Account Activity Requirements KYC AML CFT

79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭

It well known by the older members of the board that BitGold Goldmoney Personal is scrupulous in its attention to fraudulent activity and KYC, AML, CFT rules and regulations. This kind of diligence continues to allow Goldmoney to operate outside of the banking system while working within the legal and regulatory systems of the countries and states in which its services are available.

With over a million users now, it is not surprising that some individuals are flagged as failing to meet the KYC, AML, and CFT rules and/or identified as bonus farming. These accounts are usually closed. When this happens they come to this board or the Internet boards frequented by cryptocurrency enthusiasts with an agenda of vilifying BitGold. This is an unfortunate fact, but not the direct focus of this question. This question is how legitimate users can avoid having the appearance such activities and incurring the penalty of account closure.

Now to my specific question: My adult son goes to college locally. Like many his age and older, he is unemployed and lives at home. I recently asked him to set up a Goldmoney Personal account and I sent him a 40g payment.

What actions does he need to take to make sure that his account remains in good standing and is not targeted for closure due to inactivity?

Best Answers


  • GoldIsCurrencyGoldIsCurrency Posts: 1,814 Gold ✭✭✭✭✭
    @79Au197 I think any accounts that were closed for inactivity just signed up and never made a deposit within 60 days. I feel extremely confident that since your son has 40 grams of "purchased" gold in his account it could never be closed for inactivity.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @BigD it was a "Payment" not a purchase
  • GoldIsCurrencyGoldIsCurrency Posts: 1,814 Gold ✭✭✭✭✭
    @79Au197 That would have to fit into an "activity" class.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I am confident Goldmoney does not close accounts because of inactivity provided somebody legitimately deposited some gold. It makes me laugh those that claim Goldmoney seized their gold and closed their account. In the case this morning, I think the person was full of BS. I work for a financial institution and we are constantly on the lookout for money laundering and fraud. I would have to guess at least 1 percent of the people that signup are up to no good. It is critical for Goldmoney to protect its reputation. I want them to be strict, otherwise the regulators will put up barriers that will ruin the business model.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Yes @Pinkdog I do agree as long there is 1 gram and above in our account and our platform will still exist. Unless for those sign up but no activity at all will faced the risk of account to be closed.
Sign In or Register to comment.