Freewallet.org Flag - Please Support

[Freewallet]

But it is one of the criteria.

Please post amount above which freewallet has to perform identity verification because of AML and CTF regulation and all criteria for which you ask users to verify identity to comply with AML/CTF regulation.

Hello,
There is no specified amount. We pay particular attention to the amounts from several thousand dollars being transferred with signs of suspicious activity.

Are they at it again?

14,000 USD worth of tokens worth frozen in this users account for 18 months?

We always encourage our users to consider which tokens we support prior to sending a transaction.

[1714705811]

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[1714705811]

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[1714705811]

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[1714705811]

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[marlboroza]

But it is one of the criteria.

Please post amount above which freewallet has to perform identity verification because of AML and CTF regulation and all criteria for which you ask users to verify identity to comply with AML/CTF regulation.

Hello,
There is no specified amount. We pay particular attention to the amounts from several thousand dollars being transferred with signs of suspicious activity.

Are you trying to say if there is no sign of suspicious activity you won't perform identity verification? Or?

You are avoiding to provide clear answers.

Post all criteria under which you will perform identity verification and post "several thousand dollars" using numbers.

[Freewallet]

Are you trying to say if there is no sign of suspicious activity you won't perform identity verification?

That is correct.

You are avoiding to provide clear answers.

Post all criteria under which you will perform identity verification and post "several thousand dollars" using numbers.

We can list using different IP addresses and multiple transfers between accounts with subsequent withdrawals as such criteria.
At this point, we will not be able to specify exact amounts.
Our KYC policy will be reviewed and I hope to get back to this thread with more transparent information afterward.

[marlboroza]

If you don't mind, cite me where does it say that you are supposed to enforce KYC because of AML regulation when user's IP is changed?

Are you trying to say if there is no sign of suspicious activity you won't perform identity verification?

That is correct.

You are avoiding to provide clear answers.

Post all criteria under which you will perform identity verification and post "several thousand dollars" using numbers.

We can list using different IP addresses and multiple transfers between accounts with subsequent withdrawals as such criteria.
At this point, we will not be able to specify exact amounts.
Our KYC policy will be reviewed and I hope to get back to this thread with more transparent information afterward.

You have been asked several times already so I will take this as your final answer.

So user signs up, exchange $190K to btc, withdraw funds and according to you, if IP is the same and there are no multiple transfers - you won't perform identity verification.

So how all this complies with Hong Kong AML regulation? It does not. You stated this:

Will you admit that not all credible AML algorithms (including the software) adhere to these guidelines?

We know that thanks to our system we identified a lot of suspicious transactions, which prevented our customers from losing money. That's a mere practice.

And this:

You are playing on AML card so I will assume that you have reported lots of suspicious transactions to authorities because of AML regulation, especially because you are operating under Hong Kong's law which is part of FATF.

Is my assumption correct or wrong? 

There are no "AML cards". From time to time we have to address the legal requests of public authorities.

I am pretty sure that you have to report suspicious activities to authorities to comply with AML law, it doesn't really work on "request from authorities". Here is another useful link to read https://www.sfc.hk/web/EN/rules-and-standards/anti-money-laundering-and-counter-terrorist-financing/

Reading your posts I came to conclusion that you know nothing about AML regulations and you use word "AML" to selectively enforce KYC.

[Freewallet]

You have been asked several times already so I will take this as your final answer.

So user signs up, exchange $190K to btc, withdraw funds and according to you, if IP is the same and there are no multiple transfers - you won't perform identity verification.

So how all this complies with Hong Kong AML regulation? It does not. You stated this:

I am pretty sure that you have to report suspicious activities to authorities to comply with AML law, it doesn't really work on "request from authorities". Here is another useful link to read https://www.sfc.hk/web/EN/rules-and-standards/anti-money-laundering-and-counter-terrorist-financing/

Reading your posts I came to conclusion that you know nothing about AML regulations and you use word "AML" to selectively enforce KYC.

We've never posted an exhaustive list of all signs of activity that imposes us to run the AML procedure.
Just let us reiterate that most probably our policy is yet to be reviewed.

Thanks.