Quote:
Originally Posted by suesheboy
Why would a Canadian company so concerned about identity etc not keep money in Canadian or banks in the USA? Who the hell would use a bank in Belize for a bank card?
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1. Because when incidents like this
https://gfy.com/showthread.php?t=1110227 happen those countries actually require certain procedures and might even fine Paxum for each occurrence. They would definitely be required to disclose it to members as opposed to knowingly calling the people reporting it liars and then ignoring any mention of it while taking no responsibility. Such behaviour would likely get them fined or even shut down.
2. Because with funds in an American or Canadian institution you can't pull an epassporte without doing hard time. All the owners would go to jail and you would be getting your money back from the sale of their personal assets.
3. Because to be an institution in those countries with financials kept there they have certain requirements and procedures in place to protect the account holder. Paxum for instance would not be allowed to suddenly declare that after three years you now have to send in a photo of yourself holding an ID or you won't get your money. There would be clearly defined procedures meant to protect you and if Paxum did not follow them they would be fined and the government would work on your behalf to make sure Paxum followed the rules. In short you would have more recourse besides bitching about it on GFY and hoping that the shills won't drown you out.
And btw if you think FINTRAC protects you call them up the next time you have a dispute with Paxum and see what they say. Or better yet call them and ask them about this
https://gfy.com/showthread.php?t=1110227 Paxum was being slick when they proudly proclaimed that they were regulated under FINTRAC. But it's only for terrorism and money laundering. It has nothing to do with protecting YOU.