Information we collect
When completing a banknote exchange form, the Bank of England collects personal data about you. This includes your name, address, contact details and bank account information. Proof of identification, a utilities statement in your name and further background information may be required for higher value exchanges.
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.
What we do with your personal data
We use this information to confirm you are who you say you are, to facilitate increased checks for higher value exchanges, to audit our processes and to comply with applicable laws and regulations. We may make reference to your previous claims to the Bank, and in some instances commercial sources, to enable us to meet our obligations in assessing your application.
When making payments, the Bank may provide personal data to financial institutions and payment systems involved. In complying with applicable laws and for law enforcement purposes, we may also disclose data to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. The Bank will not, however, disclose personal data to third parties for marketing purposes.
Your data will be stored for a period that the Bank considers appropriate to support the prevention of crime and to enable its compliance with relevant laws.
You have a number of rights under data protection laws. For example, you have the right to ask us for a copy of the personal data the Bank holds about you. This is known as a ‘Subject Access Request’. You can ask us to change how we process or deal with your personal data, and you may also have the right in some circumstances to have your personal data amended or deleted.
To contact us about those rights, including making a request for the personal data we hold about you or to make a complaint, please see our privacy page or write to us at:
The Privacy Team
Bank of England
London, EC2R 8AH
If you are not satisfied with our response or believe we are processing your personal data not in accordance with the law, you can complain to the Information Commissioner’s Office (ICO).
The Bank’s Data Protection Officer can be contacted via the details above and you can also find out more about how the Bank deals with your personal data on our privacy page.