3 ms·

KYC is such a joke. Just today I got a form that says literally "I confirm that I am not using the services for money laundering or terrorism". That's gonna st

• browningstreet 5y ago
  I opened a Venmo account a year ago and never did anything with it. I recently rented a house and the landlord wants me to pay with Venmo. I logged into Venmo and tried to add my bank account — error. Then manually. Then debit card, all errors. I knew it wasn’t really an error, plaid showed my bank balance before erroring out. I had to call their customer service 4x before I found someone who could see that it was a kyc block and put me through the process of verifying myself. Upload documents. Wait for them to review. Then put my account into partial freeze so I could add my bank and then verify transactions. Then talk to CS person and wait for them to manually unfreeze my account. It took a week. Just so I can pay rent.
• kylehotchkiss 5y ago
  IANAL but my interpretation of these things: Signing that and performing money laundering would be breaking their TOS and gives them a pathway to remove you based on TOS violations and not have to make a large legal case for it. Visa forms for USA use the same tricks, all kinds of questions about being a terrorist, answering “no” and doing something becomes a deportable offense since you’ve lied on a visa application or misrepresented, and removing the person from the country becomes easier.