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Post by gmaxkenny on Aug 1, 2018 18:20:29 GMT
Hi Victoria Would you please inform us what is the procedure to exit the platform for existing investor that would not want to go through to very intrusive information you are requesting as part of the KYC (more intrusive than any platform I have ever been in) Since there is no secondary market and funds are invested something for a long time, I would like to know how to proceed thanks a lot Too right,I have sent an email which is almost a duplicate of your post. I have no idea why they should need such detail of an investors income it looks more like a tax return than a KYC form. I for one will not fill it out. They better find a way pronto to liquidate portfolios as they have no secondary market.
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Post by patright on Aug 1, 2018 18:26:37 GMT
Hi Victoria Would you please inform us what is the procedure to exit the platform for existing investor that would not want to go through to very intrusive information you are requesting as part of the KYC (more intrusive than any platform I have ever been in) Since there is no secondary market and funds are invested something for a long time, I would like to know how to proceed thanks a lot Too right,I have sent an email which is almost a duplicate of your post. I have no idea why they should need such detail of an investors income it looks more like a tax return than a KYC form. I for one will not fill it out. They better find a way pronto to liquidate portfolios as they have no secondary market. thanks for the support, further to that, here is a copy of paste of their own FAQ as of today, and those are the rules under which I signed up (along with many I assume) and put my money, if rules change in the middle of the game, they better pay back the investment along with all pending interest www.grupeer.com/faqShould I provide information on the origin of funds? In order not to burden the users with the necessity to provide such information, Grupeer Platform accepts funds from the users only via wire transfers from the account in a licensed credit institution of the European Economic Area or Switzerland. The credit institutions of these countries are supervised by independent state regulatory bodies and comply with European and international AML (Anti Money Laundering) legal requirements. The Platform is entitled to request additional information related to the identity of the user or the origin of his funds only in case of suspicions of violation of the law or at the request of state regulatory authorities, as well as in the case of transfer of funds in especially large amounts, if such a request is received from the receiving bank.
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Post by gmaxkenny on Aug 1, 2018 20:12:02 GMT
In my email I asked who wanted the information and why so according to their own FAQ answer it could only be if the Latvian tax authorities requested it or its part of a new EU directive. If so it should have been clearly stated in their email and if it is not then why would they or anyone else require such detailed information. Not at all happy about this and the way it has been handled.
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Post by patright on Aug 2, 2018 5:23:56 GMT
In my email I asked who wanted the information and why so according to their own FAQ answer it could only be if the Latvian tax authorities requested it or its part of a new EU directive. If so it should have been clearly stated in their email and if it is not then why would they or anyone else require such detailed information. Not at all happy about this and the way it has been handled. Let us know if you can what answer you receive. In my opinion if it was EU, other platforms would have made the same requests but who knows, in any case it's too intrusive to be submitting these type of information to private companies, specially several.. An Explanation on this forum by Grupeer is also very much needed along with the exit plan for investors not willing to participate
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Post by patright on Aug 2, 2018 8:56:07 GMT
Hello Victoria it's great to post some cheerful monthly news statements, how about following up? at some point it's needed, in this case it's clearly needed Please do provide clear information on your new policies and why they are not even clearly stated on your website
Thanks
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Post by victoria on Aug 2, 2018 9:30:45 GMT
Dear patright, The information regarding our identification process and process of canceling posting account will follow. If you want to receive specific information regarding your account, please contact our support team (support@grupeer.com). Kind regards,Victoria
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Post by patright on Aug 2, 2018 10:02:43 GMT
Hi I certainly will and I thank you for your answer, I am sure Grupeer is looking to be perfectly straightforward to all investors reading this exchange, but the language used in your post is blurry (maybe I am not smart enough to comprehend and that's a possibility of course) Could you please define in plain english what is "canceling posting account"? and what it entails as far as settlement, so that anyone one that may or could be looking to become an investor on your platform be fully aware of what it entails?
