Paypal �4500 limit

[slimfandango]

Just hit my �4500 limit on paypal, they've sent me a note saying they want lots of information on me, just routine procedure, to comply with European anti money laundering regulations. What's that all about?

[Hammer]

They need to cover themselves in case you're selling dodgy stuff.

It's all part of the Know Your Customer regulations which are much more enthusiastically enforced in today's world.

I wouldn't worry too much if your activities are legal, but I would make sure it really is Paypal that are contacting you (don't reply to emails, go through their standard website address, etc etc)

[netibiza]

It's all perfectly normal - I live in Spain and if I pay in more than 3,000� I also have to declare where it came from - once I paid in �15.000 and I was terrified when the Bank of Espa�a called me - but no prob.  I am not a dealer or anything dodgy.

[slimfandango]

Yeah, I'm totally legit, just pass on some of my stuff occassionally using it. I think maybe they can be exposed? If they promise to refund a buyer, and the seller goes AWOL, then Paypal lose the money.

[Didwot]

Yes its true. Thereis not just one, but there are two European Union directives on preventing Money Laundering. The idea is to stop crooks converting their ill gotten gains inot usable clean cash, so financial institutions have to be satisfied that you are who you say you are, that they know where the money comes from, and losts more besides.