A conversation I’ve had a few hundred times: Bank: “We need a document about your for KYC purposes.” Me: “I am happy to provide that but... it will be in a language you probably can’t read.” Bank: “That’s highly irregular.”
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(Folks who know me very well know that I have a longstanding relationship with a Japanese bank and might wonder how they get through this... and the answer is, reportedly:
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“Oh don’t worry Mr. McKenzie one of the girls at HQ did a homestay in Australia so when we ask you for e.g. the tax returns for your company we just messenger them to her and ask if they look plausible.”)
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Which is, if you’ll excuse me, absolutely nuts, but the point of that bank asking me for documentation is to prove if asked by regulators “Why of course we asked for documentation and Mr. McKenzie helpfully provided it.”
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End of conversation
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