FI Due Diligence Checks. When Was Your Last Check?(Poll)



  • I've been on FI for getting on a year and a half now but up until the last few weeks I'd not had a due diligence check. It was painless enough I guess. I'm just wondering how often they occur for everyone else? Do some folk get them quite frequently.



  • Just recently passed enhanced due dilligance. Very well handled by FI.This is something that the government have bought in to combat money laundering.



  • I've not had the enhanced ones yet. That's the one where they determine your source of wealth/income I'd have thought with my levels of deposit that wouldn't be necessary but I'm not sure on the threshold.



  • I had one and it was painless and very quick.



  • If you are PAYE it's quite easy. Self employed it's extremely invasive and so over the top. As I said in another post if major banks and HMRC are happy that your money is legitimate why does FI have to go so much further. There is no logic to what they do and I am extremely concerned at the way they handle sensitive personal information. It is sent on the generic customer service email where anyone in CS can view.



  • I have re-done DD and done EDD this year. I believe it is in line with strict Government requirements with regards to money laundering. EDD coincided with a significant increase in my investment which I assumed to be the trigger. Didn't have any difficulties with it myself.



  • @Le-Blanc are you a self employed business owner if you don’t mind me asking?





  • I guess the one of the issues here is that there is a likelihood that the majority of potential "Whales" they try to on board are going to be self employed and will potentially be put of by FI's management in this area.



  • @Le-Blanc I would hasten to guess that is why your EDD was straight forward. I’ve three businesses two of which have traded for over fifteen years. Having to explain to a little above minimum wage phone drone the difference between nett worth and declared income, salary verses directors dividends, deferred income etc etc whilst all the time he prevents access to your legitamate £40k is not something I choose for fun.
    Good luck attracting high nett worth investors with these processes.



  • I'm sympathetic to FI on this one. The money laundering rules are set out in law and they are already dealing with a higher risk with their punters than banks, solicitors, accountants, etc. as gambling is seen as a greater risk and they don't get to physically meet or visit the premises of their account holders. Higher risk means more hoops they are legally required to jump through. I'm sure they would rather not have to bother with this, as it might deter some, but their hands are largely tied.

    The admin delays I can see are a frustration for some, but it seemed to all run smoothly before Covid-19 struck, so any delays since are fairly understandable. Doesn't make it any less annoying if you're on the wrong side of this I appreciate, but I think we do need to be understanding and if there are legitimate concerns, raise them through the appropriate channels.



  • @Mintyfresh if they are that concerned they should be doing the checks before the ‘dodgy’ money is deposited. They don’t do that because it would be very detrimental to their business. No one is saying they don’t have to do checks. Banks are under just as much pressure but handle it in a professional way.



  • @Tom7471

    Can you re-phrase that?



  • Never had the enhanced due diligence but had the standard one. Account was verified within 15minutes of me sending the right documents. Only reason I remember it was because they did it on a pay day in the middle of a deposit bonus. Id been looking forward to spending the cash only to find i couldnt deposit any money, it turned out to be only a minor inconvenience



  • @LittleFish said in FI Due Diligence Checks. When Was Your Last Check?(Poll):

    @Mintyfresh if they are that concerned they should be doing the checks before the ‘dodgy’ money is deposited. They don’t do that because it would be very detrimental to their business. No one is saying they don’t have to do checks. Banks are under just as much pressure but handle it in a professional way.

    I wish i could find the the info online(i think it was from direct convo with GC but i remember very clearly from my time on bookies/casinos, govt guidelines "not law" stated that any necessary checks for DD/EDD should not be carried out on a withdraw if they could/should of been done at time of deposit, There was a lot of complaints mainly about casinos doing this on withdraws and therefore increasing withdraw times and in some cases refusing to process.

    FI have to do it otherwise they could be in deep shit but they should be doing it before authorising a deposit not on withdraws.





  • @shilly11 the one i had was definitely triggered by a deposit. That must have been around this tome last year. I deposited the money but couldnt trade straight afterwards



  • @Black-wolf said in FI Due Diligence Checks. When Was Your Last Check?(Poll):

    @shilly11 the one i had was definitely triggered by a deposit. That must have been around this tome last year. I deposited the money but couldnt trade straight afterwards

    yeah defo 12-24 mths ago, there was also a big push from govt urging withdraws to be "processed in a timely manner" and these checks on a withdraw was a negative factor to that. They(all gamb sites) really should not let a deposits go through if they think they "might need" info . I guess its sign of the world we now live in lol



  • @shilly11 My business in the good old days had a lot of cash transactions. The bank always checked it's source at the time of deposit NOT when I spent it. It's totally illogical to do it at the time of withdrawal. In addition, people withdraw when they may need the money. FI stopping you having access to YOUR money is draconian. If they are suspect to it's source inform the authorities.



  • @LittleFish said in FI Due Diligence Checks. When Was Your Last Check?(Poll):

    @shilly11 My business in the good old days had a lot of cash transactions. The bank always checked it's source at the time of deposit NOT when I spent it. It's totally illogical to do it at the time of withdrawal. In addition, people withdraw when they may need the money. FI stopping you having access to YOUR money is draconian. If they are suspect to it's source inform the authorities.

    I couldnt agree more. The correct procedure is and should be "we wont accept your money until we are satisfied of its origins" as opposed to "we will take it and then you have to prove your innocence to get it back" lol.

    Nothing underhand/sinister at all from FI, imho just not quite implementing the checks at the right time


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