Quote from: MasterKong on March 09, 2014, 09:16:36 AM

They have an official "turnaround" time of 17 business days, which by itself ridiculous.
I couldn't receive the package on time, so I put it on hold because I had to catch a flight.
Now that I am back, they are making me wait another 17 days (WTF, why? Did they sell my gold to another customer?).
But that's not all, they are now filing bogus crap adding an extra delay.
Read the email I received from Nolan Gisser, support guy at Coinabul:

Quote

From: Nolan Gisser nolan@coinabul.com
To: Me
Date: Wed, Mar 5, 2014 at 7:35 PM
Subject: Re: Coinabul Order Staus

I'm sorry for this additional delay. I have been reminded by Compliance after resubmitting this order that the amount exceeds the threshold for Transaction Reporting, so your order is unfortunately back on hold temporarily. Please review and respond to the following:

AML Documentation Request

In order to help combat money laundering and other illegal activity, we
must request some documentation from you in order to process your
shipments. Please note that after this documentation is provided, we will
keep this information on file in order to process your future orders
expediently. We will not share your information, and if you request we
will procure sensitive information verbally where possible in order to
protect your privacy via electronic transmissions.

Thank you for your understanding, and we look forward to answering any questions you have.

Please provide each of the following to
aml@coinabul.com:

Legal Name
Social security number / Tax Identification Number
Copy of identification documents as outlined in
Business Accepted Photo ID section

BUSINESS ACCEPTED PHOTO ID

Drivers License (state or territory)
Passport
Temporary Resident Card (US Dept. of Justice)
US Military Card
Native American Tribal ID

As soon as we can verify the required documentation your order will ship immediately.

To which I replied:

Quote

From: Me
To: Nolan Gisser <nolan@coinabul.com>
Date: Thu, Mar 6, 2014 at 12:18 AM
Subject: Re: Coinabul Order Staus

The reporting is required only when the amount exceeds 10K USD.
The value of this order was below that amount, so I am except from it.

Remind your staff this is an order paid last year.

Regards,

His answer:

Quote

From: Nolan Gisser nolan@coinabul.com
To: Me
Date: Thu, Mar 6, 2014 at 5:38 PM
Subject: Re: Coinabul Order Staus

Due to the fluidity of Gold spot, it is indeed close enough that we need documentation.

Thank you in advance,
Nolan Gisser

Wth? "Close enough"? What kind of regulation is that?
Wait a minute, "fluidity of Gold spot"? Are they trying to blame me for the appreciation of the gold I ALREADY OWN?

Quote

From: Me
To: Nolan Gisser <nolan@coinabul.com>
Date: Thu, Mar 6, 2014 at 5:43 PM
Subject: Re: Coinabul Order Staus

That should be your problem not mine.
I executed the purchase under 10K USD, I am legally not required to show anything.

Stop goxxing me, please, I had enough with one site leaking my passport.

And I got this weird answer:

Quote

From: Nolan Gisser nolan@coinabul.com
To: Me
Date: Thu, Mar 6, 2014 at 6:08 PM
Subject: Re: Coinabul Order Staus

Given the significant value of your orders I have no doubt you are sophisticated enough to understand that we cannot proceed any further on shipping your order which remains in our vault nor transfer any sort of refund or credit until you comply fully with all legal requirements.

Coinabul has always and will remain in full compliance US Anti Money Laundering regulations as well as CTR regulations. We do not risk our reputation and good standing, period. Much of our success and longevity may be attributed to our full compliance with the law and our desire to provide highest levels of customer service.

We would be pleased to work with you to retain the the required identification information in the most private and discreet manner possible.

CTR again?

Quote

From: Me
To: Nolan Gisser <nolan@coinabul.com>
Date: Thu, Mar 6, 2014 at 6:35 PM
Subject: Re: Coinabul Order Staus

Because I am sophisticated, I know that a CTR is required to be filed within 15 days of a cash-in transaction when it is a transaction HIGHER than 10,000 USD on form 8300, according to the FinCen.
The highest point the highest price point when I made my purchase on November 18 2013 was 669 USD/BTC per bitcoin, my order is 14.92 BTC, which translates to 9981.48 USD.

If you forgot to register the transaction back then, and you want to settle the payment today:
Today's market price is 666 USD/BTC, totalling 9936.72 USD.

So yes, I know my shit pretty well.
Forward this to your compliance officer, please.

To which Nolan gave me a very eyebrow-raising reply.

Quote

From: Nolan Gisser nolan@coinabul.com
To: Me
Date: Thu, Mar 6, 2014 at 6:51 PM
Subject: Re: Coinabul Order Staus

Yes, the calculations were considered. You have the last word from Compliance as of prior email message.

Again we do ensure your documentation will be secure.

Huh?, such calculations were considered, and yet he still wants to file a CTR?
Lets refresh our memory: http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2012-G001.pdf
http://www.fincen.gov/whatsnew/html/ctr_faqs.html
So, what the hell is going on?

Quote

From: Me
To: Nolan Gisser <nolan@coinabul.com>
Date: Thu, Mar 6, 2014 at 6:53 PM
Subject: Re: Coinabul Order Staus

May I ask exactly why are you asking for the documents, because I don't see any current regulation that would compel you to be siphoning customer's private information.
Give me a full explanation and I will send you my documents.

To which I had no response back.

I think it is in my right to know why this documentation is needed.
I think that at least I should get a reasonable bullshit that is believable.
Regarding to the Form 8300, hell the title itself says "Report of Cash Payments Over $10,000" (http://www.fincen.gov/forms/files/fin8300_cashover10k.pdf)
This interim ruling is incumbent to their industry (Jewelry and precious metals): http://www.fincen.gov/statutes_regs/guidance/html/faq060305.html
And ratifies the reporting of OVER 10,000 USD only.

In any case, I don't mind sending them over my private information since I have nothing to hide, but at least I want to know that it is really required by law, Isn't that my fucking right? But so far they had been giving me ambiguous or plainly wrong explanations about their supposed requirement.

So dear forum members, what do you make of this?
Is there any new regulations that are forcing them to act like dicks, or they are just dicks?
Or are they chasing my ass to file a SAR for busting their balls?
What's the "threshold" I am supposed to be exceeding? He mentions Transaction Reporting, and the only one I know of is CTR, and CTR is for exceeding 10,000 USD.
Btw, they were supposed to have reported it in November within 15 days I sent my payment, why would they be doing it now?
The payment was in NOVEMBER 2013, I AM JUST RE-REQUESTING THE SHIPMENT OF MY PURCHASED GOODS.

Someone with a clue please enlighten me.

Very interesting...