reactivate old offshore account

[jimmybongo]

I set up an offshore account (Jersey) with one of the UK high street banks years ago and used it regularly until about 2009. I have been working in various locations overseas all that time using other accounts and kinda forgot about it. Having been out of work for 12 months lying low back in the UK I came across an old statement and realized I still had funds in the sterling and US dollar accounts.


I would like to reactivate the account as I have been offered overseas consultancy work (I'm in Oil & Gas) but don't want to give my current UK address in case this rattles Hector's cage. I have an address in the ME but no PO Box to have an updated statement sent to (previous statements were sent to a PO Box in the same ME country when I was working there). If I contact the bank what info will they likely need to reactivate the account? Although I have a ME address I go there on 3 month tourist visas so don't have residency, I don't get utility bills as the rent is all inclusive, and I can't give them a physical PO Box to post anything to me!


I considered setting up another offshore account and simply telling the old bank to transfer the funds to it but the problem I have is I don't want to give my UK address but have little "proof" of my ME address. Looks like I'm snookered unless any of the regs on here have a suggestion! Any advice?

 

[clemens]

Nothing can be done, the banks are liable to collect lots of KYC documents in order to open an account for a customer, it may be the same for reactivating the account. Everything has changed since the financial crisis and 9/11

 

[jimmybongo]

If I used my UK address (which I can easily provide verification items for) are there offshore banks that are truly anonymous and would not give details to Hector. I understand if a court order was issued they may have to cooperate but in practice is that easy for Hector to do everywhere?

 

[quickfix]

I think clemens is right. no slution without KYC any longer.. Even the St.Vincent bank requires KYC and DD.

 

[jimmybongo]

Sorry but what is KYC and DD? Looks like I will have no choice but to use an offshore umbrella company to invoice the UK based agency and hold/route funds. Can any of these send to a UK account discretely?

 

[JohnLocke]

KYC = Know Your Customers and DD = Due Diligence - both are typically documents like Passport copy, utility bill and bank statements.. they are collected by the bank together with a business description and various other information to comply with International laws.

 

[clemens]

All banks now a day will ask for additional documents, even law firms have been forced to do so.