EGOLD UPDATE OWNER CIP CDD AND OTHER STUFF

Updated: 09/02/2009 06:37
Reprints/Permissions  Hyip Monitor
Effective immediately, egold requires additional information from all egold account Users in compliance with US legal requirements and egolds

Effective immediately, e-gold requires additional information from all e-gold account Users in compliance with US legal requirements and e-golds Customer Identification Program (CIP).

Owner Information (Owner CIP)

e-gold requires all Users to provide information about the Owner of the e-gold accounts in Users control. ALL USERS ARE REQUIRED TO TAKE ACTION AT THIS TIME. Completion of User CIP is a prerequisite to completing Owner CIP. It is imperative for any User who has not yet completed User CIP to do so immediately.

Customer Due Diligence

Collection of information for identification and verification purposes is only one part of e-golds broader Customer Due Diligence (CDD) process. In compliance with US requirements, e-gold requires additional information about e-gold account Owners and the intended usage of their e-gold account(s) to prevent e-gold accounts from being used for money laundering, terrorist financing or other financial crimes. ALL USERS ARE REQUIRED TO TAKE ACTION AT THIS TIME TO PROVIDE REQUIRED INFORMATION.

Enhanced Due Diligence

As part of its Enhanced Due Diligence (EDD) efforts, e-gold may request other information for accounts with Owners or activity meeting certain criteria. For example, money transmitting businesses will be subject to EDD.

PLEASE NOTE THAT IF CIP, CDD OR EDD INFORMATION IS REQUESTED, IT MUST BE PROVIDED BEFORE ANY INITIAL OR FURTHER TRANSACTIONAL ACTIVITY MAY BE PERMITTED. FAILURE TO PROVIDE ANY OF THE CIP, CDD, OR EDD INFORMATION WHEN REQUESTED COULD RESULT IN YOUR ACCOUNT BEING TREATED AS ABANDONED PROPERTY AND ESCHEATED TO GOVERNMENTAL AUTHORITIES OR FORFEITED TO THE US GOVERNMENT.

Agio Fee Schedule Changes

Effective with the next Agio fee collection:

  • The Agio fee rate for those e-gold accounts in compliance with all e-gold CIP, CDD and EDD data collection requirements in effect at the time of Agio fee collection will be reduced from 1% per annum to 0.5% per annum.
  • The Agio fee rate for those e-gold accounts *NOT* in compliance with all e-gold CIP, CDD and EDD data collection requirements in effect at the time of Agio fee collection will be increased from 1% per annum to 10% per annum.
  • e-gold accounts are deemed to be in compliance (for purposes of determining which Agio fee rate applies) if, as of the time Agio is collected, the User has provided *ALL* required information and documents, including any additional information or documents requested during the review process. For this reason, it is imperative that Users login regularly in the event additional information is required.

 

Advance notice of next Agio fee collection date and time is available http://blog.e-gold.com/scheduled-agio-collection/.

Further Agio Fee Schedule Changes

The Agio fee is the equivalent of an account maintenance fee. e-gold Ltd reserves the right to make further changes to the Agio fee schedule based on the costs of maintaining and enhancing the e-gold system. e-gold Ltd continues to review the Agio fee schedule in view of these costs and may announce further changes within the next 6 months.

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EVEN IF YOU BELIEVE THE ACCOUNTS YOU CONTROL TO BE FULLY COMPLIANT WITH ALL OF E-GOLD'S CIP, CDD AND EDD REQUIREMENTS, PLEASE MAKE A POINT TO LOGIN AT LEAST ONCE A WEEK TO SEE IF ANY ADDITIONAL INFORMATION HAS BEEN REQUESTED. FOR EXAMPLE, E-GOLD INTENDS TO REQUIRE ADDITIONAL OWNER CIP INFORMATION FOR ACCOUNTS WHERE THE USER IS NOT THE OWNER (SUCH AS ACCOUNTS OWNED BY COMPANIES) IN THE NEAR FUTURE.

FAILURE TO PROVIDE ANY OF THE CIP, CDD, OR EDD INFORMATION WHEN REQUESTED COULD RESULT IN YOUR ACCOUNT BEING TREATED AS ABANDONED PROPERTY AND ESCHEATED TO GOVERNMENTAL AUTHORITIES OR FORFEITED TO THE US GOVERNMENT.


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