Account verification to withdraw funds

ReeeniReeeni Posts: 1 Tin ✭
Is anybody else having issues withdrawing funds because of random account verification? I've had an account for 10 years and now asking for account verification. I've submitted all the requested info 2 weeks ago and still haven't heard back. Just wondering if anyone else is having this issue

Answers

  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    I am having to show proof that money was transferred out of my own bank account to Transferwise to Goldmoney. I don't have to do that when I wire directly from my bank. The validation request may be due to KYC laws becoming stricter since you originally verified 10 years ago. It might also be EDD (see below). I hope other people will answer your question.

    "KYC Enhanced Due Diligence, or simply EDD, is specifically designed for dealing with high-risk or high-net worth customers and large transactions. Because these customers and transactions pose greater risks to the financial sector, they are heavily regulated and monitored in order to ensure that everything is above board. Companies and financial institutions were first compelled to conduct EDD by the USA PATRIOT Act in 2001, a provision which is still in effect today. The Patriot Act also requires that offshore banking institutions, private banking organisations, and correspondent accounts abide by EDD regulations and laws. There are several characteristics that distinguish regular KYC policies from EDD policies. EDD policies are considered to be “rigorous and robust”, meaning that they require significantly more evidence and detailed information to be collected. The entire process of EDD must be documented in detail, and regulators should be able to have immediate access to the data. Professionals are often hired in order to analyse data that is collected regarding clients, and the reliability of information sources is of utmost importance."

    Note that "high-risk" could also be due to where you live, and who you do business with.
  • pppppppp Posts: 53 Tin ✭
    Crikey, I'm not even high net worth. i just have a measly few thousand at stake, but still seem to be getting caught in the ringer. where is common sense here?
  • pppppppp Posts: 53 Tin ✭
    As for high risk, I'm just a poor English teacher forced to live overseas to make ends meet. : (
Sign In or Register to comment.