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Author Topic: [ANN] New AML Policy for all Dwolla users.  (Read 12826 times)
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May 18, 2012, 06:58:38 AM
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https://mtgox.com/press_release_20120518.html

Dear Mt.Gox users,

Following the announcement this week from Dwolla regarding a change in their user policy, we are now obliged to institute a new AML policy when it comes to either deposit or withdraw funds when using Dwolla. This new AML goal is to make sure that we are in total conformity with Dwolla’s requirements when it comes to transferring funds. This in order to expedite transactions between our two companies.

Effective from Friday 25th of May, any user using Dwolla via Mt.Gox will be required to own a Verified account.

How do I become Verified?
"Verified" status can be obtained by any Mt.Gox user by submitting a copy of government issued photographic identification documentation and proof of residence (utility bill, etc.) documentation via our dedicated interface.

To submit documents you will need to log into your Mt.Gox account, go to "Settings" by clicking on your username in the top-left of the page and then click on “Get Verified.” Once the proper documentation has been submitted the process will in general take a maximum of two business days.

A Verified account also gives you the following advantages :
Being “Verified” allows for the following withdrawal limits: A maximum monthly withdrawal of $50,000 USD (or equivalent) capped to a maximum of $10,000 USD per 24 hrs and a 4,000 BTC withdrawal per 24 hrs without any monthly limit.

We sincerely apologize for the inconvenience this will cause our North American customers, and are working with Dwolla to reduce the impact of their AML processes on Mt.Gox users.

Regards,
Mt.Gox Co. Ltd Team.

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May 18, 2012, 07:14:24 AM
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Effective from Friday 25th of May, any user using Dwolla via Mt.Gox will be required to own a Verified account.


That part was a little confusing the first time I read it.  You mean a Mt. Gox Verified account (versus doing verifications on Dwolla).

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May 18, 2012, 07:24:57 AM
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Gox, do you plan to offer an alternate withdrawal service in the near future?

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May 18, 2012, 07:30:03 AM
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Effective from Friday 25th of May, any user using Dwolla via Mt.Gox will be required to own a Verified account.


That part was a little confusing the first time I read it.  You mean a Mt. Gox Verified account (versus doing verifications on Dwolla).

Sorry for the confusion.  If you already have a verified account, you will not have to submit AML documents for verification to use Dwolla anymore.  Only accounts without a "Verified" or "Trusted" statuses will be required to become verified should they still wish to use Dwolla.  If you have any other questions, please feel free to contact the Mt.Gox Support at https://support.mtgox.com/home
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May 18, 2012, 07:31:25 AM
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Gox, do you plan to offer an alternate withdrawal service in the near future?

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

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May 18, 2012, 02:34:39 PM
 #6

"Trusted"?  What is trusted status?  Prefer something on Mt.Gox site.
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May 18, 2012, 11:55:32 PM
 #7

Does this affect deposits, withdrawals, or both?
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May 19, 2012, 10:51:24 PM
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"Trusted"?  What is trusted status?  Prefer something on Mt.Gox site.

Means Verified using Notary / Apostille for ID Verification.


Quote
“Trusted” Accounts are eligible for daily transaction limits of up to 100 times and monthly transaction limit of up to 50 times the default limits.

In order to apply for the “Trusted” account status please mail a notarized copy or translation of your government issued ID (E.g. Your passport or driver’s license) and a copy of your monthly utility bill to

 - http://support.mtgox.com/entries/20919111-aml-account-statuses
 - http://support.mtgox.com/entries/20251501-aml-request-increase-transaction-limits
 - http://support.mtgox.com/entries/20861901-changes-to-aml-policies

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May 21, 2012, 02:03:40 AM
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Does this affect deposits, withdrawals, or both?

Hello,

It would apply to both deposits and withdrawals. 
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May 21, 2012, 11:56:14 AM
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Gox, do you plan to offer an alternate withdrawal service in the near future?

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

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May 21, 2012, 01:26:08 PM
 #11

Gox, do you plan to offer an alternate withdrawal service in the near future?

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

Withdrawls to a prepaid debit card would certainly be possible but even if Gox co-branded a prepaid debit card they are still subject to the issuers rules and the network agreement (rules including things like chargebacks).  I just don't see reversible payments ever being used for irreversible goods except maybe for token amounts.
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May 21, 2012, 01:28:31 PM
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Gox, do you plan to offer an alternate withdrawal service in the near future?

