Source of wealth/Confiscation of funds

This is the place to discuss abuse of your identity information by bookmakers. Why should you submit a 'selfie' of your passport page? Why should the quality of scans be refused when they are high quality? Why should the border around a scanned picture be so important? Etc.? Etc.?
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Lives90
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Source of wealth/Confiscation of funds

Post by Lives90 » Mon Mar 04, 2019 10:49 pm

Hi all,

I'm curious about the source of wealth process and whether bookmakers are allowed to confiscate your funds, should they not be satisfied with your submitted documents.

Personally I have had funds effectively held ransom. I had provided the documents asked for, but they were initially declined. I then requested they just close my account and process my withdrawal but this was refused. Eventually, the threat of legal action magically made my documents 'satisfactory' and I got my money.

My question is, has there been any cases of this happening indefinitely? Bookmakers love to try it on, but can they really refuse to pay out from failing the source of wealth verification?

TIA

Jimmy Justice
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Joined: Wed Jan 13, 2016 9:16 am

Re: Source of wealth/Confiscation of funds

Post by Jimmy Justice » Tue Mar 05, 2019 9:00 am

Hi,

Thank you for your post.

Your experience is pretty common these days. It's a disgrace and the Gambling Commission and Competition and Markets Authority have supposed to have sorted it out. However, it will NEVER be sorted out unless these regulators start to fine gambling companies. It doesn't matter how many new guidelines are brought in if there are no sanctions the guidelines will be ineffective.

Your experience of submitting a court claim and then being paid says it all. Gambling companies know that in 99.8% of cases they can't keep a customer's money, so won't go to court.

Has anyone ever not been paid; loads of times, as people give up, especially if it's not a large amount of money to them personally. That's exactly what some (not all) of these companies want.

JJ

neywave
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Re: Source of wealth/Confiscation of funds

Post by neywave » Tue Mar 05, 2019 3:42 pm

Hi,

Just out of interest, which bookie(s) did this happen to you with?

Lives90
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Re: Source of wealth/Confiscation of funds

Post by Lives90 » Wed Mar 06, 2019 12:14 am

Cheers for the reply.

It makes me somewhat hesitant to bet large amounts with bookies as I'd rather not have to go through one of these processes again. I called the UKGC when I was stuck in the mentioned source of wealth situation, and they actually told me my funds are allowed to be withheld until the bookie is satisfied with my documentation. Couldn't believe it!

Just watched your 3 part interview, very interesting. You're doing a great job :)

Jimmy Justice
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Posts: 630
Joined: Wed Jan 13, 2016 9:16 am

Re: Source of wealth/Confiscation of funds

Post by Jimmy Justice » Wed Mar 06, 2019 9:13 am

Re "which bookmaker". In our experience over the last three years I don't think there is a major bookmaker that hasn't withheld funds for no good reason. The problem is endemic. Basically, if a customer has money to withdraw there is a chance it may happen to them.

To be fair there are good reasons why it may happen, but in the main, it's just something to slow payment down in order to give people a chance to lose their money whilst waiting or a way to mess people about who they think have been pushing terms and conditions to their limit, e.g. taking advantage of promotions. If you don't like the latter, don't offer the promotions.

All the communication about anti-money laundering etc is just nonsense. The online bookmakers actually lobbied for sports betting not to be part of the latest laws and they won. This is an aspect of customer service that is really annoying, e.g. customer service staff are trained to lie, if a lie is convenient. If you're using casino products the law is a different matter.

Re our work - thank you for your kind comments. Your comment about not betting, therefore deposting in large amounts is sensible. Once money is deposited there is always a chance you're going to get major hassle, especially if you win. It's not a good advert for the gambling industry.

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