sb
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Post by sb on Nov 5, 2020 9:55:51 GMT
Mintos 3 weeks ago asked me to provide more information about myself. I guess it is because they applied for a licence and they have to comply with AML now.
I had to submit tons of documents, banks statement for 4 years, tax returns, my company financial statements. In the end they were happy that funds were legitimate.
Now they are asking to use some dodgy website, I don't trust, to submit more sensitive information. They are literally lying that they need to use it because it is required by the law. Even if you quote them the relevant law and show them that you and them are compliant with the law they are still blocking my funds.
I am so despaired now that I am considering a legal action against them.
Does anyone know what is the best way to do this?
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fric
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Post by fric on Nov 5, 2020 11:07:41 GMT
Mintos 3 weeks ago asked me to provide more information about myself. I guess it is because they applied for a licence and they have to comply with AML now. I had to submit tons of documents, banks statement for 4 years, tax returns, my company financial statements. In the end they were happy that funds were legitimate. Now they are asking to use some dodgy website, I don't trust, to submit more sensitive information. They are literally lying that they need to use it because it is required by the law. Even if you quote them the relevant law and show them that you and them are compliant with the law they are still blocking my funds. I am so despaired now that I am considering a legal action against them. Does anyone know what is the best way to do this? The first batch of information seems very in-depth already. What is the second batch of sensitive information they are asking now?
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sb
Posts: 166
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Post by sb on Nov 5, 2020 11:14:58 GMT
Mintos 3 weeks ago asked me to provide more information about myself. I guess it is because they applied for a licence and they have to comply with AML now. I had to submit tons of documents, banks statement for 4 years, tax returns, my company financial statements. In the end they were happy that funds were legitimate. Now they are asking to use some dodgy website, I don't trust, to submit more sensitive information. They are literally lying that they need to use it because it is required by the law. Even if you quote them the relevant law and show them that you and them are compliant with the law they are still blocking my funds. I am so despaired now that I am considering a legal action against them. Does anyone know what is the best way to do this? The first batch of information seems very in-depth already. What is the second batch of sensitive information they are asking now? Identification data (ID etc) plus my pictures/videos. The main problem is a dodgy third party website and I don't trust, especially after reading their T&C. Mintos conduct is also very dodgy. They are simply lying I had to use this website because that is the law.
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fric
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Post by fric on Nov 5, 2020 11:27:28 GMT
Ahh, so they basically want you to send a video of you holding your passport next to your face, so they know its you and not cousin with a copy of your ID/passport. A third party website indeed seems weird, why cannot they do it in-house?
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benaj
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Post by benaj on Nov 5, 2020 11:40:41 GMT
Peerberry also uses Veriff for verification. I find PB's verification is much simpler. Anyway, despite submitting info to Mintos's Veriff, Mintos process is not 1 step.  It also requires other documents and further questions. Yes, it is annoying. |
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sb
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Post by sb on Nov 5, 2020 12:16:57 GMT
Peerberry also uses Veriff for verification. I find PB's verification is much simpler. Anyway, despite submitting info to Mintos's Veriff, Mintos process is not 1 step. It also requires other documents and further questions. Yes, it is annoying. That is fine when you create a new account. In my case I have created my account in 2017, verifying it by sending a copy of my ID. Now they have changed the rules holding my money as ransom. What is worse is their customer service attitude, they bluntly lie the law forces them to use the third party provider. When I point out the law gives many options they come with another lie. There is also an issue that they have made a change to their T&C without even bother to inform me. A completely unprofessional and deceptive behaviour. I think I've found a way out by just closing the account. I was disinvesting anyway, 90% of loans are funds in recovery, mostly Finko. It will take time to get it back, probably only a fraction.
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Post by kl on Nov 6, 2020 11:26:43 GMT
Unfortunately, that's nothing new. I encountered the same problem in September 2019. Can't remember if I reported it here...
What was especially off-putting is that being an UK investor I had been blocked from new investments and my balance had reduced significantly. But they claimed that I had to go through the process because my balance had been over their threshold previously.
Unlike other platforms that give you a deadline to do something before they block your money, Mintos blocks your money first and then tells you what you need to do to get your money back 
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sb
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Post by sb on Nov 6, 2020 12:12:55 GMT
Unfortunately, that's nothing new. I encountered the same problem in September 2019. Can't remember if I reported it here...
What was especially off-putting is that being an UK investor I had been blocked from new investments and my balance had reduced significantly. But they claimed that I had to go through the process because my balance had been over their threshold previously.
Unlike other platforms that give you a deadline to do something before they block your money, Mintos blocks your money first and then tells you what you need to do to get your money back
Other platforms are much better, they give you time and even buy back all your loans from you when you decide to leave. I had a very pleasant experience with Peerberry and Twino. Mintos customer service deploys deceptions and lies. Even now after requesting closing my account they have not confirmed it. No idea when I am going to get my cash balance back. I hope they don't have cash problems. They are crowdfunding now. Please everyone invest in them so that I have a chance to see my money. 
