Verifo EMI asking for source of funds for 50 EUR

[ajhernan]

Hello,
I have a personal account in Verifo and they know I am freelancer, yesterday a third party sent me a SEPA for 50 EUR from revolut, this is the second transaction from a third party to this account. Todays they are asking me for source of funds, relation with this person, they asked me until her date of birth. It is crazy. As if it had been 50 thousand euros LOL

 

[Sols]

Who said amount was the only thing that mattered or that low-value transactions would never be subject to screening?

Sounds like you or the transaction triggered something in their system to warrant a check. For example, in an earlier thread, you mention that you're resident in Cuba. Obviously, your account is going to be subject to more rigorous controls.

 

[ajhernan]

Who said amount was the only thing that mattered or that low-value transactions would never be subject to screening?

Hello, obviously the amount is not the only thing, but I think it is a bit drastic, I have not made even 5 transactions in that account.

I also think that this is an intrusion into the privacy of the other person. In the end they own part of that data.

 

[nobel]

I would close the account immediately. An absolute no-go. Ridiculous.

 

[Sols]

Hello, obviously the amount is not the only thing, but I think it is a bit drastic, I have not made even 5 transactions in that account.
View attachment 4336
I also think that this is an intrusion into the privacy of the other person. In the end they own part of that data.

If I were to guess, I'd say some detail about the sender appears in some warning list and they are requesting that data to rule out a potential false positive. Or maybe they asked you for a list of expected counterparties/countries during the account opening and this transaction doesn't match that.

It costs them time and money to do this investigation. But that cost is less than the fine they would risk if they are caught having received a match (even a false positive) and not investigated.

Assuming this is just a routine check and there isn't any actual suspicion behind it, you can probably push back on some of the details they have requested by saying you don't have it.

 

[ajhernan]

Or maybe they asked you for a list of expected counterparties/countries during the account opening and this transaction doesn't match that.

The countries are the same that I declared.

Assuming this is just a routine check and there isn't any actual suspicion behind it, you can probably push back on some of the details they have requested by saying you don't have it.

Yes, I sent them an invoice for some service that I did to this person, also if they ask more, I will request them a formal certification asking for the personal data not in an email request.

 

[Sols]

I will request them a formal certification

A what?

 

[ajhernan]

A what?

a document signed by them, and I don't even know well, because they are asking for personal data from a third person that I do not have

 

[JohnnyDoe]

Hello, obviously the amount is not the only thing, but I think it is a bit drastic, I have not made even 5 transactions in that account.
View attachment 4336
I also think that this is an intrusion into the privacy of the other person. In the end they own part of that data.

typical questions from Lithuanian bank monkeys.

How can a human being think that one collects all those data from someone who sends 50 Eur for whatever reason?

 

[JackAlabama]

What a joke. Just leave that place and never look back. For 50E, that is indeed hilarious lol

 

[NicolasMaduro]

a document signed by them, and I don't even know well, because they are asking for personal data from a third person that I do not have

Rofl they would just close your account. They probaly make -dollars on you

 

[Lamb75]

typical questions from Lithuanian bank monkeys.

How can a human being think that one collects all those data from someone who sends 50 Eur for whatever reason?

I was thinking of Revolut when I read that, indeed. But who else would accept clients from Cuba in the EU ?

 

[ajhernan]

I was thinking of Revolut when I read that, indeed. But who else would accept clients from Cuba in the EU ?

Until now, Bankera, Spectrocoin, Verifo (LT) and The Kingdom Bank are some EMIs that allows Cubans clients

To apply in Revolut as Cuban citizenship must be resident in USA or EU, some visa and proof of address are required

Well done, I sent an invoice from some service to Verifo and theirs monkeys have approved the 50 eur lol

Well done, I sent an invoice from some service to Verifo and theirs monkeys have approved the 50 eur lol

 

[myhand]

It's a joke, but you must have raised some RED flags otherwise they would not do it!

 

[Sols]

How can a human being think that one collects all those data from someone who sends 50 Eur for whatever reason?

