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PayPal wanting more info..........WTF ?

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Ed Case
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Joined: 01 Mar 2009
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PostPosted: 16:44 - 07 Jan 2015    Post subject: PayPal wanting more info..........WTF ? Reply with quote
Logged into PayPal and I was faced with a demand for more information to do with the EU's anti money-laundering policy as I'd reached either sufficient sales/purchases or money transactions to attract their attention. This communication was received after logging in and NOT as an email which would really have aroused my suspicions. Anyone else had something like this ?.
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monkeybiker
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Joined: 23 Sep 2014
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PostPosted: 17:01 - 07 Jan 2015    Post subject: Reply with quote
Are you allowed to keep spending with paypal? If so I would just ignore it.
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CaNsA
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Joined: 02 Jan 2008
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PostPosted: 17:12 - 07 Jan 2015    Post subject: Re: PayPal wanting more info..........WTF ? Reply with quote
Ed Case wrote:
Logged into PayPal and I was faced with a demand for more information to do with the EU's anti money-laundering policy as I'd reached either sufficient sales/purchases or money transactions to attract their attention. This communication was received after logging in and NOT as an email which would really have aroused my suspicions. Anyone else had something like this ?.


If I was that concerned about it I would phone Paypal and find out instead of asking about it on a motorbike forum.
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daemonoid
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Joined: 27 Jun 2008
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PostPosted: 17:34 - 07 Jan 2015    Post subject: Re: PayPal wanting more info..........WTF ? Reply with quote
Ed Case wrote:
Logged into PayPal and I was faced with a demand for more information to do with the EU's anti money-laundering policy as I'd reached either sufficient sales/purchases or money transactions to attract their attention. This communication was received after logging in and NOT as an email which would really have aroused my suspicions. Anyone else had something like this ?.


It happens and is normal. It's a surprisingly low limit too.
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bugeye_bob
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Joined: 05 Sep 2013
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PostPosted: 17:42 - 07 Jan 2015    Post subject: Reply with quote
https://www.computerweekly.com/blogs/it-fud-blog/2008/09/paypal-moneylaundering-nonsens.html
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iooi
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Joined: 14 Jan 2007
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PostPosted: 19:19 - 07 Jan 2015    Post subject: Reply with quote
bugeye_bob wrote:
https://www.computerweekly.com/blogs/it-fud-blog/2008/09/paypal-moneylaundering-nonsens.html


Quote:
This article relates to the case of a company called Vortex Centrum, which received a similar PayPal email after its account was credited by £4,500. According to this article, there is nothing in EU, UK or Irish law that places any additional due diligence burden in relation to payments which, in aggregate, reach £4,500.


But ALL finanical instutions have due diligence to chack ALL accounts. NO matter how little the figures are.
If there were any figures published. just think how the fraudsters would be laughing.... Knowing exactly how to get round the law Rolling Eyes
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 10:46 - 08 Jan 2015    Post subject: Reply with quote
So, they're not a bank when it would suit you, but they are a bank when it suits them?

I can't think why I'd ever use PayPal to accept a payment.
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daemonoid
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Joined: 27 Jun 2008
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PostPosted: 16:26 - 08 Jan 2015    Post subject: Reply with quote
Rogerborg wrote:
So, they're not a bank when it would suit you, but they are a bank when it suits them?


It's not banking related...

https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2005:309:0015:0036:en:PDF

Although, the values on paypal are way lower than required.

Quote:
other natural or legal persons trading in goods, only to the extent that payments are made in cash in an amount of EUR 15 000 or more, whether the transac- tion is executed in a single operation or in several operations which appear to be linked;

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