Being asked to provide funding information

pppppppp Posts: 31 Tin ✭
After the Cryptocurrency debacle here [where i had to withdraw Bitcoin, and convert some to USD at $5000], I'm now being asked to provide information as to my source of funds/ salary/ bank etc. This for funds that were sent to Goldmoney years ago and were fully verified. I find it annoying and invasive, and certainly won't be sending any more funds to Goldmoney.

Comments

  • RocketDogRocketDog Posts: 759 Silver ✭✭✭✭
    Hey @PPPP, for sure. Those Bank Secrecy Act compliance rules are an insult to every living, breathing, free range person in the western world with a bank account. Why do you think they are asking you this? Is it just a routine question? Or do you have a suspicious-looking profile? Like do you travel a lot? Or live in/go to a high-risk country?
  • pppppppp Posts: 31 Tin ✭
    This is sarcasm right?

    I find it invasive of my privacy having to supply a copy of my employment conditions, and then state how much and when i plan to further fund the account. Customer rights are being trampled by over-regulation. And why the regulation? Because the wheels are falling off the economic system. Looks like they will do their utmost on capital controls, not to mention negative interest rates. What a joke~
  • pppppppp Posts: 31 Tin ✭
    RocketDog said:

    Hey @PPPP, for sure. Those Bank Secrecy Act compliance rules are an insult to every living, breathing, free range person in the western world with a bank account. Why do you think they are asking you this? Is it just a routine question? Or do you have a suspicious-looking profile? Like do you travel a lot? Or live in/go to a high-risk country?

    Ok, assuming this is genuine, no I don't travel a lot. I've supplied identification/ paperwork previously. I've only ever used one bank account to fund goldmoney. I recently had to do a lot of ID checks in order to withdraw my Bitcoin [what a debacle that was], and now I'm being asked for further information to validate my account. My account is even quite small. I certainly won't be funded it any further. lol

    Most customers came to goldmoney for some diversity and a bit of safety from the 'powers that be'. it now looks like goldmoney is bending over backwards to appease the powers that be at the expense of their customers rights.
  • pppppppp Posts: 31 Tin ✭
    I'm all for KYC/ know your customer, and all against money laundering/ black economy, but people need to have a sense of proportion.

    What's really going on is that in the name of money laundering, controls on money and capital are tightening up. With countries about to introduce negative interest rates, they need to get rid of cash as that is a way to avoid your savings being 'clipped'. I'm from NZ, but i see these laws are starting to be introduced in Australia just across the ditch.
  • RocketDogRocketDog Posts: 759 Silver ✭✭✭✭
    edited August 16
    Hi @PPPP. No, sorry, I was not being sarcastic. I am seriously curious about your situation. I realize there is no "tone" in writing and it is hard to tell.
    Typically, travel, a large number of transactions, or large transactions or being in one of the countries flagged for money laundering will subject one to greater scrutiny. I was just looking for USA's list of countries, and discovered that they no longer publish the list of countries (it's secret). I don't think New Zealand was on it last time I checked. It doesn't sound like you are doing anything suspicious.
    I agree with you that the level of scrutiny is crippling and maddening. I think the banks/governments plan to squeeze us dry.
    I don't think Goldmoney has much choice, if they want to stay in business. The rules are written so that they financial institutions are required to ask a lot of information proactively. Like they should "know where to look for fraud" and do it proactively and if they fail to catch fraud by not being hyper-diligent, it is their fault and they can be held liable. It is a huge burden on the financial institutions as well as the customers. I am not sure what we should do as world citizens to stop the madness.
    I hope you get your funds back without delay. Please keep us informed.
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