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P2P verify identity. real strange ?

  • 17-11-2020 12:20pm
    #1
    Registered Users Posts: 822 ✭✭✭ the watchman


    I won’t name the company unless Mods says its ok to do so.

    So I’ve been investing with a well know P2P company for about 5 years and I have to say that my experience with them has exceeded all my expectations.

    A couple of months back I was asked to ‘verify my identity’. I was happy to do this at some stage and when I had equipment to do so ( I don’t use camera technology so have to get it). I was not concerned as I knew my funds would be safe even if my account was limited for a while. Yesterday I went to re-invest and was not allowed and instead a question appeared on the screen…….

    Obviously this was the attempt to start verification but it was the question that kind of amazed me.it was:
    Are you politically exposed?

    In all my years of proving ID I have never seen a question like this. I closed down the screen and dread to think what the following questions are going to be like. I am not the sharpest knife in the draw and I have no idea of what that question even means or its relevancy.

    I sent email and will update this story as it unfolds. I have a feeling it might be quite a saga.


Comments

  • Registered Users Posts: 12,225 ✭✭✭✭ retalivity


    Asking if you are a PEP is standard AML procedure for most Financial institutions, has been for years.


  • Registered Users Posts: 17,042 ✭✭✭✭ namloc1980


    Politically Exposed Person is a fairly long standing concept in Anti Money Laundering obligations that all financial institutions must abide by. Here's the relevant Irish Statute that describes PEPs: http://www.irishstatutebook.ie/eli/2010/act/6/section/37/enacted/en/html

    It's based on an EU Regulation. Companies providing financial services are obliged to undertake KYC checks and one of those checks is to establish if a customer is a PEP. Nothing untoward here OP.


  • Moderators, Business & Finance Moderators Posts: 7,834 Mod ✭✭✭✭ Jim2007


    I have no idea of what that question even means or its relevancy.


    It's a standard question, it simply means are you an elected official, hold public office, related to someone who holds such an office etc...


    And yes, there will be a lot more personal questions to answer before you can reactivate your account.

    I sent email and will update this story as it unfolds. I have a feeling it might be quite a saga.


    Not to be recommended.


  • Registered Users Posts: 8,755 ✭✭✭ Shedite27


    Yeah nothing strange about that OP, apart from the wording on the form. "Potically Exposed" (PEP) is a phrase you'd be very familiar with if a PEP, understandable that it reads strange if you've never heard of it. Answer No and carry on


  • Moderators, Business & Finance Moderators Posts: 7,834 Mod ✭✭✭✭ Jim2007


    Shedite27 wrote: »
    Answer No and carry on

    Only if you are not. The majority of people who find themselves answering yes to this question are people that are associated with a PEP.


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  • Registered Users Posts: 8,755 ✭✭✭ Shedite27


    Jim2007 wrote: »
    Only if you are not. The majority of people who find themselves answering yes to this question are people that are associated with a PEP.
    If the OP has never heard of the term "Politically Exposed", I think it's safe to say they're not associated with a PEP.


  • Registered Users Posts: 1,562 ✭✭✭ MyStubbleItches


    Jim2007 wrote: »
    Only if you are not. The majority of people who find themselves answering yes to this question are people that are associated with a PEP.

    Jesus you just can’t help yourself.


  • Moderators, Business & Finance Moderators Posts: 7,834 Mod ✭✭✭✭ Jim2007


    Shedite27 wrote: »
    If the OP has never heard of the term "Politically Exposed", I think it's safe to say they're not associated with a PEP.
    Jesus you just can’t help yourself.

    Tell someone to answer no to a question when you have no idea of that person’s circumstances is not helpful. And in this particular instance could cause problems for them.

    May people reading this forum real on the information provided, expect to be pulled up on poor or misleading advice.


  • Registered Users Posts: 8,755 ✭✭✭ Shedite27


    Jim2007 wrote: »
    Tell someone to answer no to a question when you have no idea of that person’s circumstances is not helpful. And in this particular instance could cause problems for them.

    May people reading this forum real on the information provided, expect to be pulled up on poor or misleading advice.

    Give it a rest Jim, he came to the forum to ask a question, I gave him an answer.

    You know Jim, you don't need to respond to every post on the Investments forum. If you don't have an answer it's okay to stay quiet. 90% of your post seem to be "you shouldn't be asking that". It's a forum FFS


  • Registered Users Posts: 822 ✭✭✭ the watchman


    Just to say thank you for all the posts. Most interesting.


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  • Registered Users Posts: 822 ✭✭✭ the watchman


    Moderator, I note you recommend not to document my experiences going forward. Obviously I have more learning ahead of me. You might consider a PM to give me a little more detail.


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