BPGE (PAMM account) (bei forex_trader_100568)
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BPGE (PAMM account) Diskussion
Mitglied seit Dec 05, 2015
38 Posts
Mitglied seit Dec 05, 2015
38 Posts
Mitglied seit May 16, 2012
27 Posts
Apr 04, 2016 at 08:28
Mitglied seit Feb 15, 2015
14 Posts
Hi All,
I would like to check if anyone faced the same problem as myself.
I was told by Withdrawal Dept to proof my source of funds. They tell me that their bank requires my bank statements proofing source of funds. I need to proof that it is my money ... that's very strange.
I would like to check if anyone faced the same problem as myself.
I was told by Withdrawal Dept to proof my source of funds. They tell me that their bank requires my bank statements proofing source of funds. I need to proof that it is my money ... that's very strange.
Apr 04, 2016 at 08:59
Mitglied seit Oct 29, 2014
12 Posts
dennislye posted:
Hi All,
I would like to check if anyone faced the same problem as myself.
I was told by Withdrawal Dept to proof my source of funds. They tell me that their bank requires my bank statements proofing source of funds. I need to proof that it is my money ... that's very strange.
Yes, I had the same.
I sent screenshots from my bank showing the transaction used to fund my HF account clearly made from the same account that I had asked for wire transfer withdrawal to. This was inadequate. They asked for statements. I then obtained a statement showing the same transaction. They then asked for source. I told them this was the source and clearly showed the the funds going to HF. They then asked for proof of how I got the money in my bank account that was used to make the transfer to HF. Luckily I had a payment into my account around the same time that was enough to cover transfers to HF. If not, I've no idea how I would prove source.
I honestly think this is HF purely making it difficult to withdraw funds. First of all you get the pushy phone calls asking you not to withdraw and instead trying to offer advice on other PAMMs to invest then you have to jump through hoop after hoop to make various proofs before money can be withdrawn. Each time i was asked for a proof it was provided and then they asked for something else. If their banks compliance department was behind the requests as I was told i'm pretty sure it would be one request for exactly what they needed and that would be that.
Thankfully i have my money from the PAMM now and all personal accounts were closed some months ago so there's nothing left at HF. I wont be back.
forex_trader_100568
Mitglied seit Nov 25, 2012
121 Posts
Apr 04, 2016 at 11:01
Mitglied seit Nov 25, 2012
121 Posts
I'm hearing a LOT of this type of complaint.
Threaten to take the matter straight to the regulator. It's clearly deliberate and on top of their usual incompetence when it comes to processing extremely simple tasks.
Basically, don't take their crap and call them out when you have clearly provided everything already.
Threaten to take the matter straight to the regulator. It's clearly deliberate and on top of their usual incompetence when it comes to processing extremely simple tasks.
Basically, don't take their crap and call them out when you have clearly provided everything already.
Apr 04, 2016 at 11:58
Mitglied seit Oct 20, 2009
39 Posts
I eventually got my funds back from hotforex but feel the process was unnecessarily complex and I was requested to re-send ID docs etc.. Hadn't had any issue until then but obviously BP33 had started to feel they were no longer a reliable broker.
@BP33 I look forward to details about the new broker, thanks and keep up the great work.
@BP33 I look forward to details about the new broker, thanks and keep up the great work.
Apr 04, 2016 at 14:48
Mitglied seit Mar 21, 2016
17 Posts
@dennislye - I had the same. It's got to do with anti money laundering laws.
I sent an overview of my bank statements, showing all the transactions to HotForex to prove that the money was sent from me to HF. THey've not paid me out yet, but that was last Friday, so still a little early to tell.
I sent an overview of my bank statements, showing all the transactions to HotForex to prove that the money was sent from me to HF. THey've not paid me out yet, but that was last Friday, so still a little early to tell.
It's never too late
Apr 04, 2016 at 14:51
(bearbeitet Apr 04, 2016 at 14:53)
Mitglied seit Oct 20, 2013
136 Posts
clte posted:
Could it also be because HF PAMM service is located in the Republic of Mauritius? I could imagine that European banks would treat any larger transfers from Mauritius rather suspicious.
All their funds are located in Mauritius including their client accounts trade undewr FSC rules and not MIFID or CYSEQ. Its weird but I think the fund was so large that they do not have the funds to cover? God knows?:
I would never trade with a broker with such an iffy structure where he is banking in Mauritius via an offshore regsitration
Time is Money
Apr 04, 2016 at 14:52
Mitglied seit Feb 23, 2014
55 Posts
fingery posted:dennislye posted:
Hi All,
I would like to check if anyone faced the same problem as myself.
I was told by Withdrawal Dept to proof my source of funds. They tell me that their bank requires my bank statements proofing source of funds. I need to proof that it is my money ... that's very strange.
Yes, I had the same.
I sent screenshots from my bank showing the transaction used to fund my HF account clearly made from the same account that I had asked for wire transfer withdrawal to. This was inadequate. They asked for statements. I then obtained a statement showing the same transaction. They then asked for source. I told them this was the source and clearly showed the the funds going to HF. They then asked for proof of how I got the money in my bank account that was used to make the transfer to HF. Luckily I had a payment into my account around the same time that was enough to cover transfers to HF. If not, I've no idea how I would prove source.
I honestly think this is HF purely making it difficult to withdraw funds. First of all you get the pushy phone calls asking you not to withdraw and instead trying to offer advice on other PAMMs to invest then you have to jump through hoop after hoop to make various proofs before money can be withdrawn. Each time i was asked for a proof it was provided and then they asked for something else. If their banks compliance department was behind the requests as I was told i'm pretty sure it would be one request for exactly what they needed and that would be that.
Thankfully i have my money from the PAMM now and all personal accounts were closed some months ago so there's nothing left at HF. I wont be back.
money laundering is the main reason why they asking too many question but it should be only if you withdrawing it to your account first time. this is the only reason i like to use e-currency method i.e neteller/webmoney instant deposit and withdraw (takes 1~2days sometimes though for withdraw)
Mitglied seit Feb 12, 2015
3 Posts
Apr 04, 2016 at 14:58
Mitglied seit Oct 20, 2013
136 Posts
ISFurlan posted:
Some brokers might ask you to prove the account you've sent funds to them really belongs to you. That's the reason why they're asking for such documents.
When you send funds from an account it states from who it has been sent. Needless to say they have a utility bill and an ID when you open an account. So all the AML requirements are satsified prior to depositing and NOT after when you request a withdrawal
Never seen anything like it
Time is Money
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