ChatterBank3 mins ago
Paypal �4500 limit
5 Answers
Just hit my �4500 limit on paypal, they've sent me a note saying they want lots of information on me, just routine procedure, to comply with European anti money laundering regulations. What's that all about?
Answers
Best Answer
No best answer has yet been selected by slimfandango. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.They need to cover themselves in case you're selling dodgy stuff.
It's all part of the Know Your Customer regulations which are much more enthusiastically enforced in today's world.
I wouldn't worry too much if your activities are legal, but I would make sure it really is Paypal that are contacting you (don't reply to emails, go through their standard website address, etc etc)
-- answer removed --
Yes its true. Thereis not just one, but there are two European Union directives on preventing Money Laundering. The idea is to stop crooks converting their ill gotten gains inot usable clean cash, so financial institutions have to be satisfied that you are who you say you are, that they know where the money comes from, and losts more besides.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.