AML questions from debit card company

born_again

cnewq5 said:

I have only ever transferred money from my main bank account onto the Uphold account.
And as far as the bank goes, my ID and address are verified & my income is paid into the bank, and verifiable by them. So I don't see why I would be "in serious trouble" for not revealing this information to another party.
As Uphold know the merchant's business, they will know the type of purchases I made, but not the exact items. Since it is a reputable business, I see no reason why they need to know that.
If one has bought items of value, revealing details to a third party is unwise. There have been many cases of fraud, as well as data breaches. So sharing information does carry a risk. I'm surprised folk are not more conscious of that, especially on a site like MSE.
It has nothing to do with crypto per se. The transactions concerned have all been in fiat currency, and pounds sterling at that.
As I've already said, I do understand why the AML rules exist & that companies must comply. But I am shocked that they come into play for what are really quite unremarkable amounts.
Apart from anything, retail merchants themselves place limits on what you can pay in a transaction, and I spent nowhere near any limit. The same with bank transfers and card payments - including the Uphold card that I used in this case.
Anyway, I've exchanged messages with Uphold, and am currently awaiting a reply.
Thank you all for your input.

Might surprise you to know fraudsters use reputable business all the time as well. 

Uphold are not your bank, & do not know the source of funds. Your bank account could just be a mule account used by fraudsters.

I suggest that if you are not happy with UpHold's requests that you close the account. They are doing what they are supposed to do.

MrFrugalFever

If you have nothing to hide then sharing the information they have requested shouldn't be a problem.

Banks/eMoney institutions are within their rights to request a 'source of funds/wealth' from their customers and can quite easily refuse to continue to do business with you if you don't wish to respond appropriately. Ultimately they don't have to do business with anyone they don't want and there's plenty of new legislation (certainly around the updated consumer duty section of the FCA regulations) which would allow them to request such information.

If you voluntarily close your account without providing any information on their request, they may just close the account and that will be the end of it. Worst case, they will send off a SAR (suspicious activity report) which could be investigated and ultimately trigger a fraud flag. Unlikely though!