Barclays regulation
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On Friday 18th October 2024, Ciro Santilli received a call from Barclays asking where some of the money in his Barclays account came from and went to, obviously linked to the Monero donation and sale.
The following day, the 19th, a "explain your income in 30 days or you'll lose you account" letter arrived, dated from the 8th of October. This had been available on the online documents, but Ciro did not get an email for it so he was unaware.
The following Tuesday, the 22nd, Ciro noticed that all payments from his card were being declined, and upon calling Barclays they said that this was for pending regulatory issues. His account had been frozen.
Part of me wants the donor to give me his real identity and sort this out. It would likely be better for the OurBigBook Project. But the other part of me wants to test the British monetary system. Fun and stressful times.
The chaotic nature of Barclays' Know your customer is apparent:
- they took 6 months to flag anything
- once it was finally flaggedAlso, they freeze accounts of people who are still obviously in the country at their home address and making regular purchases locally as before. Not exactly how a criminal would act?
- the letter was messy, with unclear list of transactions at some points and several typos
- they block the account days after the online document had been available (which unfortunately Ciro did not see due to lack of email notification), but before you've had the time to reply. This achieves the worst of both worlds both worlds by:
- giving time for criminals to escape
- while also unnecessarily blocking legal accounts before they could provide evidence requested
It is also slightly fun, but not surprising, to see the AgoraDesk buyers refuse to give any contact besides their public Telegram, not even email. I'm not sure that Barclays does Telegram! Not super important though because ultimately the initial Monero donation is anonymous. Shame I started on AgoraDesk before finding out about cryptocurrency swappers such as SimpleSwap.
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