Hello, I have a Life Insurance policy with Allianz, Luxembourg via Global Invest France. There are probably others here who have the same or similar.
Recently I have been asked to inform them of all my personal information (mise a jour des informations) in which I’m obliged to inform full details of my worth with amounts (Situation Patrimoniale).
I am rather surprised about this. Any comments from you guys…?
It’s a regular request from the two French based assurance vie companies we use. When queried, they replied it was simply due to their need to fully comply with the standard ‘Know Your Client’ type obligations expected by regulators. Seemingly this doesn’t just apply at the initial investment stage, but at regular intervals thereafter…
My UK private pension provider recently did this too. I assume it’s a result of money laundering rules, and perhaps also to allow them to give “appropriate advice”.
It does seem a bit nosey though.
The 20,000 doubloons that I have buried under a large X on a Caribbean island is nobody’s business but mine. 
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They want more of your money basically.
Chris - that’s not much for your pension fund. Perhaps you need to add your farthings, ducats, and florins to increase it but even then, you’ll be living very frugally in France when you eventually get here. Then you’ll certainly need to Survive (in) France by some other means …
Rachel xx
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Cunningly, I have some conventional funds as well. Although the Orange Buffoon is doing his best to diminish those at the moment.
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Just wondering… are we talking Life Insurance eg: One pays a regular amount to the Provider and a sum is paid-outwhen one dies or at the contract-end date… whichever comes first.
Or are we talking about French Assurance Vie bank accounts, where one can save money, take money out as and when and pay in again… etc etc and designate who gets it if one dies while there is still some cash in the account… ???
I appreciate that things might not be exactly as I’ve written, but I’m sure you get the idea… as I reckon the 2 things are very, very different.
Assurance vie, yes Stella, there’s a pay out if you die, but that’s not the main reason most people take out a policy, it’s just to invest some money, usually in the stock market, tax advantages if kept at least 8 years, can be sold at any time, but better to wait the 8 years.
Concerning the main subject of the post - knowing more about you to potentially sell you more stuff + controlling money laundering are probably real reasons that they ask this information, but I suspect that it’s the state that wants to know this information (for one reason or another!). I find it to be very personal to ask such detailed private information. I declare all my revenue correctly and I declare foreign bank accounts in Annexe 3916, nothing hidden, but I still feel unconfortable about disclosing this information in detail. What about you all, how do you feel?
Then, do not invest through an assurance vie. In this day and age an assurer will want to know everything about their clients. And yes, apart from the kyc, the data they farm places them well to sell you more products - it is the way it is I am afraid 
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Personally I don’t have such stuff to deal with so dosn’t bother me on my income. The french fisc and state know all about me if they want to find out info but just one bank account suits my needs and I have enough put by for my final departure without investing in insurance products that are no use to me and would only land my kids with tax bills.
Although the benefits of assurance décès are different from assurance vie i think they are still included in a KYC request.
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Frankly, there’s been talk of Life Insurance and Assurance Vie in this thread and it’s not clear which Product is actually being discussed.
A lot of the time, it’s not clear if someone is talking about UK or France… but that’s about par for the course… 
Assurance Vie or Assurance Décès is certainly clearer and how I prefer to name the Products.
KYC rules are very similar in both countries, (the regulations are EU based, which the UK still follows in substance). I agree with Jane that regardless of which type of life insurance /assurance vie product, KYC checks should be expected these days…
I’m just seeking to clarify that " Life Insurance" and “Assurance Vie” are totally different Products 
Totally. One is insurance, the other is an investment.
Confirming your identity and tax residency situation is quite normal and perfectly acceptable, but asking to provide information in detail (with figures) of all savings and property values etc. seems unaccepable to me (even if I have nothing whatsoever that I prefer to hide). It makes us wonder what is the real reason, I suspect that controlling money laundering or just knowing if they could sell you more products are not the main reasons. I suspect that it’s our governments that want this information…
I agree totally. I don’t think it is anyone’s business, with the exception of mandatory declarations to the impots, exactly how much I may have in the bank or what properties I own and how much they’re worth. I’ve never personally been asked this sort of information and if asked would tell them that it’s none of their business. And as for getting to know your customer, I don’t want them to, and if I want to do business I’ll go to them myself rather than be bombarded with ‘products’ I don’t want.
I really hate this assumption by businesses that they ‘know what I want’ and can better ‘know what I want’ by me divulging all my personal details.
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I honestly don’t think they’re asking for this information principally for selling more products, though this is probably an additional reason. I think the governments are asking them to get this information (my guess). But what for? I’m not completely sure.
And whether we like it or not, we are obliged to give this information. I don’t know what happens if we don’t give it. I guess they will ask for it again and again.
I’m not sure if we are obliged. I’d ask them to point me at the relevant legislation. I think the real situation is that the government imposes on the financial provider the responsibility of asking for the information. I cannot imagine that it would be legal for the government to insist that an individual discloses such personal information to a third party non governmental organisation. I think that would fall foul of human rights legislations ‘right to a private life’ provisions.
I recently challenged Generali (custodian for an assurance vie provider I use, Nalo). I asked them to cite the legislation/regulations behind their demands for the full audit (documents) trail every time I make a routine withdrawal from my Standard Life (regulated pension) in the UK to my NatWest (regulated) account, then via Wise to Credit Agricole.Their view is that ANY payment coming from outside the EU is potentially higher risk,(from an anti money laundering perspective) and justifies demands for total transparency on the source etc.
They explained that the French government, via the relevant regulator for the industry, requires them to have the fullest possible understanding of the source of ANY clients wealth etc, on a continuing basis. Whilst the government itself is apparently unlikely to inspect the data, the regulator can, and does ask to see a sample of such data during regular audits. They explained that failure to maintain adequate file records can, and does lead to fines, regulatory reprimands etc for the financial services provider. The unsaid implication from Generali is that failure to cooperate with them by not supplying requested data may lead to closure of accounts/investments etc.
Through gritted teeth, I accept they do have reasonable basis - at least in my case - for seeking detailed personal information.
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