Smarkets KYC email

I received the following email from smarkets a few days ago and wanted to know if other matchbetters in this forum had received such an email in the past and how they went round this is regards to being a matchbetter.

Any info welcome

‘As part of our licence conditions, we are required to conduct regular checks on the identity of our members, particularly when processing withdrawals.

When certain account limits are reached we are required to seek additional verification documents from customers to show proof of wealth and funds for regulatory purposes and to fulfil our responsible gambling requirements.

We kindly ask you to send us the following documents:

A copy of your photo ID, such as passport or driving licence
A recent bank statement showing your source of wealth such as a salary or investment returns, or a payslip, or other clear evidence that would support your level of trading on Smarkets
And any one of the following:

If you have funded your account using a credit or debit card, we require a recent statement showing your details and a deposit to Smarkets
If you have funded your account using an e-wallet we will require a recent ewallet statement showing your account details, a deposit to Smarkets and how the account is funded
We appreciate that this process can feel invasive, however, it is in line with our regulatory obligations regarding knowing our customers.

Unfortunately if the requested information cannot be provided we may need to suspend or close your account in line with our regulatory obligations.

The information and documentation you provide us are for internal purposes and will not be shared with third parties. You can upload these documents using our secure file upload system.

If you have any questions or wish to discuss the matter with our support team, please do not hesitate to contact us.

Thanks,
The Smarkets Team

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Sy
3

March 15, 2017 at 3:56 pm

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matchedbetsjon 0 March 15, 2017 at 4:01 pm

Haven’t seen or heard of that before.. how long have you been using smarkets for?

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LockBresner 0 March 15, 2017 at 4:06 pm

Ive never heard of this either and if I receive one I’ll definitely be looking to take business elsewhere. That seems like a complete invasion of privacy to me, its one thing to require identity verification but a proof of wealth is too far, they aren’t the taxman or any regulatory body with any power so they deserve no right to that kind of personal information.

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Tony G 11 March 15, 2017 at 4:27 pm

They are probably envious because you support Leicester City and they are Arsenal or ManUre fans.

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FoG_BLoG 49 March 15, 2017 at 5:25 pm

To be fair the regulations are probably there to protect the customers – especially those that may have a gambling addiction and are suspected of betting way over their means.

Smarkets supports matched betting so I don’t think you really have anything to hide.

All the same I would hate to have to send that information either.

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Tony 12 March 15, 2017 at 5:52 pm

There is a long thread about this over on the MSE forum I think. You might find some good advice there.

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LockBresner 0 March 15, 2017 at 6:29 pm

Sorry Fogblog, but the idea this kind of information is requested for the benefit of the customer including to their benefit if they have a gambling problem is idiotic in my opinion.

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Sy 3 March 15, 2017 at 8:26 pm

Thanks for the replies. Tony G, that is precisely what i was after thank you.

I went on to smarkets chat and found out a little info. I know that this particular procedure is a new process brought in by the GC apparently, I know that 50k worth of deposits trigger it. I can however still withdraw my funds if i wish and could close my account thereafter. Obviously not something i really want to do though.

I was under the impression that regular bookies in the past don’t ask you to prove the source of your income but maybe that could change from here. I can’t see why the rules would be different between an exchange and a bookie… its just difficult to trigger 50k of deposits on one bookie for most people and probably a non issue in most cases. but with an exchange, your using it on the other side for everything.

I’m going to check out that forum.

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FoG_BLoG 49 March 15, 2017 at 10:43 pm

https://www.theguardian.com/business/2016/apr/27/gala-coral-fined-over-gambler-who-stole-850000-to-feed-habit

http://calvinayre.com/2016/06/14/business/betfred-800k-poorer-anti-money-laundering-settlement/

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westmatch 29 March 15, 2017 at 11:16 pm

Don’t forget to take your payslips into Coral when you do your 50p Acca!!

Pathetic…..thats why Smarkets are a waste of time.

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