Amex Platinum Card – KYC (ID and financial checks)

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  • MartynSinclair

    From American Express in response to my queries and questions about providing copies of my tax return for KYC, the relevant paragraphs……

    “As a regulated financial services company, American Express has obligations that it is required to meet deriving from the 4th, 5th and 6th Money Laundering Directives. These obligations include refreshing data points that we hold on our customers on a periodic basis, ensuring we know who our customers are, and that we are lending responsibly to all of our customers based on their circumstances. American Express stores all data securely and will only use any data collected for the reasons we are expressly permitted to do by regulation.

    In order to periodically refresh data points, where we are otherwise unable to do so internally, we will reach out to customers to ask them to provide information – as was the case on your account. American Express have agreed specific documentation for proof of identification and proof of address. Regarding proof of income, they have agreed to accept for employed Card Members, a bank statement and payslip and for self-employed Card Members we require a tax return and bank statement.”

    So now I know why and have to accept a copy of my tax returns may again be needed in the future if I wish to retain the card…


    Martyn – thank you for the clarification. However, the 6th Directive does not apply in the UK, and the 5th is in relation to combating criminal activity (hopefully does not apply to you😉).

    So we are left with the 4th Directive, which has been around for some time. It looks to me, from the second paragraph that Amex have had their “fingers burnt” in recent times, hence the ratcheting up of the info they require (really nothing to do with the new Directives). I suppose every organisation that offers credit is entitled to set their own rules for what info their customers have to supply to be able to join (or continue as customers).

    Reluctantly, I must admit that is their right.

    2 users thanked author for this post.


    Well, if you’re self-employed, that’s a whole new ballgame. I remember jumping through hoops thirty years ago to get a lease on a copy machine for our new business. “Self-employed” is a much-abused status in the US. CC issuers need (and should) verify income on a regular basis; a bank statement has traditionally been adequate. I believe that you travel extensively ‘around the world’, and you state that AmEx is your major card. Combine self-employment with high spending, and AmEx’ computers woke up one day on full alert. The way they threatened you with suspension mid-trip would make me an ex-customer ASAP. You might want to look at Chase’ top card, I’ve not had a single hiccup since they introduced the card, their rewards program is great, and when you call, a human being answers the phone. Chase has been out to eat AmEx’ lunch for years, and I am very confident in their Customer Service.


    [quote quote=1340724]Chase has been out to eat AmEx’ lunch for years, and I am very confident in their Customer Service.[/quote]

    I think the main attraction of Amex for the frequent fliers on this forum is the Avios points that come with the BA-Amex cards, particularly using the annual BA 2-4-1 voucher halving the number of points needed for (up to) two people. It certainly is for me.

    1 user thanked author for this post.


    We had a similar problem with our business bank account last year, ridiculously intrusive questions.

    We now have a different bank.


    We also. Over the past 3 years HSBC has become increasing difficult to satisfy in their ‘annual business account revue’. It seems to matter not a jot that we have been with them for 45 years.
    This probably stems in part from a knee jerk reaction the huge fines that they have been hit with around the world for blatantly disregarding business banking regulations

    Standard Chartered are much easier to satisfy.


    [postquote quote=1342753]

    we had the same last year with HSBC, despite 35+ years with them, we moved also

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