The EDD Policy Has to Change ASAP!!!

  • Completed EDD last week after a month of pain, and intrusiveness. My DD was two years ago. I have no doubt this was triggered by the temporary 5-figure deposit I put in for the March deposit bonus. Credit to FI that my account was not restricted or frozen at any time, including withdrawals.

    There have been quite a few threads discussing the frustration of the EDD process, and some traders have been put off the platform. I can see a disaster in the making here. There has been a clamour from some MPs and the public in general to deal with problem gambling, particularly amongst the young, hence EDD being brought in to also catch any proceeds of crime, terrorist financing and money laundering. It is also a Know Your Customer (KYC) exercise.

    FI’s current policy of randomly selecting customers who make big deposits which trigger their problem gambler alarms, is deeply flawed, unfair and simply ridiculous. There are many traders who have been trading on the platform for many months and even years who have never had a DD, let alone an EDD. Some of these don’t even know what a DD is. Whilst others have had two or more EDDs. How is this fair? That means FI don’t know many of their customers. It is well known that money launderers move money in small amounts in order not to attract attention. So FI should be looking closely at the trader making multiple small deposits as well as the obvious large depositors. Suppose it becomes known by police or the security services that a trader has been laundering money in small amounts unchecked by FI, simply because they are small amounts? FI’s licence would be revoked because they haven’t requested DD or EDD on the customer. In other words, they don’t know their customer.

    The stock exchange, foreign currency exchanges and even crypto currency exchanges require customers to provide a DD before they can open an account. Isn’t it time FI moved in line with industry and ask for an EDD before they can open an account? That way, they will know all their customers and everyone will be on an even playing field and be treated the same.

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  • @Londoner said in The EDD Policy Has to Change ASAP!!!:

    FI’s current policy of randomly selecting customers who make big deposits which trigger their problem gambler alarms, is deeply flawed, unfair and simply ridiculous.

    Having already successfully completed the KYC, DD & EDD (as well as new card update) I have again been asked to provide the full information on DD. Whilst I've nothing to hide I did challenge both why it was need again & what existing records they had, no satisfactory answer was forthcoming but they reduced the demands to just proof of address.

    This is all been done under the umbrella of GC regulations but I have asked for clarification of the exact requirements, as once it has all been successfully completed & I have had no change of address, bank or other circumstances I see no reason to repeat the exercise. CS have refused to provide any justification but I suspect as you hint at it's simply a random, box ticking exercise to show the authorities how seriously they take it.

    Such random, intrusive harassment of already cleared customers is neither professional nor warranted IMHO so a more structured & comprehensive approach would be most welcome, but I wouldn't hold your breath, they seem to have no concept of "treating customers fairly" responsibilities.

  • I got a DD over the weekend, following a large deposit for the ME. Sent the info, got the ok within 24 hours.

    First time I've had DD in a while, had the EDD around 12 months ago I think. Judging by some other accounts seems mine was one of the more straight-forward ones.

    Three things; 1) Seems pretty clear there are far more EDD/DD now than previously. This is increased interest from Regulators, as per the whole industry. They do feel intrusive, but seem to be necessary to operate a Gambling site now. Better FI take them seriously than not. 2) Over the Lockdown period there seems to have been a backlog, which has caused frustration, but perhaps understandable given the circumstances. Again, Gambling Sites were being watched closely over this perioud. 3) FI's comms are often not great - and this is something that hopefully will improve, as it compounds what can be a stressful situation.

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