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VIPSr. MemberActivity: 308Merit: 250 [ANN] New AML Policy for all Dwolla users. May 18, 2012, 06:58:38 AM

Last edit: June 06, 2012, 02:13:05 AM by Mt.Gox Support #1 https://mtgox.com/press_release_20120518.html



Dear Mt.Gox users,



Following the announcement this week from Dwolla regarding a change in their user policy, we are now obliged to institute a new AML policy when it comes to either deposit or withdraw funds when using Dwolla. This new AML goal is to make sure that we are in total conformity with Dwollas requirements when it comes to transferring funds. This in order to expedite transactions between our two companies.



Effective from Friday 25th of May, any user using Dwolla via Mt.Gox will be required to own a Verified account.



How do I become Verified?

"Verified" status can be obtained by any Mt.Gox user by submitting a copy of government issued photographic identification documentation and proof of residence (utility bill, etc.) documentation via our dedicated interface.



To submit documents you will need to log into your Mt.Gox account, go to "Settings" by clicking on your username in the top-left of the page and then click on Get Verified. Once the proper documentation has been submitted the process will in general take a maximum of two business days.



A Verified account also gives you the following advantages :

Being Verified allows for the following withdrawal limits: A maximum monthly withdrawal of $50,000 USD (or equivalent) capped to a maximum of $10,000 USD per 24 hrs and a 4,000 BTC withdrawal per 24 hrs without any monthly limit.



We sincerely apologize for the inconvenience this will cause our North American customers, and are working with Dwolla to reduce the impact of their AML processes on Mt.Gox users.



Regards,

Mt.Gox Co. Ltd Team.



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press@mtgox.com Dear Mt.Gox users,Following the announcement this week from Dwolla regarding a change in their user policy, we are now obliged to institute a new AML policy when it comes to either deposit or withdraw funds when using Dwolla. This new AML goal is to make sure that we are in total conformity with Dwollas requirements when it comes to transferring funds. This in order to expedite transactions between our two companies.Effective from, any user using Dwolla via Mt.Gox will be required to own a Verified account."Verified" status can be obtained by any Mt.Gox user by submitting a copy of government issued photographic identification documentation and proof of residence (utility bill, etc.) documentation via our dedicated interface.To submit documents you will need to log into your Mt.Gox account, go to "Settings" by clicking on your username in the top-left of the page and then click on Get Verified. Once the proper documentation has been submitted the process will in general take a maximum of two business days.A Verified account also gives you the following advantages :Being Verified allows for the following withdrawal limits: A maximum monthly withdrawal of $50,000 USD (or equivalent) capped to a maximum of $10,000 USD per 24 hrs and a 4,000 BTC withdrawal per 24 hrs without any monthly limit.We sincerely apologize for the inconvenience this will cause our North American customers, and are working with Dwolla to reduce the impact of their AML processes on Mt.Gox users.Regards,Mt.Gox Co. Ltd Team.Media Contacts

Mt.Gox Merchant Solutions : Mt.Gox : The Leading International Bitcoin Exchange.Mt.Gox Merchant Solutions : https://mtgox.com/merchant

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Hero MemberActivity: 504Merit: 500 Re: [ANN] New AML Policy for all Dwolla users. May 21, 2012, 01:28:31 PM #12 Quote from: DeathAndTaxes on May 21, 2012, 01:26:08 PM Quote from: Clipse on May 21, 2012, 11:56:14 AM Quote from: MagicalTux on May 18, 2012, 07:31:25 AM Quote from: Garr255 on May 18, 2012, 07:24:57 AM Gox, do you plan to offer an alternate withdrawal service in the near future?



We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

We are working on this, and may have something in June (still waiting for contract to be signed, so can't make promises at this point).

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

Tux, when will you guys just make it easier for everyone and offer your own in-house solution for us to simply be able to access our funds via mtgox prepaid debitcard. If the rates are reasonable loading onto the card or swiping directly, you will cancel out a ton of these extra withdrawal methods.

Withdrawls to a prepaid debit card would certainly be possible but even if Gox co-branded a prepaid debit card they are still subject to the issuers rules and the network agreement (rules including things like chargebacks). I just don't see reversible payments ever being used for irreversible goods except maybe for token amounts.

Withdrawls to a prepaid debit card would certainly be possible but even if Gox co-branded a prepaid debit card they are still subject to the issuers rules and the network agreement (rules including things like chargebacks). I just don't see reversible payments ever being used for irreversible goods except maybe for token amounts.

Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.



Removing online purchases would make the risk on such a card service drop dramaticly.



