Just less then 24 hours ago Bitstamp sent out a reminder of their last year notice which some of their members have either forgot about or simply never heard of it.
Regulations and Politics:
This notice was initially sent last year on September 4th 2013,it was to warn their users about a change in their policy which require every one of their users to proceed with their account verification. If this requirement is not met in the next 28 days starting from the recent reminder on october 16 it would involve a violation of Bitstamp AML and KYC policies.
We kindly ask all unverified account holders with a balance to get verified within 28 days of this announcement.
This requirement is to avoid any form of criminality involving money laundering and to counter any terrorist organisation financing which had Bitstamp to be an ”easy target” without it. But this regulation is not simply targeted toward Bitstamp but also at every UK firms. Those who won’t comply to these regulations,will find them selves suffering from penalties until the rules are respected.
In the mean time we can read in the AML and KYC policies:
Bitstamp is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. Bitstamp will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.
It is understandable when members are asking to keep transacting anonymously but it is simply not possible and Bitstamp state clearly that anyone not willing to follow the verification process in order to fully comply with their new regulation is directly violating their agreement. This will eventually result into the user losing access to Bitstamp and having his account removed completely from Bitstamp which is also forfeiting what ever balance the customer has left.
Any remaining balances will be subject to immediate seizure by and forfeiture to regulatory authorities.
In order to verify your account with Bitstamp you simply have to click on this link ”Bitstamp verification” or simply contact them directly trough their contact support firstname.lastname@example.org
At this stage it is clear that anyone’s best option would be to verifiy his account in order to avoid losing his money while the countdown has already started.