Due diligence checks



  • Hi

    Just wondered how much people invested before due dilligence checks?

    At the moment FI is just a fun hobby. Would like to invest a decent amount but not sure I wanna deal with due dilligence checks. They sound like a ball ache from what I’ve heard.



  • If you have a transparent source of wealth (ideally a salaried full time job) you have nothing to worry about at all.

    I’ve invested a substantial sum, I’ve never had my account suspended, and all of the DD checks have been concluded within a day or two.



  • what you heard ? maybe one, two, possibly 3 horror ish stories out of 1000s if not 10s of 1000s of accounts ? if youve nothing to hide you should be ok, maybe ask them in an email to perform EDD before you deposit a large amount just to be safe/sure ??



  • @NewUser569882 said in Due diligence checks:

    Hi

    Just wondered how much people invested before due dilligence checks?

    At the moment FI is just a fun hobby. Would like to invest a decent amount but not sure I wanna deal with due dilligence checks. They sound like a ball ache from what I’ve heard.

    I'm just a normal bloke, with a decent job, decent car, decent house, decent missus, amazing kid 🤣🤣 ...

    If you can justify where every penny in your bank account came from, then due diligence checks will be no problem. 👍



  • Yeah I’m on a full time salary but work away from home. Might not have access to the stuff they need at the drop of a hat so the 1-2 day delay could be weeks.

    Just trying to plan ahead so I can avoid potential stress and hassle



  • @NewUser569882 said in Due diligence checks:

    Yeah I’m on a full time salary but work away from home. Might not have access to the stuff they need at the drop of a hat so the 1-2 day delay could be weeks.

    Just trying to plan ahead so I can avoid potential stress and hassle

    It is a bit of a hassle, but is absolutely essential and although it can seem quite intrusive, it's for the greater good of the platform. Transparency and accountability are key to the future growth of the index.

    You can normally hurry things through via livechat if you need to.

    I wouldn't worry about it too much. If your money is clean, there shouldn't be any issues.

    I've deposited and withdrawn thousands and went through a couple due diligence checks with no major problems! 👍



  • @NewUser569882
    If you’re paye then it’s a doddle.
    As long as you’re not in for 100k and you’re on 18k per year.



  • I just sent them the documents without them asking and told them I would update them every six months as recent correspondence from FI confirmed there is no issue sending documents when having a substantial portfolio or if making a substantial withdrawal

    I asked them to get back to me if they needed further documents or information, as better off knowing that all is well at regular intervals ..



  • I've never had or been asked for a Due Diligence check by FI. Should I be worried or is it for self employed business owners for money laundering reasons?

    I go to work, earn a few quid, spend a few quid pay my taxes etc and only have a £2700.00 portfolio. When I earn my fortune on FI (c'mon, it may happen) I don't want to be hassled on withdrawing my millions.



  • @Kipper72

    We are all subject to the same rules and regulations mate.

    We have all been through it ... so you're next! 🤣🤣

    Nothing to worry about, just a slight inconvenience, but absolutely necessary for the integrity of the product.



  • @Kipper72 did you have the initial signing up stage one where you have to provide a picture of your bank card and form of I.D?

    The next stage tends to come at a certain deposit level, im not sure what that value was for me exactly but at this point I believe i had to send a form of I.D again, a utility bill and a bank statement. I could be slightly off with the details but this stage was very basic and completed within minutes.

    I wouldnt worry about it to be honest. The enhanced checks seem to happen when you have much larger sums deposited



  • Question for you guys on behalf of a friend as he doesn’t want FI to target him possibly because of this info on the forum. He left his job voluntarily earlier this year to look after his child. Deposited all funds whilst working prior to this event and the portfolio continues to run with no new deposits since leaving the job. If due diligence is carried out now, should he be fine given he’s currently not working?



  • @TeamGB my checks were triggered immediately after a deposit. So from my experience he should be ok but we have seem some claiming they came at the time of withdrawl. It may depend on how long ago he made the deposit and what the policy was at that time



  • @TeamGB

    The due diligence checks are simply a process to verify that your funds are legitimate and verifiable.

    If your friend can provide documentation, bank statements, pay slips from the time of the deposits, then there should be absolutely no reason for concern.

    Each case would be dealt with on an individual basis.



  • @johnboywalker Okay that’s great thanks for that. From discussions the payslips were already provided at the time in an EDD check. Appreciate the comments from you guys.



  • @Black-wolf No, I have never had to send a photo of bank cards or any proof of age or anything.

    I joined end of Jan this year in the "invest £500, if you don't like it we will refund you" promotion.

    The process was as easy as joining a subscription to a wine club or bbc good food or how to grow tomatoes (all of which I have done, the tomato one is the best one(in my opinion)) as it is RHS, I digress so do apologise.

    @johnboywalker I got the feeling from a few threads that it was just those who could potentially invest on FI with dirty money that got Due Diligence checked. As always I am happy to be wrong.



  • @Kipper72 weird I thought the initial checks were now standard practice for all betting sites. Have you ever made a withdrawal from FI?



  • @Black-wolf I agree it is weird as to set up my Coral account I had to provide photo ID. I have withdrawn but only 3 times and all less than £100.00. It was in the first month and I have put it all back in plus more.

    I am not overly concerned as I have nothing to hide so if they want any proof of anything it will be available.



  • Not the best time to have my first check this morning at 1100. Sent the docs instantly, but not been able to deposit all day. Got cash burning away 😫



  • @Cookiec same mate


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