. If you have private pensions the yearly notification from the pension provider will prove your income from these sources also. The second link below provides a full list of documents acceptable as proof of income.
Yes, the bank will suspend your account if they do not receive the infornation within the set timescale.
https://www.lawhub.es/anti-money-laundering-law-why-banks-require-proof-of-income/
https://www.bancsabadell.com/cs/Satellite/SabAtl/Required-documentation/1191359578138/en/SVMyFinances.init.bs

Hi all- John is quite right- for my sins I'm a UK based Chartered Accountant (unhinged!!) and I received this threatening doom if I did not reply. My governing body requires all CAs to update client details regularly- I'd expect Sabadell are just doing something similar. Technically it's anti money-laundering.

Despite my age (72) I'm still operating but as a Limited Company- hence I am employed as a Director.. I was concerned about self-certification so I generated a letter signed off by my wife (Company Secretary and co-Director) attached my November salary advice and uploaded as instructed.

All well and good..... but I've heard nothing from Sabadell. Has anyone?

Reply

Posted: Fri Dec 22, 2023 8:00am

RonTT

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Posts: 284

230 helpful points

Location: Santa Pola

Joined: 26 Nov 2022

Posted: Fri Dec 22, 2023 8:00am

Does anyone know if WISE require similar proof of where monies are coming from, i am UK resident with WISE dual currency account with Belgian IBAN.

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Posted: Fri Dec 22, 2023 8:35am

marcliff

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Posts: 1702

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Location: Rojales

Joined: 5 Jan 2023

Posted: Fri Dec 22, 2023 8:35am

RonTT wrote on Fri Dec 22, 2023 8:00am:
Does anyone know if WISE require similar proof of where monies are coming from, i am UK resident with WISE dual currency account with Belgian IBAN.

It's been asked before and seems no as Wise is not classed as a bank, it is a money services provider.

Posted: Fri Dec 22, 2023 9:37am

John123456

Super helpful member

Posts: 1464

1065 helpful points

Location: Benidorm

Joined: 27 Feb 2021

Posted: Fri Dec 22, 2023 9:37am

The following is taken from information available from on Wise Help Centre website:

"When you open a bank account, you usually need to take some ID into the bank branch. Wise is no different. We’re a financial institution, so we need to know who’s using our service. It helps us combat money laundering, and keep everyone’s money safe.

So depending on where you’re sending money from, and how much you send, we’ll ask for you to verify your identity."

https://wise.com/help/

Posted: Fri Dec 22, 2023 9:41pm

Anne1939

Helpful member

Posts: 376

375 helpful points

Location: La Marina

Joined: 18 Aug 2020

Posted: Fri Dec 22, 2023 9:41pm

alanandsue wrote on Thu Dec 21, 2023 6:29pm:
Hi all- John is quite right- for my sins I'm a UK based Chartered Accountant (unhinged!!) and I received this threatening doom if I did not reply. My governing body requires all CAs to update client details regularly- I'd expect Sabadell are just doing something similar. Technically it's an...

Read more...

...ti money-laundering.
Despite my age (72) I'm still operating but as a Limited Company- hence I am employed as a Director.. I was concerned about self-certification so I generated a letter signed off by my wife (Company Secretary and co-Director) attached my November salary advice and uploaded as instructed.
All well and good..... but I've heard nothing from Sabadell. Has anyone?

Hi …after following the advice of Kenneth1, I emailed my documents to my branch and asked for a receipt, which I received the same day. The bank also confirmed that my account had been updated.

If you submit the documentation via Sabadell’s online banking, I’m not sure if they will send confirmation. Hopefully another forum member may know the answer.

Regards

Anne