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Post by investor1925 on Jan 22, 2020 8:10:12 GMT
My son has had an email from customerservices@fundingsecure.com asking for a copy of a bank statement as part of the AML checks. I know we went through all this hassle with Lendy, but I've not had one from FS, or the administrators. Has anyone else had one yet ? Copy of email: Dear XXXXXX, As part of our obligation as a financial company, FundingSecure conducts anti-money laundering checks (NOT credit checks) against all investors that join our platform, to ensure we meet the regulations set-out by the FCA. These checks are made when investors meet certain criteria. We use a third party provider, Equifax, to verify the bank details of our investors. Occasionally, due to lack of data held by them, we are unable to validate these details. This has unfortunately happened with your account. Therefore, please forward a copy of a document that links you to your bank account, such as a copy of a bank statement, debit card or cancelled cheque. These can be securely uploaded using the following link. www.fundingsecure.com/uploaddocument(The padlock in address bar will confirm secure status) If you have any doubts or concerns, please contact us directly for confirmation via the phone number on our website. -- Kind Regards Rekha Khator T: 0800 690 6568 T: 0118 324 3190 |
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taffy
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Post by taffy on Jan 22, 2020 8:29:45 GMT
Perhaps you could give an indication as to when funds can be transferred from our F.S. accounts to our linked bank accounts? Is there a valid reason for the ongoing delay in permitting this? Thanks.
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Post by emcg on Jan 22, 2020 8:46:48 GMT
My son has had an email from customerservices@fundingsecure.com asking for a copy of a bank statement as part of the AML checks. I know we went through all this hassle with Lendy, but I've not had one from FS, or the administrators. Has anyone else had one yet ? Copy of email: Dear XXXXXX, As part of our obligation as a financial company, FundingSecure conducts anti-money laundering checks (NOT credit checks) against all investors that join our platform, to ensure we meet the regulations set-out by the FCA. These checks are made when investors meet certain criteria. We use a third party provider, Equifax, to verify the bank details of our investors. Occasionally, due to lack of data held by them, we are unable to validate these details. This has unfortunately happened with your account. Therefore, please forward a copy of a document that links you to your bank account, such as a copy of a bank statement, debit card or cancelled cheque. These can be securely uploaded using the following link. www.fundingsecure.com/uploaddocument(The padlock in address bar will confirm secure status) If you have any doubts or concerns, please contact us directly for confirmation via the phone number on our website. -- Kind Regards Rekha Khator T: 0800 690 6568 T: 0118 324 3190 Indeed, my partner received the same email about 2 weeks ago but I have not. I guess they're doing AML checks on a case by case basis? Or else the just haven't got around to us yet
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stevio
Member of DD Central
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Post by stevio on Jan 22, 2020 13:38:54 GMT
Queried and received the following:
You are right. At the moment no withdrawals can be made.
Once the administrator release the funds you will be able to withdraw your available funds.
You will need to have the AML checks done, without which you can not withdraw. The AML checks which we are doing now, will eventually be required by administrator.
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rocky1
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Post by rocky1 on Jan 22, 2020 14:32:26 GMT
here we go again another en masse AML program which will probably cost a few hundred hours in fees for our poor administrators and stretch any repayments back a few months.
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adrian77
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Post by adrian77 on Jan 22, 2020 14:47:46 GMT
not sure I buy this ...ok for when large sums were deposited into FS but I really can't see any FS investor failing this test - anybody want to prove me wrong!
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foolsgold
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Post by foolsgold on Jan 22, 2020 20:00:55 GMT
All the money laundering checks were done when we signed up to FS so all the paperwork is with them.....might be the administrators going through the motions to justify a fee
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arby
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Post by arby on Jan 22, 2020 20:40:26 GMT
All the money laundering checks were done when we signed up to FS so all the paperwork is with them.....might be the administrators going through the motions to justify a fee They might be, but given the reported state of FS records would you (if you were the administrator) put your company's reputation at risk by trusting someone else's AML check? It is however annoying to have to do it again...
