e-gold update: U.S. State Licensing and Customer Identification


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Posted by Douglas Jackson 91.187.5.158 October 14, 2008 at 18:24:16:

In reply:
E-Gold Founder Pleads Guilty to Money Laundering posted by Kim Zetter 87.252.242.31 July 25, 2008 at 19:10:05:

Original text: Douglas Jackson, the founder and director of the online payment service e-Gold and its parent company Gold & Silver Reserve, has ended a two-and-a-half-year battle with the ..

e-gold Ltd. is continuing to develop and deploy urgently needed system enhancements in order to achieve compliance with applicable U.S. laws and regulatory requirements. e-gold has registered with FinCEN as a money transmitting business, and is working with various U.S. state authorities to obtain licensing as a money transmitting business where required.

Licensing requirements vary from state to state and country by country. As e-gold completes this process, it is possible that Users residing in some jurisdictions may experience service disruption. We ask for your patience, and assure you we are working diligently to complete this sometimes complex process of licensing as soon as possible.

Another major focus of our efforts is a robust Customer Identification Program (CIP).

As a step towards improved customer identification, e-gold is requiring all Users to update their Point of Contact Information to a consistent format, in addition to providing their Date-of-Birth and Personal Tax Identification number. This improved quality of identifying information is being obtained in preparation for the next-stage CIP, which will include the collection of electronic images of documents to verify identity and residential address. This enhanced capability, supporting both documentary and non-documentary mechanisms of identity verification, will be implemented in the very near future.

e-gold Ltd. remains highly committed to offering a cost effective Internet payment system affording instantaneous settlement, free of chargeback risk, to customers around the world. We continue to be confident that a regulated e-gold rebuilt to a more systematic specification will be less hospitable to criminals, and more attractive to mainstream business use without being less accessible to those disregarded by legacy payment systems.

http://blog.e-gold.com/..




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