Quote:
Originally Posted by Konda
Not to defend Paxum, but this happens even with huge international banks. We use some of the biggest banks in for example Hong Kong and Switzerland and plenty of times the accounts get temporarily frozen pending KYC requirements/updates. Very frustrating but a reality in today's financial climate.
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Quoted for truth. It's not a porn thing, the customers of new mainstream internet banks experience this quite a lot. The internet is full of such complaints about Revolut for example. They have to do this stuff sometimes to follow the laws.
What happens if the authorities aren't satisfied with their KYC systems? They get shut down - look at the ePayments threads.
If they do the KYC process in a reasonable time (few days in my opinion), it's all good.