3 ms·
> Why we need your personal data > We collect your personal data to assess your banknote application (in a way that complies with applicable laws and regulatio
by wolverine876 4y ago
> Why we need your personal data
> We collect your personal data to assess your banknote application (in a way that complies with applicable laws and regulations, including Anti Money Laundering regulations) and to allow us to reimburse you the face value of your banknotes. Without this data, we cannot process your application. This is necessary for the performance of a task carried out in the public interest or in the exercise of our official authority as the Central Bank of the United Kingdom.
That seems a bit of a stretch. Why use do you have for personal data when exchanging cash?
- desas 4y agoIt's only mandatory when exchanging £700 or more. The use is given in the text - to comply with anti-money laundering regulations.
- bombcar 4y agoI suspect the main reason is to keep an eye on people trying to turn in counterfeit money, but the real reason is to collect as much data as possible whenever possible.