UK banks are required to offer a basic bank account to individuals legally resident in the EU – Cifas holds records of those opened after 18 September 2016, enabling banks to prevent multiple accounts being opened.
The European Payments Accounts Regulations 2015 require UK banks to offer a basic bank account to individuals legally resident in the EU who are not eligible for any other UK bank account. The legislation removes the need for an individual to be present in the UK to open an account, ensuring and preserving access to financial services across borders.
The Regulations entitle EU residents to only one UK basic bank account. In order to maintain a central record and to prevent multiple accounts being opened, these banks use Cifas technology to check whether a legal resident in the EU applying for a basic bank account has already got one at another UK bank:
We maintain this database to support these banks in meeting their obligations under the European Payments Accounts Regulations 2015. This is not fraud risk data, such as that found on our Internal Fraud Database and National Fraud Database.
If you are a legal resident in the EU and you opened a UK basic bank account after 18 September 2016 with one of the banks above then it is likely that Cifas holds a record of it. The record will not have any further details about you and does not suggest you are involved in fraud in any way.
This database does not cover any other products or services – it is only relevant to basic bank accounts.
If you have any concerns you can make a Subject Access Request or contact us.