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Stuck in completely unstructured KYC/AML process / IP country detection seems to be outdated

Kommentare

13 Kommentare

  • Greg R

    Good afternoon, I'm currently going through the exact same grotesque story. My account was blocked more than a month ago without any warning. I contacted Mintos to find out why, and days later they explained to me that I had to provide all the relevant documentations about the source of the funds I deposited on my account. I sent them all the required documents along with detailed explanations. They came back with additional questions that I thoroughly and patiently answered (the review took 4 weeks with lots of back and forth communications). I fully collaborated with this account review.

    A week ago, Mintos told me that the review was completed and the restrictions on my account would be lifted the next day. Obviously it didn't happen. Mintos now states that unblocking the account will take more time because of some kind of system update, and that the account could get unblocked by the end of the week.

    I'm all for a strong regulation of the financial sector and I believe that KYC and AML checks are vital to ensure the safety, stability and viability of a financial services provider, above all a P2P platform. However, due to Mintos lack of communication and strange procedures, I basically feel manipulated, cheated and lied to. As a result, my trust in Mintos has been severely shaken.

    Has Mintos decided to close my account but doesn't want to communicate its decision to me?

    Is Mintos a P2P platform that grew too fast and doesn't have in place the proper processes to serve with professionalism its clients?

    Given the staggering amount of negative stories posted by Mintos customers on the Community page about the manipulations, deceitful practices and lies of the company, is simply the culture at Mintos toxic and dangerous for its customers?

    I guess I'll find out soon and I'll keep you posted about the outcome of my situation.

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  • Greg R

    Another week passed and my account is still blocked despite the reassuring messages from Mintos that my account would be back to normal starting May 11.

    To me, it's now obvious that Mintos made the decision to close my account, yet they haven't communicated that information to me. They just leave me to rot, feeding me with lies, manipulations and dubious technical excuses.

    My account has now been blocked for 1 month and a half and Mintos never had the decency nor the education to explain to me what was going on!

    I really hope that this surreal situation does not happen to anyone else because it's not only extremely frustrating to get an account blocked without explanation for such a long time, but it's also highly worrisome to see how unprofessional Mintos turns out to be as a financial service provider.

    When I read the different community threads, I only see customer complaints and overall dissatisfaction with the way Mintos deals with its customers. Between all the lies that Mintos made up regarding the restructuring of certain late payments (ID Finance, Credistar...), the huge losses that clients incurred due to the failure of various lending companies (Varks, Wowwo, Revo...) and the systematic culture of manipulation and dishonesty, I now truly believe that Mintos is not a safe place to invest.

    I actually invest with many other P2P platforms and I've never had to go through such a traumatic and bitter experience. So beware future and current Mintos clients, do your due diligence and really think twice before investing with Mintos, especially when so many well-run P2P platforms exist.

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  • Flo

    2 weeks gone and still stuck in this....anyone else?

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  • Lucja (Mintos)
    Community moderator

    Hi Flo

    Thank you for sharing your experience with us, and we apologize for the inconvenience this has caused you. I would like to assure you that we take AML regulations very seriously, and we are required to comply with them. However, I understand your frustration with the delay in the processing of your document and the lack of communication regarding the timeline for resolution.

    We strive to provide our investors with the best experience possible, and I am sorry to hear that we have fallen short of your expectations in this case. Regarding your questions, the processing time for documents can vary depending on the volume of documents we receive, but we are doing our best to handle them as quickly and efficiently as possible. As for why we don't request these documents ahead of time, we understand that it can be an inconvenience for our investors, but it is necessary to ensure compliance with regulations.

    Please rest assured that we are working diligently to resolve this issue for you, and we appreciate your patience and understanding. If you have any further questions or concerns, please do not hesitate to reach out to us.

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  • Flo

    Thanks for your comment - not sure if it was your involvement but today I finally got a little more information. Really appreciated but to me what I have learned today is even more shocking in a way.

