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Author Topic: Mt.Gox AML/KYC Process Explained  (Read 57105 times)
Infinity
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April 12, 2013, 08:32:01 AM
 #101

People have to understand one thing, we, and this will apply to any other Exchange at some point, have to follow government and banks rules. Do we like these rules? Not always. Do we enjoy enforcing them? Hell no! Do we have a choice? Not at ALL!

Do you think what are you talking is a joke? I just want to withdraw 4 bitcoin, it tell me "Your account is currently pending review, please visit https://mtgox.com/forms/verification"

Please tell me there are some government or some bank to force you to prevent me to withdraw my bitcoin??

And please tell me why my account is pending review??

Your Position in the Verification Queue 20380 Can you do some important things other waste time to do it?


If you reject my documents, is it true that I never give my bitcoin back?

And you prevent me to withdraw bitcoin, Why don't you prevent or notice me when I sent bitcoin to mtgox?

Please answer these questions clearly and directly!
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zakoliverz
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April 12, 2013, 01:05:41 PM
 #102

I uploaded documents , but no reply yet.
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April 12, 2013, 10:56:03 PM
 #103

hy
i keep sending verification pdf´s and everytime you answer: the adress you gave us doesnt match the adress on the pdf you sent. BUT i cant find any form to correct the adress is gave you. plz help
gtz
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April 13, 2013, 07:19:13 AM
 #104

Bottom line: Mined your security. I'd not use them for wallet services without a bit more than 1 password between me and all my assets.
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April 18, 2013, 01:14:01 AM
 #105

My wife needs to submit AML stuff, but as all the bills are in my name she has a problem.

Can she submit passport as proof of name and driving license as proof of address?

Or do we have to change the account name on the electricity account so that she can withdraw her Bitcoins?


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April 19, 2013, 09:40:51 AM
 #106

I am waiting more than a week to validate wire transfer adress. I mailed MtGox, and submited to helpdesk. My question is - WTF?

UPD. answer from MtGox support

Hello,

Due to a huge volume of requests, the AML team will take at least 1 week to respond.

Thanks,

MtGox.com Team

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April 21, 2013, 06:49:24 AM
 #107

A kind soul please advise. I want to get my account at Mt.gox funded very quickly ($5k). Which procedure is faster according to your experience.

1. EUR funding by SEPA (verification process at Mt.gox + money transfer + crediting the account)

I live in Europe and decided to use SEPA transfer to fund my account at Mt.gox (EUR sent to Mt.gox's account in Poland). I am waiting in a queue for verification (I uploaded the ID + utility bill images). I am 25k in the line, which means - if successful - I will be verified in two weeks time. It will take at least 1 day to make the transfer and 6 days for Mt.gox to put that money in my account (verified by a Polish guy who made an intrabank payment from BZ WBK to BZ WBK). The whole procedure will take 21 days. This is very long.

2. USD funding by International Wire Transfer ( money transfer + crediting the account + check process at Mt.gox)

Mt.gox write on their website in regard to International Wire Transfers (USD sent to Mt.gox's account in Japan): ''First-timer depositors are requested to upload their copy of the official ID to facilitate this process.'' - I already uploaded the image of the official ID. Further Mt.gox write ''International wire transfers usually take 2-5 business days to reach us. All deposits are subject to AML check (check is not verification!) due to more stringent AML requirements and this process may take up to 24 hours after the funds have reached us.''

Am I correct to assume that the procedure of funding the account by International Wire Transfer takes only 6 days (5 days for the money to reach mt.gox and 1 day due to AML)?

Please advise.

Thanks
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April 21, 2013, 01:39:56 PM
 #108

A kind soul please advise. I want to get my account at Mt.gox funded very quickly ($5k). Which procedure is faster according to your experience.

1. EUR funding by SEPA (verification process at Mt.gox + money transfer + crediting the account)

I live in Europe and decided to use SEPA transfer to fund my account ...

None of that will work Loozik so forget about Mtgox, try using bitstamp.net, they're fast and professional. I'm not affiliated just a happy customer.

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bit-fxtrader
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April 21, 2013, 10:27:13 PM
 #109

So for withdrawal, so in order to use sepa or any euro bank transfer I have be verified? Or is sepa separate from euro wires? Can I receive a non-sepa euro transfer?

What if I use USD/PLN to withdraw and use the same polish bank they use? Will I need to get verified then? And what will be the withdrawal fees on bank wires If I use their bank WBK?

Also off topic but what's the smallest amount of bitcoins/dollars you can trade at mtgox?

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April 23, 2013, 06:57:46 AM
 #110

So the verification team was beefed up,

what about the security and speed, can mtgox hire more experienced people?,

and buy some actual trading technology used for actual trading?

or are they too busy  verifying more people to pump the price and doing insider trading?

