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Post by keyboardworrier on Jul 27, 2017 12:28:51 GMT
What's the process if someone doesn't have a passport or driving license to verify identity?
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mickj
Member of DD Central
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Post by mickj on Jul 27, 2017 12:29:25 GMT
So will we all have to do this at some time Lendy Support - will I be surprised one day and have to wait a day or two to pull money out ? Can I send you some documents now to get this done with ? or can it happen more than once ? |
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Post by mrclondon on Jul 27, 2017 12:34:01 GMT
Being slightly concerned that lendy will be overwhelmed next Tuesday with (re-)processing KYC/AML checks as a significant proportion of lenders withdraw the monthly interest, I've just sold a stray £9 loan part and requested a withdrawal in an attempt to get ahead of the rush next week.
However, it has appeared to go through ok, with just the normal message "Your request to withdraw £9.00 to Account ending **** has been received and will be processed as soon as possible."
Not sure whether that means I don't need to re-submit my details for KYC/AML or whether there is a lower £££ limit on transactions for this to be triggered.
EDIT: Bottom line is I had intended the cash from July's Lendy interest due on 1st Aug to pay a credit card bill on 4th August. I now no longer have the confidence that Lendy will release the funds in a timely manner next week. Grr ....
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Post by Deleted on Jul 27, 2017 12:34:50 GMT
Or it may be that auto protects (to guard against fraudulent withdrawals) kick in when someone tries to withdraw a certain large £amount via a single request or is making multiple smaller withdrawal requests during the course of a predetermined time period. Withdrawal patterns or amounts out of the ordinary (for a given individual) may also trigger additional checks. I have experienced an event such as being found here when I tried to make a card payment to import funds to a p2p provider, my card was rejected. I phoned the Bank and had to speak with the fraud team who took me through a multi layer checking before my card was re-activated. Reasons given for the blocking: 1) Amount, 2) Time (early morning), 3) Unknown Business whom I'd never made a payment to before. The whole protective process was in the Bank reps words: "Fully automated." Though one heck of an inconvenience at the time it may be preferable to actually finding out that someone has cracked your account and done a runner with your money. Edit: X-ed with Paul64 whilst I was eating lunch. |
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mosaic
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Post by mosaic on Jul 27, 2017 12:38:28 GMT
I'm surprised that the complaints process has been discovered/revealed!
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vic
Posts: 33
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Post by vic on Jul 27, 2017 12:39:34 GMT
Hi all, apologies but I have have just picked this up. In accordance with the UK’s Anti-Money Laundering Regulations, we are required to perform regular identity checks on all Lendy investors. They are more rigorous for non-UK investors. These checks are for security purposes and to ensure the legitimacy of investors’ accounts. It looks like this is simply that the new user has not provided the right information or the information failed the AML check. This could be simply that it was older than three months old. Paul Lendy Support Hi Paul64 , I am not a new user, I joined SS about 1.5 year ago. Since then I moved abroad and thus do not have live & active address in the UK any longer. And my bank does not provide PDF statements. Is there a law saying I cannot operate a UK bank account and must close it when moving abroad? Nope. Therefore I do not see how I can prove my UK address which I don't quite have. I did send the scan of my UK passport and the official Annual Summary PDF document from my bank though to which I got this [very late] reply: "The PDF document you have provided does have your address recorded on it. However, it is dated 12th January 2017 (i.e not within the last 3 months)." Great.
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Jeepers
Member of DD Central
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Post by Jeepers on Jul 27, 2017 12:40:33 GMT
This process of sending documents seems to be time constraining and old fashioned.
There is software available that could be built in to the site where the user inputs either their driving license number or passport number and it automatically verifies with the relevant government body.
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NSFW
Posts: 118
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Post by NSFW on Jul 27, 2017 12:42:58 GMT
What's the process if someone doesn't have a passport or driving license to verify identity? UK citizens don't have to provide passport or driving licence docs basically, alternatives will be requested instead.
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Post by Paul64 on Jul 27, 2017 12:49:55 GMT
Hi, AML checks require proof of identity,i.e. a bank statement that is no older than three months. If these are provided, there should be no delay in getting it approved. Thanks, Paul
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SteveT
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Post by SteveT on Jul 27, 2017 12:53:07 GMT
My guess is this is the same KYC reverification process that FC went through last year, again to satisfy FCA registration. For most UK residents, identity can be verified directly from their UK bank account. If your bank account cannot be used to verify your identity (by whichever credit reference agency the platform is using) then further documents are requested.
My account must have verified just fine (it always does) since I sold £17k of loan parts yesterday (in under 2 hours, by the way) and the funds were back in my bank account this morning. This, by some margin, was my largest Lendy withdrawal to date, triggered only by a better opportunity on another platform.
Ps. One difference is that FC did announce to lenders that they were starting the process of verifying all bank accounts ...
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vic
Posts: 33
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Post by vic on Jul 27, 2017 12:59:42 GMT
Hi, AML checks require proof of identity,i.e. a bank statement that is no older than three months. If these are provided, there should be no delay in getting it approved. Thanks, Paul
2) I already sent the scan of my UK passport as the proof of my identity.3) My bank confirmed to me both by voice and in writing: they do NOT provide PDF statements, only online or paper - I cannot pick any paper because I am abroad and Lendy support does not accept online screenshots because they don't have address on them. 4) The PDF Annual Summary from my bank is issued once and year, in January and thus isn't accented by Lendy. What do we do? How do I get my money back?
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vic
Posts: 33
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Post by vic on Jul 27, 2017 13:00:22 GMT
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r1200gs
Member of DD Central
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Post by r1200gs on Jul 27, 2017 13:04:36 GMT
My guess is this is the same KYC reverification process that FC went through last year, again to satisfy FCA registration. For most UK residents, identity can be verified directly from their UK bank account. If your bank account cannot be used to verify your identity (by whichever credit reference agency the platform is using) then further documents are requested. My account must have verified just fine (it always does) since I sold £17k of loan parts yesterday (in under 2 hours, by the way) and the funds were back in my bank account this morning. This, by some margin, was my largest Lendy withdrawal to date, triggered only by a better opportunity on another platform. Ps. One difference is that FC did announce to lenders that they were starting the process of verifying all bank accounts ... On the secondary market that's "come to a full stop"? I've also got parts for sale that are progressing just fine, if not like the old days of FFF! I have to jump through some ID hoops because I'm new to the country, but it's no big deal. The OP needs to calm down. Oh wait, I said that already..... 
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jul 27, 2017 13:21:30 GMT
Whilst I fully agree that vic needs to take a Chill Pill regarding his observations on the platform and their motivation etc, I can fully understand and sympathise with his frustration at not being able to access his funds.
Come on Lendy, there must be a solution to this; get it sorted!! 
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vic
Posts: 33
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Post by vic on Jul 27, 2017 13:37:04 GMT
Whilst I fully agree that vic needs to take a Chill Pill regarding his observations on the platform and their motivation etc, I can fully understand and sympathise with his frustration at not being able to access his funds.
Come on Lendy, there must be a solution to this; get it sorted!! Will be happy to take a Chill Pill once Lendy tells me how I can withdraw considering 1) - 4) above. So far there is no way out and Lendy refuses to withdraw, keeps asking for what is impossible to provide, just received this 2 minutes ago: I have checked with my Legal and Compliance team who have confirmed that we are unable to set up your account without address verification.
Feels like hitting a wall, Lendy Support Paul64 : how can one provide proof of something THEY DO NOT HAVE?
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