Quote from: Bigdaddyaz on July 15, 2013, 10:55:49 PM

Quote from: notme on July 15, 2013, 09:46:10 PM

Quote from: Bigdaddyaz on July 15, 2013, 09:23:57 PM

Quote from: notme on July 15, 2013, 08:06:58 PM

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds. Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html

I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

They just switched banks because their old bank was not comfortable with the levels of traffic. Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account). The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.

Yes, that does make sense. I'm left wondering why they wouldn't just state that instead of saying they have a backlog and are working to clear it. Anecdotally, it doesn't appear that they are working the queue at all. Has anyone seen a single confirmed withdrawal? Even from outside the bitcointalk.org community?

Time will tell I suppose.

They did:
https://mtgox.com/press_release_20130620.html
https://mtgox.com/press_release_20130704.html

Specifically:

Quote

Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts.

and:

Quote

Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.

But why would people look for information on mtgox.com's front page when it is easier to spread rumors on this forum?