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

Withdrawls to a prepaid debit card would certainly be possible but even if Gox co-branded a prepaid debit card they are still subject to the issuers rules and the network agreement (rules including things like chargebacks).  I just don't see reversible payments ever being used for irreversible goods except maybe for token amounts.

Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.

Removing online purchases would make the risk on such a card service drop dramaticly.

I dont know the process for this but I am fairly confident that if they wanted to offer this it would definitely be doable. I dont see how this is any more risky than the dwolla chargebacks they allready incur from scammers.

Lastly, perhaps they could offer the card solution to regular medium to high volume users(verified of course), they have far less if not 0% risk associated to users who have consistently traded on MTGOX with a track record and medium to high volume BTC/USD available.

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May 21, 2012, 01:33:15 PM
 #13

Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.

Removing online purchases would make the risk on such a card service drop dramaticly.

I think you misunderstood what you were saying.  No need to restrict online purchases.  The card issuer doesn't pay the chargeback cost/loss the e-store accept it does.  I thought you meant a method to both withdrawal & fund the account.  If used to simply "spend the balance" there would be minimal risk.
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May 21, 2012, 01:38:58 PM
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Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.

Removing online purchases would make the risk on such a card service drop dramaticly.

I think you misunderstood what you were saying.  No need to restrict online purchases.  The card issuer doesn't pay the chargeback cost/loss the e-store accept it does.  I thought you meant a method to both withdrawal & fund the account.  If used to simply "spend the balance" there would be minimal risk.

Yep, Im looking at it as a method to get funds out with few as possible intermediate exchanges. Take me for example I need to jump through 5 exchanges right now to get funds out and it cost me 10% in fees right now combining every exchange which is simply unacceptable for the volume I am doing.

If a direct card could be used there would only be the normal foreign exchange fee from USD to my currency which is between 1.8-2.5% charged by card issuer(mastercard/visa) and then on top of that MTGOX shouldnt have to charge a fee since they know allready the medium to large account holders trading volume fees add up more than enough for them.

I was thinking this could be a fee free service for medium to high volume users and perhaps a small percentage/fix fee for low to next-to-nothing volume users.

The luxury of bitcoin fades away slowly when you start to look at fees involved to actually get your funds in your local currency, since mostly everyone still need to pay their local bills in their local currency its very important to atleast get as much out of your BTC exchange as possible.

...In the land of the stale, the man with one share is king... >> Clipse

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May 21, 2012, 03:43:09 PM
 #15

So we're all on board wit this verification process, right?

We're not thinking this was just the longest scam in the world to obtain our driver's license & utility bills?

What's the most damage someone could do that information anyway?

Anyone care to field that question?

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May 22, 2012, 01:31:15 AM
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Gox, do you plan to offer an alternate withdrawal service in the near future?

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

There as several solutions that we are working on in order to make your life easier. I am not saying that we will offer what you suggest, but we are exploring every possibilities reduce drastically fees involved in the process as well as being able for you, all of you, to easily cash-in and cash-out. I sincerely hope that we will see such solution available before the end of June.

Regards

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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May 22, 2012, 05:06:43 AM
 #17

There as several solutions that we are working on in order to make your life easier. I am not saying that we will offer what you suggest, but we are exploring every possibilities reduce drastically fees involved in the process as well as being able for you, all of you, to easily cash-in and cash-out. I sincerely hope that we will see such solution available before the end of June may.

Regards

That's more like it. ^^

But in all seriousness, thanks Gox.

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May 28, 2012, 12:42:19 AM
 #18

Has anybody sent in their DL and a utility bill to make a Dwolla withdrawal since May 25th?  I'm somewhat wary of sending my personal info to Mt. Gox (What will happen to my info after the fact).
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May 28, 2012, 12:47:28 AM
 #19

We're working on a solution right now to enable customers of MtGox to get a check, wire, or local ACH withdrawal.

Instead of having to upload your ID to us, you will be able to do instant AML verification via new technology we've licensed.

You will be able to securely be verified without having to upload a copy of your ID from the comfort of your living room.

In the meantime, we fully trust MtGox in their AML efforts. Within the coming week, we will probably be required to do the same for Dwolla deposits.

For this reason, we are finishing up our alternative.

More news to come soon.

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May 28, 2012, 01:24:24 AM
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Bummer,

I'm also pretty leery of uploading my license or passport info. Guess I may just wait awhile to see what alternatives arise. Thanks for the info.
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