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pip
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Post by pip on Jan 23, 2020 15:26:32 GMT
All the money laundering checks were done when we signed up to FS so all the paperwork is with them.....might be the administrators going through the motions to justify a fee They might be, but given the reported state of FS records would you (if you were the administrator) put your company's reputation at risk by trusting someone else's AML check? It is however annoying to have to do it again... Under the legislation AML checks are required 'Subject to paragraph (3) or (4) a relevant person must comply with the requirement to verify the identity of the customer (and any beneficial owner of the customer) before the establishment of a business relationship or the carrying out of the transaction. ' I.e. the AML check should have been completed before FS accepted our deposits and allowed us to invest in loans. The legislation also says 'Paragraph (1)(a) to (c) does not apply where an insolvency practitioner has been appointed by the court as administrator or liquidator of a company' In short not sure the administrator have read the AML legislation but just thought hey this sounds like a good way to charge for a couple of months work. Legislation is here if anybody fancies a read: assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/599835/Money_Laundering_Regulations_2017_-_FINAL_CONSULTATION_DRAFT_FINAL.pdf
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 23, 2020 18:10:21 GMT
They might be, but given the reported state of FS records would you (if you were the administrator) put your company's reputation at risk by trusting someone else's AML check? It is however annoying to have to do it again... Under the legislation AML checks are required 'Subject to paragraph (3) or (4) a relevant person must comply with the requirement to verify the identity of the customer (and any beneficial owner of the customer) before the establishment of a business relationship or the carrying out of the transaction. ' I.e. the AML check should have been completed before FS accepted our deposits and allowed us to invest in loans. The legislation also says 'Paragraph (1)(a) to (c) does not apply where an insolvency practitioner has been appointed by the court as administrator or liquidator of a company' In short not sure the administrator have read the AML legislation but just thought hey this sounds like a good way to charge for a couple of months work. Legislation is here if anybody fancies a read: assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/599835/Money_Laundering_Regulations_2017_-_FINAL_CONSULTATION_DRAFT_FINAL.pdf Weren't they appointed by the directors (both FS & Lendy)? It's sanctioned by the courts but is that the same thing as appointed by? (Link doesn't work for me) Thought there were more recent AML regs than 2017. Certainly had to jump through more hoops on platforms using e-wallets last year.
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iRobot
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Post by iRobot on Jan 23, 2020 20:45:48 GMT
Under the legislation AML checks are required 'Subject to paragraph (3) or (4) a relevant person must comply with the requirement to verify the identity of the customer (and any beneficial owner of the customer) before the establishment of a business relationship or the carrying out of the transaction. ' I.e. the AML check should have been completed before FS accepted our deposits and allowed us to invest in loans. The legislation also says 'Paragraph (1)(a) to (c) does not apply where an insolvency practitioner has been appointed by the court as administrator or liquidator of a company' In short not sure the administrator have read the AML legislation but just thought hey this sounds like a good way to charge for a couple of months work. Weren't they appointed by the directors (both FS & Lendy)? It's sanctioned by the courts but is that the same thing as appointed by? (Link doesn't work for me) Thought there were more recent AML regs than 2017. Certainly had to jump through more hoops on platforms using e-wallets last year. : Hopefully, a working linkpip : dunno if it makes a difference, but the IP bit is in a different section to the first one quoted. The IP one is titled " Requirement to cease transactions etc" and the full extract is: The referenced reg 28(2) states: Additionally, we know from the Administrators proposal that: I don't recall there being a wave of AML / KYC request following that review in an effort to correct the AML shortcomings, so can only presume they weren't addressed and have been inherited by the Administrators. On a positive note, it would seem the checks are not as all-encompassing as the Lendy ones, nor are verified copies of identifying documents being requested.
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09dolphin
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Post by 09dolphin on Jan 24, 2020 14:02:16 GMT
I have concerns about the security of the administrators dealing with information linking me to my bank account. Obviously FS took AML checks several years ago which seems to have been lost - hence the need for additional checks.
I have received a 2nd email asking for details of my bank account again after sending a page from my statement by "tracked" Royal Mail to the administrators at Funding Secure's address. The "tracked" post confirms it was delivered.
My bank have advised me to take extra security precautions as a result of the administrators losing information already sent and have advised me against resending information which links me to my bank account.
I assume the administrators will charge us in the order of £100.00 per hour for them to deal with their inefficiency.
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pfffill
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Post by pfffill on Jan 24, 2020 16:45:50 GMT
I have concerns about the security of the administrators dealing with information linking me to my bank account. Obviously FS took AML checks several years ago which seems to have been lost - hence the need for additional checks. I have received a 2nd email asking for details of my bank account again after sending a page from my statement by "tracked" Royal Mail to the administrators at Funding Secure's address. The "tracked" post confirms it was delivered. My bank have advised me to take extra security precautions as a result of the administrators losing information already sent and have advised me against resending information which links me to my bank account. I assume the administrators will charge us in the order of £100.00 per hour for them to deal with their inefficiency. £100 an hour? Think £500 and you'd be closer.
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taffy
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Post by taffy on Jan 26, 2020 12:48:34 GMT
Queried and received the following: You are right. At the moment no withdrawals can be made.
Once the administrator release the funds you will be able to withdraw your available funds.
You will need to have the AML checks done, without which you can not withdraw. The AML checks which we are doing now, will eventually be required by administrator.It is now over three months since FS entered Administration. If AML checks are required as you say, why haven`t they been requested? I`m sure it`s a simple enough process, so can we get on with it please.
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foolsgold
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Post by foolsgold on Jan 26, 2020 12:57:42 GMT
Likewise ...I have not received any requests from the administrators
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