Paypal - money laundering regs - !!!!!!?

Marty_J

Snooze wrote: »

:rolleyes: In case I wasn't clear enough in my first post, I've already done all this once and don't have time to waste in order to do it all over again.

Rob

I don't want to be facetious (well, maybe just a bit), but it seems to me if you had been doing it instead of b*tching about it, you'd be done by now.

I have to say this to my eight year old all the time.

I presume you're older than that?

soolin

As you are working for money it may even have been triggered so that they have your business details. Assuming you are registered with HMRC then just explain to them that you don't have company info and work merely as a self employed blogger using your own details.

rdp1980

I have had the same message recently.

What it doesn't make clear is that you only have to carry out one of the items on its list of requirements, not all of them.

I have deliberately not verified my bank account with PayPal (but have my credit cards) and I chose the option to receive a phone call with a security number which I then input into the site.

In theory this should have worked, but for some reason it was rejected so they had to send a letter by post with a different code in. When that finally arrived from some exotic location I tapped the code into PayPal and everything back to normal.

I don't agree that £650 is "near" their £1700 (alleged) money laundering limit - it's less than half - but I guess a volume seller will then reach the maximum quicker than a private seller would.

Get on with it, and you won't be nagged by that stupid screen every time you log in!

Snooze

rdp1980 wrote: »

I have had the same message recently.

What it doesn't make clear is that you only have to carry out one of the items on its list of requirements, not all of them.

I have deliberately not verified my bank account with PayPal (but have my credit cards) and I chose the option to receive a phone call with a security number which I then input into the site.

In theory this should have worked, but for some reason it was rejected so they had to send a letter by post with a different code in. When that finally arrived from some exotic location I tapped the code into PayPal and everything back to normal.

I don't agree that £650 is "near" their £1700 (alleged) money laundering limit - it's less than half - but I guess a volume seller will then reach the maximum quicker than a private seller would.

Get on with it, and you won't be nagged by that stupid screen every time you log in!

I set it in motion (again :rolleyes: ) to verify my VOIP PSTN number which I use (I don't have a landline at all) but although the call was made, for some reason the phone didn't wrong and the voicemail took it instead, which of course is no good because by that point it's too late to type in the numbers.

Anyway, they're supposedly sending out some bumpf instead with some numbers on which I have to enter into my online account thingy so I'll do that when it turns up and see how it goes.

Cheers,

Rob

nikki28

Hi

Ive had this the last week on my paypal account - I have had to verify everything - its been a right pain ! :mad: Had to confirm loads with them - it stopped me sending and receiving money but from today it seems all ok again :j I think its just for your protection really :T

lowellcrooks

nikki28 wrote: »

Hi

Ive had this the last week on my paypal account - I have had to verify everything - its been a right pain ! :mad: Had to confirm loads with them - it stopped me sending and receiving money but from today it seems all ok again :j I think its just for your protection really :T

Just wait until you process a large transaction, or sell too much at once, and they summarily restrict you, under the guise of 'suspicious activity'.
Under threat of keeping YOUR money for 6 months to indemnify themseves, plus stopping you trading with them, they will request you send them faxes of everything somebody needs to clone your ID, including passport/driving licence, proof of 'inventory', copies of utility bill, a credit card statement and bank statement, all to outside the UK in Ireland. Then 'proof of postage tracking info' which despite the fact you sell small value items and didn't use it makes it thus impossible to satisfy. When you point this out you get a pre-scripted reply.
They then keep your cash for 6 months until they let you take it out.

Someday someone will get a county court ruling about this, which would set a precedent that if they do this without proof of any guilt on your part, they must pay you 6 months' interest on the cash they freeze. Another thing, invite them to county court while your money is frozen, to show them your documents in a secure environment, and then claim defamation by them using the word 'suspicious' about you in their e-mails to your buyers/selelrs when they have frozen your account which you have just shown to be unfounded.

Beware of these lot.