Whoah, everyone here who has a bank account - which I assume is pretty much everyone -- has gone through "standard KYC paperwork", and I've never been asked to send personal financial documents to an email inbox.
I've opened several bank accounts online and do online banking as well as brokerage and other accounts. Financial documents like this should be uploaded via secure portals and directly stored in encrypted databases with controlled access and network segmentation from the rest of the IT infrastructure.
I am editing this comment to say that I don't think what was being requested is malicious or unethical, but I hope you can understand why people would not feel comfortable doing this, even if they are fine with KYC processes in general.
> I've never been asked to send personal financial documents to an email inbox.
Try going to a self-service short-term rental in the UK / EU. You'll find out 48 hours before the trip that you won't get the access code until you send a copy of your ID to weed+lower.6969@gmail.com, and there won't be time to argue.
But: your bank knows who you are and the recipient's bank knows who they are. Your transfer may have been below the increased attention threshold ($10K to $50K depending on the jurisdictions of both recipients).
Both your accounts are most likely not recent and in good standing.
And so on. I routinely make international wiretransfers as well but I'm under no illusion whatsoever that if I tried to cross an anti-money-laundering or anti-terrorism-financing threshold somewhere that the transfer would be immediately stopped and an investigation would ensue.
Right but presumably the OP had an existing bank account. You can't wire money into thin air. Assuming OP is a regular person with a regular bank account, then further KYC isn't necessary. KYC for every international wire transfer is in fact not true at all, only for the edge case where a person wants to receive money and he has no existing account to transfer it in.
The War on Terror Financing(tm) made KYC-less transfers using formal banking systems well nigh impossible. Your transaction was covered by past KYC (by your financial institution).
That means either you did KYC paperwork in the past that is still covering new transactions, or that you haven't crossed the line that triggers KYC (in my experience, usually somewhere > $10-20k in cumulative transfers).
Whoah, everyone here who has a bank account - which I assume is pretty much everyone -- has gone through "standard KYC paperwork", and I've never been asked to send personal financial documents to an email inbox.
I've opened several bank accounts online and do online banking as well as brokerage and other accounts. Financial documents like this should be uploaded via secure portals and directly stored in encrypted databases with controlled access and network segmentation from the rest of the IT infrastructure.
I am editing this comment to say that I don't think what was being requested is malicious or unethical, but I hope you can understand why people would not feel comfortable doing this, even if they are fine with KYC processes in general.
Consumer banking: agree.
Corporate banking, I’ve seen exactly this. Asked to send PII docs via email to open accounts and do background checks.
Big 4 Australian bank.
Or I could go into a branch… but all they were going to do was email the copies to the same email address.
> I've never been asked to send personal financial documents to an email inbox.
Try going to a self-service short-term rental in the UK / EU. You'll find out 48 hours before the trip that you won't get the access code until you send a copy of your ID to weed+lower.6969@gmail.com, and there won't be time to argue.
It'd be interesting to get a patio11 perspective on what is or is not "standard KYC paperwork" in a trans-national transaction.
https://www.bitsaboutmoney.com/archive/kyc-and-aml-beyond-th...
This is false. I just did an international wire transfer a few weeks ago with no KYC.
Right, so you think.
But: your bank knows who you are and the recipient's bank knows who they are. Your transfer may have been below the increased attention threshold ($10K to $50K depending on the jurisdictions of both recipients).
Both your accounts are most likely not recent and in good standing.
And so on. I routinely make international wiretransfers as well but I'm under no illusion whatsoever that if I tried to cross an anti-money-laundering or anti-terrorism-financing threshold somewhere that the transfer would be immediately stopped and an investigation would ensue.
Right but presumably the OP had an existing bank account. You can't wire money into thin air. Assuming OP is a regular person with a regular bank account, then further KYC isn't necessary. KYC for every international wire transfer is in fact not true at all, only for the edge case where a person wants to receive money and he has no existing account to transfer it in.
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The War on Terror Financing(tm) made KYC-less transfers using formal banking systems well nigh impossible. Your transaction was covered by past KYC (by your financial institution).
That means either you did KYC paperwork in the past that is still covering new transactions, or that you haven't crossed the line that triggers KYC (in my experience, usually somewhere > $10-20k in cumulative transfers).