Quote:
Originally Posted by CrocMint
Online payment systems need to have stronger KYC, because people are opening accounts there online, not in person.
That's why when you are opening account in most of foreign banks, you only need to show your travel passport and nothing else.
And when accounts are opened online, banks, payment systems, online trading companies etc - are requiring more documents, scanned in good quality, notarized copies etc.. because when accts are opened online, there are much more chances of fraud to happen.
And yes, keeping big amounts in any of online payment systems is stupid - they are not banks and are not intended for that. Withdraw and put to bank deposit, whats the problem...
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Four years ago I opened an account with ING. Never showed them my ID or special documents. I did the same that year with Vanguard.
15 months ago I moved cross-country. Before moving, I created a local credit union account in Austin, Texas, completely online. The same credit union also gave me a home loan approval of a sizable sum, again completely online. I have yet to go into any of the local credit union establishments and I have not once shown them my ID or special documents, aside from tax returns when requesting a home loan approval.
Granted, all of the institutions above had access to my credit report and I'm sure have access to a Social Security Number database.
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