benaj
Member of DD Central
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Posts: 5,591 
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Post by benaj on Mar 3, 2023 11:03:26 GMT
I have never been asked about "Source of wealth" from Mintos.
Last time I have been asked for such questions was about a month ago, by a UK bank. Triggered by funding account from the non-nominated bank. The investigator behaves nosy as usual, but I managed to close the investigation with some proof of documentation and explanation of the date of those transactions without giving full history of my life now matter how nosy he is.
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Post by petebutt43 on Jul 24, 2023 10:38:03 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. I have a similar problem. They asked why I had a UK bank account and what business interests I have in the UK. The bank account is an International one in the isle of Man and I have no business interests in the UK except pensions. I do not see the problem and they are refusing to answer my queries.
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Post by captainconfident on Jul 24, 2023 11:02:07 GMT
Indeed, I had moved Uk-NL-Belgium, leaving a trail of bank accounts behind me and they took months probing these. They will accept that you are not a money launderer eventually, but not before making you feel like a criminal and intruding far further into your personal life than they have any right to do. For me, it was all accepted eventually, but not before leaving a bad taste in the mouth. Let us know how you get on.
I've ceased trading an old business and started a new business that currently does not generate significant income, and that set them off. Investing money but no income. Definitely fishy. But I had a lifetime of savings that offset the fact that I don't have much of a pension built up, and so I need to keep that invested. "But where did that money come from?" Well, it started with interest from that post-office account my dad set up for me when I was 12.
They blocked my account while they did this and for 2 months I couldn't withdraw and then they stopped auto-invest too when they were in their biggest frenzy of suspicion. I found that inexcusable.
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