thanks again for replying though
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Post by victoria on Aug 2, 2018 14:43:59 GMT
Dear patright , Thank you for your attention to detail! We are continuously improving our service for our clients. One of our latest updates was amendments to the Terms of Use and AML policy, both published on our website in July 2018. Our customers have been notified regarding these changes and had an option to accept them or decline. The reason for these changes was the upgraded identification procedure of GRUPEER in order to comply with the Latvian Law on the Prevention of Money Laundering and Terrorism Financing. It is required by the Law to check the origin of the funds of our clients used for the transactions on the Platform. GRUPEER is not a financial institution, but is consuming banking services, hence in order to avoid payment delays we are trying to be as transparent as possible and to comply with KYC policies required by the banks. We have implemented these changes in order to offer best service possible to our clients and to increase speed and quality of banking transactions. In accordance with our new identification procedure included into the last version of the Terms of Use and into our AML Policy, we ask our clients to provide copy of ID or passport, information on origin of funds and tax residence (a country where our clients are obliged to pay taxes). In some cases, when it is hard to identify tax residence and the information provided by the client is not sufficient for this (for example: client has a mobile phone number from one country, address in the second and declared its tax residence in the third) we are entitled to ask for tax certificate. But the request for the Tax Certificate is an exception, not the rule. Please note, any information and the documents provided by the clients are for our internal procedures only and we will not disclose it unless we are forced by law. Our Personal Data Protection Policy is also available on our website and is accepted by our clients. As per your question why other platforms are not requesting this information, we believe it is not in our competence to comment on other market participants’ practices. FAQ updates will follow shortly, sorry for inconvenience and thank you for pointing this out. In the meantime please rely on Terms of Use, as a main binding document for your relationship with the Platform. You should not be worried regarding the identification process, as all our verified investors have successfully passed it. I hope we shed light on these questions and made it clearer to you. But, if you still are not happy or have questions on this matter please do not hesitate to email our support: support@grupeer.com
However, if you still want to close your account, please email support your request and we will proceed in accordance with the procedure stated by the Terms of Use. Have a good day! Victoria
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Post by patright on Aug 2, 2018 18:23:14 GMT
Hi again Victoria again thanks for being so responsive, I have indeed written and I am waiting for an answer in the meantime, I assume you are referring to this: www.grupeer.com/show_agreement , would you be so kind as to pinpoint to the part that refers specifically to the condition that applies in this particular situation as I failed in locating it I am also a bit disappointed by the statement that say well even if the FAQ is wrong and you are sorry about that of course, what matters is the agreement...and my humble opinion is that since your terms of use were updated on July 16, did you ask user to agree with the changes to continue using the platform at that time? Did you provide an exit strategy for those that did not in the light of not having a secondary market or anything that could provide an exit? as a matter of fact I don't even recall receiving an email around July 16th notifying me of those changes Last but not least, you are now saying that the Tax information is an exception and not the rule, why then send an email to all existing investors yesterday with a link to a form this form clearly state that you have to even provide a certificate in order to continue using the platform, while not mentioning any exit possibility for money already in. You should even provide information about what kind of inheritance you have received and so on.. Again I thank you for your time and understanding because I enjoyed the platform myself so far but the direction it's taking is simply not for me I hope this post will be useful to every reader of course
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Post by gmaxkenny on Aug 2, 2018 19:06:45 GMT
If you are stating that asking for a tax cert etc is the exception not the rule then are you asking all your investors to fill this form are just a few. The form I see on my account makes it mandatory to give my tax cert. and all my earning details so am I the exception? If so why? My tax residence phone bank and address are all in the same country so it does not fit in with your answer. I ask here because your support have not answered my email. Maybe its just Patright and me that have received these emails.
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Post by pedro29 on Aug 2, 2018 23:49:58 GMT
Not the only ones, i guess we are all exceptions.
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Post by kissmyjazz on Aug 3, 2018 5:04:27 GMT
I find this to be a very fishy explanation. Banks already verify their customers and transfers in and out of Grupeer come from the verified bank accounts of their customers. I am sure Grupeer can verify some customers who they find suspicions, but the blank demand for such invasive verification when the law does not call for it is just stupid and arrogant behaviour.
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Post by victoria on Aug 3, 2018 8:21:25 GMT
Dear Sirs,
Thank you again for your comments!
To answer your questions:
-When we updated our AML procedures, clients could read and accept/reject them on our website. It appeared as a pop-up window when you entered the site for the first time since the update. -An exit strategy is the same procedure as in any other platform and did not change since an update of the AML procedures. -Here is the letter we sent out to all our existing clients:
"We would like to notify you that we will proceed with identification of your account within 1-2 months. At the moment we carry out identification of new investors for the purpose of making improvements and automatisation of the identification procedure. Until the identification you can use the services of our platform without any limitations. You will receive the notification before the procedure will start. The procedure itself won't be long and you can get acquainted with it in your Grupeer account in settings now (https://www.grupeer.com/settings). To accelerate this process, we kindly ask you to prepare required documents in advance."
The letter does not state that tax certificate is mandatory for you or that any of you, dear readers, are suspicious investors. It is only informing you about upcoming procedure. The questionnaire on our website states that you have to fill all mandatory fields (the one that have red star next to them). There is NO red star next to Tax Certificate field. It is optional. And some clients choose to attach it.
I wish you an amazing upcoming weekend! Kind regards,
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Post by kissmyjazz on Aug 3, 2018 8:31:33 GMT
I do not know what that means. What will happen to my account and my money if I refuse to follow through with your identification requirements?
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Post by victoria on Aug 3, 2018 8:49:42 GMT
Dear kissmyjazz Please, contact our support team and we will guide you through the process. Kind regards, Victoria
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