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sb
Posts: 166
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Post by sb on Nov 6, 2020 15:43:53 GMT
Update:
Without saying anything Mintos has lifted a lock on my account.
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Post by jmn on Nov 8, 2020 12:20:55 GMT
Identification data (ID etc) plus my pictures/videos.
I experienced this today, and I remembered your post.
It was at Verification step with a European Crypto exchange (I won't state which one since it's off-topic).
I had to take photos of my ID card, selfie, dance a bit of Tektonik (palm on shoulder then look over other shoulder...) and repeat loudly some random sentences. Plus provide info about my wealth and income. After a few minutes I were fully verified.
I advise to target maximum Verification at registration to avoid retroactive requests. As you said, so it happens when you have no assets locked up.
Mintos is not the only one to act this way, I had to verify on Kraken (this one I name it) when I withdrew the first time while it was completely no-KYC when I deposited long ago. At least exchanges lets you Verify voluntarily at registration, something Mintos doesn't do yet.
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shimself
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Post by shimself on Mar 30, 2021 15:48:13 GMT
Identification data (ID etc) plus my pictures/videos.I experienced this today, and I remembered your post. It was at Verification step with a European Crypto exchange (I won't state which one since it's off-topic). I had to take photos of my ID card, selfie, dance a bit of Tektonik (palm on shoulder then look over other shoulder...) and repeat loudly some random sentences. Plus provide info about my wealth and income. After a few minutes I were fully verified. I advise to target maximum Verification at registration to avoid retroactive requests. As you said, so it happens when you have no assets locked up. Mintos is not the only one to act this way, I had to verify on Kraken (this one I name it) when I withdrew the first time while it was completely no-KYC when I deposited long ago. At least exchanges lets you Verify voluntarily at registration, something Mintos doesn't do yet. I was dithering about this, so in the meanwhile I tried to withdraw my cash balance. I can't. I have sent a very angry email
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benaj
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Post by benaj on Mar 30, 2021 16:00:53 GMT
Identification data (ID etc) plus my pictures/videos.I experienced this today, and I remembered your post. It was at Verification step with a European Crypto exchange (I won't state which one since it's off-topic). I had to take photos of my ID card, selfie, dance a bit of Tektonik (palm on shoulder then look over other shoulder...) and repeat loudly some random sentences. Plus provide info about my wealth and income. After a few minutes I were fully verified. I advise to target maximum Verification at registration to avoid retroactive requests. As you said, so it happens when you have no assets locked up. Mintos is not the only one to act this way, I had to verify on Kraken (this one I name it) when I withdrew the first time while it was completely no-KYC when I deposited long ago. At least exchanges lets you Verify voluntarily at registration, something Mintos doesn't do yet. I was dithering about this, so in the meanwhile I tried to withdraw my cash balance. I can't. I have sent a very angry email Have you tried phoning them? Mintos has a UK phone number. I got mind resolved pretty quickly after speaking to one of the representatives, since ordinary UK citizens are not allowed to lend anymore.
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Post by captainconfident on Mar 1, 2023 20:15:15 GMT
Years of investing with Mintos, then BAM! Your account is blocked. AML check. No access until we are satisfied.
They are achingly slow to respond after submission of documents. For the first month I assumed the enormous delays were because they must have decided to AML check all their customers at once. But then I find Trustpilot reviews, and posts such as this from two years ago.
One request for documents leads to another. Essentially they want to know how every cent that you have accumulated added up to the amount you have deposited with them. There is no answer that can satisfy this, they would need to look at earnings from the 1980s and 1990s and decades of compound interest and investment returns from other financial institutions. Uncovering one saving account you had just leads to the question, well where did that money come from?, which would lead all the way back to your childhood if you pursue that line of investigation.
Leaving aside the reductio ad absurdum of their line of investigation is the inexcusable slowness of response, dragging out the period of your account suspension month after month. You cannot talk directly to the people formulating the requests for information. It's as if you are a criminal, they have impounded your money until you prove you are innocent. Never had anything like it from a financial institution.
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benaj
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Post by benaj on Mar 1, 2023 21:13:27 GMT
Years of investing with Mintos, then BAM! Your account is blocked. AML check. No access until we are satisfied. The UK number is no longer in service and my exit with Mintos did took longer than expected but I got my money back after check with their detective. The Mintos support hub took a bit of time to respond, but eventually they are satisfied to “release” the money after 2 weeks of emails since first response.
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Post by captainconfident on Mar 3, 2023 1:00:31 GMT
The next set of questions I've been asked are so intrusive, so far beyond answering the question "are you using 3rd party funds rather than your own", that I am minded to post them here. But I think better to talk on German p2p site which has bigger readership.
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