I dont know the process for this but I am fairly confident that if they wanted to offer this it would definitely be doable. I dont see how this is any more risky than the dwolla chargebacks they allready incur from scammers.



Lastly, perhaps they could offer the card solution to regular medium to high volume users(verified of course), they have far less if not 0% risk associated to users who have consistently traded on MTGOX with a track record and medium to high volume BTC/USD available. Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.Removing online purchases would make the risk on such a card service drop dramaticly.I dont know the process for this but I am fairly confident that if they wanted to offer this it would definitely be doable. I dont see how this is any more risky than the dwolla chargebacks they allready incur from scammers.Lastly, perhaps they could offer the card solution to regular medium to high volume users(verified of course), they have far less if not 0% risk associated to users who have consistently traded on MTGOX with a track record and medium to high volume BTC/USD available. ...In the land of the stale, the man with one share is king... >> Clipse



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DonatorLegendaryActivity: 1218Merit: 1007Gerald Davis Re: [ANN] New AML Policy for all Dwolla users. May 21, 2012, 01:33:15 PM #13 Quote from: Clipse on May 21, 2012, 01:28:31 PM Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.



Removing online purchases would make the risk on such a card service drop dramaticly.



I think you misunderstood what you were saying. No need to restrict online purchases. The card issuer doesn't pay the chargeback cost/loss the e-store accept it does. I thought you meant a method to both withdrawal & fund the account. If used to simply "spend the balance" there would be minimal risk. I think you misunderstood what you were saying. No need to restrict online purchases. The card issuer doesn't pay the chargeback cost/loss the e-store accept it does. I thought you meant a method to both withdrawal & fund the account. If used to simply "spend the balance" there would be minimal risk.

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Hero MemberActivity: 504Merit: 500 Re: [ANN] New AML Policy for all Dwolla users. May 21, 2012, 01:38:58 PM #14 Quote from: DeathAndTaxes on May 21, 2012, 01:33:15 PM Quote from: Clipse on May 21, 2012, 01:28:31 PM Im sure if GOX can get cards that is linked directly to user balances they could setup an agreement of no chargebacks ie. they could put limitations on the card which mainly could be restricted to ATM withdrawal/swiping only and no online purchases.



Removing online purchases would make the risk on such a card service drop dramaticly.



I think you misunderstood what you were saying. No need to restrict online purchases. The card issuer doesn't pay the chargeback cost/loss the e-store accept it does. I thought you meant a method to both withdrawal & fund the account. If used to simply "spend the balance" there would be minimal risk.

I think you misunderstood what you were saying. No need to restrict online purchases. The card issuer doesn't pay the chargeback cost/loss the e-store accept it does. I thought you meant a method to both withdrawal & fund the account. If used to simply "spend the balance" there would be minimal risk.

Yep, Im looking at it as a method to get funds out with few as possible intermediate exchanges. Take me for example I need to jump through 5 exchanges right now to get funds out and it cost me 10% in fees right now combining every exchange which is simply unacceptable for the volume I am doing.



If a direct card could be used there would only be the normal foreign exchange fee from USD to my currency which is between 1.8-2.5% charged by card issuer(mastercard/visa) and then on top of that MTGOX shouldnt have to charge a fee since they know allready the medium to large account holders trading volume fees add up more than enough for them.



I was thinking this could be a fee free service for medium to high volume users and perhaps a small percentage/fix fee for low to next-to-nothing volume users.



The luxury of bitcoin fades away slowly when you start to look at fees involved to actually get your funds in your local currency, since mostly everyone still need to pay their local bills in their local currency its very important to atleast get as much out of your BTC exchange as possible. Yep, Im looking at it as a method to get funds out with few as possible intermediate exchanges. Take me for example I need to jump through 5 exchanges right now to get funds out and it cost me 10% in fees right now combining every exchange which is simply unacceptable for the volume I am doing.If a direct card could be used there would only be the normal foreign exchange fee from USD to my currency which is between 1.8-2.5% charged by card issuer(mastercard/visa) and then on top of that MTGOX shouldnt have to charge a fee since they know allready the medium to large account holders trading volume fees add up more than enough for them.I was thinking this could be a fee free service for medium to high volume users and perhaps a small percentage/fix fee for low to next-to-nothing volume users.The luxury of bitcoin fades away slowly when you start to look at fees involved to actually get your funds in your local currency, since mostly everyone still need to pay their local bills in their local currency its very important to atleast get as much out of your BTC exchange as possible. ...In the land of the stale, the man with one share is king... >> Clipse



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