mrk
Posts: 807
Likes: 753
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Post by mrk on Oct 14, 2019 8:16:11 GMT
That's a bit rich considering the Tories repealed Labour's Identity Card Act 2006 and that's why we have no official photo ID in this country. That's one of the few things I always found weird about this country, ever since I moved here 15 years ago. There are no ID cards because apparently that's against liberty and privacy, but then every other week I need to show my passport and a bank statement / utility bill to prove who I am and where I live.
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Post by winger on Oct 14, 2019 11:06:00 GMT
A guide to how they need to mark up the documents ( source): I don't think you should be telling people to use that mark up when it clearly differs from what "The Lendy Verification Team" have specifically insisted on in their email.
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jane
Posts: 145
Likes: 214
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Post by jane on Oct 14, 2019 11:22:54 GMT
hi i got verification notice but dont fully understand what info they need with regards to statements,if i print statement off do they want to see all my direct debits or can i blank everything out and sent just the details on top of statement any advice will be helpfull thank you LB wants to see your full balance and transaction history so he can cherrypick the targets for his next scam 
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r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
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Post by r1200gs on Oct 14, 2019 11:24:32 GMT
That's a bit rich considering the Tories repealed Labour's Identity Card Act 2006 and that's why we have no official photo ID in this country. That's one of the few things I always found weird about this country, ever since I moved here 15 years ago. There are no ID cards because apparently that's against liberty and privacy, but then every other week I need to show my passport and a bank statement / utility bill to prove who I am and where I live. After living 20 years with the simplicity of the card, I totally agree that this mish-mash alternative "system" does not give any additional privacy or freedom and is a PITA.
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trias
New Member
Posts: 5
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Post by trias on Oct 14, 2019 11:24:42 GMT
Hi everyone,
I'm currently in France and I won't return to the UK before the 30th to go to a bank/solicitor for the certification.
I've checked and I believe I can go to a town hall to have documents certified.
Jumping through these hoops is a real pain.. Do you think there will be any issues if it's certified by a French institution?
Thank you,
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benaj
Member of DD Central
N/A
Posts: 5,610
Likes: 1,739
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Post by benaj on Oct 14, 2019 12:03:18 GMT
Hi everyone, I'm currently in France and I won't return to the UK before the 30th to go to a bank/solicitor for the certification. I've checked and I believe I can go to a town hall to have documents certified. Jumping through these hoops is a real pain.. Do you think there will be any issues if it's certified by a French institution? Thank you, Possibly can be certified by a Notary or Solicitor in France. I think it's better to contact Lendy support asap for clarification. The certified documents must have the wordings of "the document is a true copy of the original" in English, also you need to able to see the name, occupation (in English), contact details of the person certifying and the date of certification.
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Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
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Post by Mucho P2P on Oct 14, 2019 13:03:59 GMT
Hi everyone, I'm currently in France and I won't return to the UK before the 30th to go to a bank/solicitor for the certification. I've checked and I believe I can go to a town hall to have documents certified. Jumping through these hoops is a real pain.. Do you think there will be any issues if it's certified by a French institution? Thank you, As long as it is certified before Brexit, it will be acceptable, but please make sure that it is certified in English.
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Post by bracknellboy on Oct 14, 2019 14:41:33 GMT
Hi everyone, I'm currently in France and I won't return to the UK before the 30th to go to a bank/solicitor for the certification. I've checked and I believe I can go to a town hall to have documents certified. Jumping through these hoops is a real pain.. Do you think there will be any issues if it's certified by a French institution? Thank you, As long as it is certified before Brexit, it will be acceptable, but please make sure that it is certified in English. which begs the burning question of our time: which will come first: Brexit or completion of all Lendy AML checks ?
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Post by picanto on Oct 14, 2019 16:16:14 GMT
Did anyone who hadn't received an E-mail the other day on the outcome of their Experian check receive their E-mail today? I contacted Lendy support on Friday and they replied this morning saying that they will send the final KYC emails by close of business today, but as of 5.15PM not received it yet.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
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Post by brianlom1 on Oct 14, 2019 16:34:54 GMT
As long as it is certified before Brexit, it will be acceptable, but please make sure that it is certified in English. which begs the burning question of our time: which will come first: Brexit or completion of all Lendy AML checks ? How about Brexit vs completion of the Lendy administration?