    So this KYC process is still onging in a way (the details of this might fill another full page...) but today support let me know that the refusal to accept my valid document might have happend because Mintos sees a lot of activity in my account which appears to come from another continent that I have never visited - basically telling me after more than 2 weeks that my login credentials/account might be compromised. I say might because I am not entirely sure if its not just a simple case of ip country detection not working properly but in case my account got hacked I would have really appreciated if you would have contaced me right away or at least said that you have noticed suspicous activity instead of sending this standard KYC process without further explanation.  You got my email, my phone number, my address,.... in case you notice something strange going on, please let me know right away next time!

    As far as I can tell nothing in my account happend of which I was not aware of, but I really hope we can bring some more light into this whole incident soon!.

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  • Flo

    3 weeks gone since start and no answer regarding the IP situtaion from your IT department for over a week now... A week ago I dug into the situation with the IP address myself and nearly all services determine my ip address to come from my home country. The only one i found that attributed it to another contintent came from Telegram (and this also matches the country I was told by support), so I am pretty sure now that your IP country detection is outdated. Of course I forwarded this info instantly but as I said - no answer regarding this issue and of course I am still banned from investing...

    To make this even more of a mockery, I got an email today that told me I need to update some more information in order get full access again. I did that and after that I got an email that my account is fully operational again. When logging in I am still banned... I hope you had a good laugh....

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  • Flo

    Its been 19 days since I have been told that your IT department will investigate this issue and 13 days since the last reply to my ticket (which was unrelated to this matter....) Are you still working???

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  • Flo

    Greg R thx for sharing your story as well - I thought I already replied after your first comment but it seems there is nothing posted here... strange... maybe I did not submit it... well anyway.

    I am still stuck in this process as well and no reply from the IT department for a nearly a full month now.. what a bad joke...

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  • Greg R

    My account has been back to normal since yesterday, without any explanation.

    The story ends.

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  • Greg R

    I was too naive; of course the story didn't end last week!

    As I expected it, Mintos decided that my account had to be closed this week (despite the fact that everything went back to normal last week!).

    I'm flabbergasted by the way Mintos handled my account review overall. It was a two-month emotional rollercoaster of lies and manipulations.

    To me, Mintos is clearly a growing company that lacks structure, operating processes and probably staff; as a result, it looks totally unprofessional. In addition, the lack of communication and transparency from Mintos tremendously damage the relationship with its customers.

    How can you trust a financial services provider that behaves in such a bizarre and unprofessional fashion?

    The enormous volume of complaints (available on this Community forum) where customers incurred severe losses in different markets (Armenia, Ukraine, Russia, Turkey...) shows that Mintos will always protect its own interests over its customers interests.

    In conclusion, when you take a moment to really think about all these issues (unprofessional organization, weak processes, lack of transparency and communication, customers losses and priority of Mintos interests), there's only one decision to make for a reasonable and informed customer: CLOSE YOUR ACCOUNT WITH MINTOS!

    There's a wealth of other P2P platforms in the market that treat their customers right. Personally, I use Peerberry, IUVO Group, Esketit, Twino and I never had to go through such a traumatic experience.

    Good luck to all and safe investing!

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  • Ana R.

    Thank you for sharing your cases, I noticed I am not able to invest since 4 days ago, a notification appears saying "investor not allowed to invest", wrote to support 2 days ago and still no answer. Now, I also notice I am not able to deposit or withdraw, "You can’t add money right now
    Due to a routine check, adding/withdrawing money is currently not available". I am fully verified for more than a year and was not asked for any affitional document since. Reading your posts makes me think I must be heading the same way...

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  • Flo

    @Ana thanks for sharing your story. For me the problems got solved aprox. 2 months after my account got restricted. In my case it was indeed outdated IP detection that caused the problems. I wish you best of luck and please feel free to update on any new development.

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  • Lucja (Mintos)
    Community moderator

    Ana R.

    We appreciate you reaching out and expressing your concerns. It's important to note that your initial contact was made on a Saturday, which falls outside our regular working days. However, we promptly addressed your matter when our team resumed work on Monday. We've taken the necessary steps to ensure your account is in good order now.

    Should you require any additional assistance or have further questions, please do not hesitate to reach out to us.

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