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April 23, 2013, 04:39:20 PM
 #111

After 16+ days waiting for mtgox to verify the account and had to deal with the frozen withdrawal restriction, the account finally was verified, but the withdrawal limit stays at $1000.  Emailed support, but no reply or update of status after 2+ days.  Mtgox needs to get their business straight, it is not like they are operating on a shoestring budget, judging by the volume, they are doing very well just collecting commissions.

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April 24, 2013, 09:04:11 PM
 #112

I know you cant accept bank statements, but what about credit card statements? I live with my mother, and all of the utilities are in her name or my father's name....
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April 25, 2013, 01:38:28 PM
 #113

after waiting XX days for the verification status upgrade to be processed, the request for a limits increase should at least be handled in a prioritized manner, instead of going to the normal support ticket queue, incurring another XX days delay.

it is really frustrating to receive the status complete email and then having to wait another week for the limits increase...
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April 26, 2013, 07:05:32 AM
 #114



What happens if my application is rejected?

If we reject your documents, we will always explain by email what went wrong in the verification process. The top 5 most common causes for rejection are:

  • Not submitting all the documents. Many people only give us a driver's license or passport on their first attempt, without providing any proof of residence. This is the most common reason for rejection, and costs our customers the greatest amount of time in having their accounts verified.


I am currently applying to become verified. And the reason why people only submit a drivers license is because, submitting the proof of residency simply does not work. I have tried for a million times to upload my proof of residency and it just will not upload. It shows a red bar, and that's it.

After logging in and out to see if it resolves the matter, it send my application out automatically. Had to wait for almost two weeks to get a decision, which obviously was that i failed and need to apply again. And once again proof of residency will not upload.
To check if there is something wrong with the file, I tried to upload proof of my driving license on the proof of residency section , and it still does not work. It send my application of automatically again, and I have to wait for 2 weeks again to receive the same decision.
For a company with such large amounts of revenue, you make quite a meal of dealing with customers needs. Not to mention the in-capacities of your systems and website.
I would not be surprised if it is only 1 member of staff going through all of the applications, since the rate at which they are resolved seems to be a couple of hundreds per day.
Bitcoin is a lovely concept, but companies like yours taint it for the worse. I'm afraid Bitcoin will never gain mass adoption, whilst it is being associated with Mtgox.
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April 27, 2013, 01:58:25 AM
 #115

someone knows more about this, is this true? http://pastebin.com/ePiAqkfA

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MZZM
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May 07, 2013, 03:54:51 AM
 #116

After 16+ days waiting for mtgox to verify the account and had to deal with the frozen withdrawal restriction, the account finally was verified, but the withdrawal limit stays at $1000.  Emailed support, but no reply or update of status after 2+ days.  Mtgox needs to get their business straight, it is not like they are operating on a shoestring budget, judging by the volume, they are doing very well just collecting commissions.
This! Same situation. I am so sad about this, spend lot of time to scan all this stuff, waited more than 2 weeks, wrote lot of letters, and when I verified my limit is same. Makes me cry

UPD: Gox quickly answered and increased my limit. However it did not ask me for google authenticator, that I protected withdrawl...
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May 16, 2013, 09:35:15 AM
 #117

So what is the deal with straight btc withdrawals now?  Do I have to submit personal data to get my coins out?


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May 16, 2013, 11:34:00 AM
 #118

Sooooooooo looks Like Gox may have a few AML things to figure out itself........

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May 30, 2013, 03:08:03 PM
 #119

All Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals

Quote
TOKYO - JAPAN - May 30, 2013

Statement Regarding Account Verifications

The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals. Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.

In the past two months Mt. Gox has invested in more than doubling our verification support staff, and we are currently able to process most verifications within 24~48 hours.

We apologize for any inconvenience this may cause. Please visit the Security Center in your Mt. Gox account if you are not already verified, and keep in mind that being careful to submit the proper documents will result in a much faster processing time.

Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact press@mtgox.com

 - https://mtgox.com/press_release_20130530.html

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May 31, 2013, 07:22:37 AM
 #120

 
Quote
Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.

 - https://mtgox.com/press_release_20130530.html
Cox continues to lie and treat some of us like criminals solely on basis of their mistaken suspicions.

I can't withdraw even BTC without verification, because I've used a VPN to connect. So, to the Gox AML dumb@$#&* that looks like a violation of their TOS by having more than one account, because there are others who access their accounts through the same VPN IP.

The same "violation" occurs when two or more members of the same household access their MtCox accounts through the same house router with the same IP, and also would be flagged for mandatory verification, even for BTC withdrawals.

So, even if it's just their mistaken suspicion, at MtCox we are automatically guilty until we prove ourselves innocent by showing our papers...

May what goes around some day come around to the MtCox @#$$%%^&*s!

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