N26 Bank asks for too much information

[Bonapartis]

Hello!

Basically I’m a bit worried because N26 asks for too much personal information out of nowhere.

I had banks asking me for private information before and I provided it to them but N26 took it to the next level.

They are asking where the money from Stripe and PayPal (about 100K) came from and what’s my connection with my supplier, and my advertising platform which is not an issue to share.

Then they ask for a payslip and proof of business, the purpose of my N26 account, a tax income notice, a legal document (proof of sale or purchase), occupation and name of employer, and many more documents. Some of those I don’t want to share with N26.

If I don’t provide it to them they say they will take action against my account? What exactly do they mean?

The date that I can provide the information already passed but nothing happened to my account. Did they forget about me?

I have multiple banks so I don't care if they just close my bank account but I'm scared if they escalate things further than that?

 

[BellaOnlyPromo]

Hello!

Basically I’m a bit worried because N26 asks for too much personal information out of nowhere.

I had banks asking me for private information before and I provided it to them but N26 took it to the next level.

They are asking where the money from Stripe and PayPal (about 100K) came from and what’s my connection with my supplier, and my advertising platform which is not an issue to share.

Then they ask for a payslip and proof of business, the purpose of my N26 account, a tax income notice, a legal document (proof of sale or purchase), occupation and name of employer, and many more documents. Some of those I don’t want to share with N26.

If I don’t provide it to them they say they will take action against my account? What exactly do they mean?

The date that I can provide the information already passed but nothing happened to my account. Did they forget about me?

I have multiple banks so I don't care if they just close my bank account but I'm scared if they escalate things further than that?

They did not forget about you.

They are collecting all the data and filing a report to authorities as we speak and account will most likely going to be shutdown in very near future to avoid any legal trouble as you are not worth the risk for them.

You may hear from police afterwards if you refuse to submit the documents they asked.

 

[lucky.sparks]

You may hear from police afterwards if you refuse to submit the documents they asked.

Why are you trolling OP? he has a legitimate question, there is no need to give absurd answers like these just to troll.

To OP: In absolute worst case scenario account will be closed, and no other authorities be involved unless it is very clear to bank you are trafficking humans or supporting terrorism(or anything else of such level)

 

[Fiducia]

Being a registered bank obliged to rules and regulations, N26 will just report to Schufa, tax authorities and other banks. You have nothing to fear, do you?

 

[Juhku]

N26 is a German bank.
Banks in the EU legally have to ask those things. If they don't, they can/will lose their banking license.

Nothing out of the ordinary - just provide them the things they want and all is good.

If you don't provide them the information they're asking, they can close your account and/or freeze the funds depending on the situation.

They also legally have to report your account information to the German tax authorities. If you live in a country that has a treaty with Germany, the German tax authorities will also share that information with your local tax authorities, and you'll most likely get a request from them to explain those exact same things.

 

[roydan]

Banks don't care where your money come from, but they are responsible by regulators to make sure nothing illegal happens.

You getting on their radar means you're doing something good.
Answer their questions and keep doing what you do.

 

[andyframpton]

If it is legitimate money then there shouldn’t be a problem. If it’s a drop or from some shady way then it might be.
If it’s good money then just submit the information they need.

 

[Bonapartis]

Why are you trolling OP? he has a legitimate question, there is no need to give absurd answers like these just to troll.

To OP: In absolute worst case scenario account will be closed, and no other authorities be involved unless it is very clear to bank you are trafficking humans or supporting terrorism(or anything else of such level)

So I'm fully covered?

I'm really just doing Shopify dropshipping.

The reason I don't want to provide all those info is because I'm not providing the correct information to the tax authorities so I pay less taxes (my country's taxes suck). Now I pay full taxes in a different country but the account just opened this month. So for 2023, I haven't been completely legal in terms of taxes only.

I'm just scared in case the tax authorities find out.

N26 just collects only in case they ask it right?

They won't reach out to the tax authorities themselves if I don't provide any information right?

 

[Wilson Grant Fisk]

So I'm fully covered?

I'm really just doing Shopify dropshipping.

The reason I don't want to provide all those info is because I'm not providing the correct information to the tax authorities so I pay less taxes (my country's taxes suck). Now I pay full taxes in a different country but the account just opened this month. So for 2023, I haven't been completely legal in terms of taxes only.

I'm just scared in case the tax authorities find out.

N26 just collects only in case they ask it right?

They won't reach out to the tax authorities themselves if I don't provide any information right?

These are standard questions that banks ask to comply with legal requirements (money laundering etc) and tax laws.
You really need to consult an accountant to get professional advice.
The tax authorities will be informed, and your account closed if you don't comply.
Consulting a lawyer might be a good idea too.
It depends on where you are liable for tax, where you are based, where you are trading etc
You don't need to worry too much unless you are trying to evade tax.
https://www.google.co.uk/search?q=tax+avoidancehttps://www.google.co.uk/search?q=tax+evasion

 

[drehdinho]

Hello!

Basically I’m a bit worried because N26 asks for too much personal information out of nowhere.

I had banks asking me for private information before and I provided it to them but N26 took it to the next level.

They are asking where the money from Stripe and PayPal (about 100K) came from and what’s my connection with my supplier, and my advertising platform which is not an issue to share.

Then they ask for a payslip and proof of business, the purpose of my N26 account, a tax income notice, a legal document (proof of sale or purchase), occupation and name of employer, and many more documents. Some of those I don’t want to share with N26.

If I don’t provide it to them they say they will take action against my account? What exactly do they mean?

The date that I can provide the information already passed but nothing happened to my account. Did they forget about me?

I have multiple banks so I don't care if they just close my bank account but I'm scared if they escalate things further than that?

I work in the AML industry. It’s a normal situation to expect when you transact above the threshold of $10k prescribed by BSA.

Besides, it’s for the protection of the bank to avoid fines from the Fed. It’s the bank’s duty to carry out CDD on you for such transaction.

If you have nothing to hide, you should provide the documents requested from you.

There’s nothing really to worry over.