Banks and financial institutions are the way they are because of governments and regulators.

My guess is this transaction included a name or involved a country that's sanctioned or on other problematic lists (a full or partial match). Verifo in that case has two options. They can either send a request for information to the customer to ensure it's a false positive, or they can send the money back (maybe followed by closing the customer's account and filing an SAR). If they close the account, the whole account will probably have costed more to onboard than they have made up in fees.

If they do nothing (let the transaction through without questions) and the regulator finds out in one of the many compliance audits they do, they risk a fine that could go well into six figures depending on the severity, especially if it turns out to be a true positive.

 

[Simon4466]

I understand that it sucks to have to provide details for a 50 EUR transaction, but if for example the person who sent it shows up in a sanctions / enforcements / PEP / etc. database (or his/her name is likely to match) and the fact that you are a Cuban resident I totally understand them doing this.

 

[JohnnyDoe]

Banks and financial institutions are the way they are because of governments and regulators.

100% agree, that’s why only monkeys are left working in the banks’ compliance/legal departments.

My guess is this transaction included a name or involved a country that's sanctioned or on other problematic lists (a full or partial match). Verifo in that case has two options. They can either send a request for information to the customer to ensure it's a false positive, or they can send the money back (maybe followed by closing the customer's account and filing an SAR). If they close the account, the whole account will probably have costed more to onboard than they have made up in fees.

If they do nothing (let the transaction through without questions) and the regulator finds out in one of the many compliance audits they do, they risk a fine that could go well into six figures depending on the severity, especially if it turns out to be a true positive.

Be kind with monkeys: you can prevent them being abused with some simple photoshop.

I understand that it sucks to have to provide details for a 50 EUR transaction, but if for example the person who sent it shows up in a sanctions / enforcements / PEP / etc. database (or his/her name is likely to match) and the fact that you are a Cuban resident I totally understand them doing this.

OP should have explored this forum before opening an account, and prevented his problems with the simple solution that has been suggested over and over again.

 

[JohnLocke]

Some people simply don't find the forum in time...

I understand that it sucks to have to provide details for a 50 EUR transaction, but if for example the person who sent it shows up in a sanctions / enforcements / PEP / etc. database (or his/her name is likely to match) and the fact that you are a Cuban resident I totally understand them doing this.

I agree that may have triggered the check!

 

[Steve3000]

It's a joke, but you must have raised some RED flags otherwise they would not do it!

Or perhaps it's just a random check?

I have a Revolut acount with approx 3000 euros in it and never had a problem. Then one day, I wanted to transfer 300 to the Rev account of our son at university and my account was suddenly frozen! It took some time to work out what they wanted, mostly because their English was awful and the instructions were not clear, but finally I realised they wanted a photo of my passport .... again!? I admit I went a bit crazy, accused them of fraudulent activities, and threatened to involve the police, Lithuanian authorities etc, and I received an apology from them, then emails asking if everything was okay. But I never understood why they had to 'freeze' the account. I had a similar request from Sogexia for source of funds, but at least they gave me about 4 months to do it.

I'm sure that their computer just chooses people at random. Probably to appease the auditors?

 

[JohnnyDoe]

Or perhaps it's just a random check?

I have a Revolut acount with approx 3000 euros in it and never had a problem. Then one day, I wanted to transfer 300 to the Rev account of our son at university and my account was suddenly frozen! It took some time to work out what they wanted, mostly because their English was awful and the instructions were not clear, but finally I realised they wanted a photo of my passport .... again!? I admit I went a bit crazy, accused them of fraudulent activities, and threatened to involve the police, Lithuanian authorities etc, and I received an apology from them, then emails asking if everything was okay. But I never understood why they had to 'freeze' the account. I had a similar request from Sogexia for source of funds, but at least they gave me about 4 months to do it.

I'm sure that their computer just chooses people at random. Probably to appease the auditors?

Random checks do happen.
Why not to use crypto instead of those banks/EMIs that are only good for their own laundering schemes?