You wouldn’t believe how stringent the EU KYC/AML legislation is. Yes I’ve read the thing. If they tell you they don’t have a choice, I’m afraid they really don’t have a choice. The sanctions are HUGE. If you have many branches and are a big company compared to Tide themselves, I can understand they can’t afford to hire an extra compliance officer just for you. £700 sounds very low though! Did they understand £700k?
Tide has been very helpful to my business. Hell, my account was activated on a Sunday!