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Post by captainconfident on Oct 14, 2019 19:46:49 GMT
Gesplunge! Failed! They have decided to invest our money in inconveniencing me along with the zero other people who were money laundering through Lendy.
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Post by samford71 on Oct 14, 2019 21:49:14 GMT
Gesplunge! Failed! They have decided to invest our money in inconveniencing me along with the zero other people who were money laundering through Lendy. I do AML training every year as part of my FCA regulatory requirements. In the three stages of money laundering (placement, layering and integration) there are many red flags that might indicate money laundering is occuring.
Selecting a few of those red flags totally at random ...
Willingness of the clients to pay excessively high fees without questioning why
The client lacks any understanding about the details or risk of the transaction, yet seems unperturbed and keen to invest
An excessively high value is placed on assets/securities
Unrealistically short repayment periods for borrowing
The transaction is potentially loss making
It's odd but it almost sounds like a descripton of the P2P property loan sector
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sydb
Member of DD Central
Posts: 345
Likes: 316
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Post by sydb on Oct 14, 2019 22:11:20 GMT
Did anyone who hadn't received an E-mail the other day on the outcome of their Experian check receive their E-mail today? I contacted Lendy support on Friday and they replied this morning saying that they will send the final KYC emails by close of business today, but as of 5.15PM not received it yet. Still nothing received by me, too. Are you on LAG? See the thread 'KYC/AML Clearances'. However, official word is that 18th Oct is the expected date For RSM/Lendy to have completed all AML.
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Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
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Post by Mucho P2P on Oct 15, 2019 6:52:05 GMT
Gesplunge! Failed! They have decided to invest our money in inconveniencing me along with the zero other people who were money laundering through Lendy. I do AML training every year as part of my FCA regulatory requirements. In the three stages of money laundering (placement, layering and integration) there are many red flags that might indicate money laundering is occuring.
Selecting a few of those red flags totally at random ...
Willingness of the clients to pay excessively high fees without questioning why
The client lacks any understanding about the details or risk of the transaction, yet seems unperturbed and keen to invest
An excessively high value is placed on assets/securities
Unrealistically short repayment periods for borrowing
The transaction is potentially loss making
It's odd but it almost sounds like a descripton of the P2P property loan sector
Appears to describe the borrowers far more than the lenders. How many borrowers had adequate ML checks? Lets hope R** wont refuse repayment of monies from borrowers if they fail their ML checks. What a farce.
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Oct 15, 2019 7:09:42 GMT
Gesplunge! Failed! They have decided to invest our money in inconveniencing me along with the zero other people who were money laundering through Lendy. Are we certain that none of (e.g.) LB's mates were laundering money by posing as "innocent customers", but sneakily transferring value from Lendy's balance sheet to their own private accounts?
There were mechanisms that later became more widely known and discussed on these forums before Lendy/SavingStream shut them off[1], involving abuse of the so-called "invest now, pay later" feature. In effect Lendy paid out interest on money it had never received from the investor.
At the time this was last discussed, it was assumed that the people abusing this feature were "outsiders", and that Lendy/SavingStream were the unwilling victim of this abuse. Are we still sure of that?
A full reconciliation of the accounts could theoretically have involved going back to day 1, and clawing back any interest credited against unpaid loan parts. Accounts that were used for this type of money laundering would then show up as having huge amounts of false interest clawed back. It's a check that's relatively cheap in terms of staff time (defining a set of rules that will be applied to all customers, but only doing so once [per set of rules under test]), but quite computationally intensive for the back end systems. Conversely, the current "AML checks" seem nothing more than a box-ticking exercise designed to enrich the highly-paid staff who are having to check them (and having to manually process thousands of documents individually).
[1] (initially by disallowing sales of loan parts that had been held for less than 7 days in order to settle a negative balance, and later by not allowing a negative balance to be created in the first place unless pre-funding new loans)
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