Is the Anti Money Laundering regulations handled this with all brokers - or just mine?

Broker Discussion
#1

I just wanted to withdraw 7000 EUR from my broker via Skrill - but they refused that and told me I can only withdraw 1200 as this is the amount I originally funded via Skrill.

They just tell me that its the AML regulations that have them to do it that way. For information, my Broker is in Australia.
Unfortunately their chat was unable and unwilling to explain me the simplest questions - thats why I now ask here and hope get help from other brokers.
I dont want to name my broker yet - maybe its my wrong then I dont like the brokers name geting disrespected - but its one of the usually “recommended” brokers.

As far I understand money laundering its just that any customer needs to be valid - but it doesnt regulate how much money a customer transfers - especially if that is below 10.000 USD.

How do your brokers handle withdrawels - especially when you earn a lot and therefore want to withdraw more than you actually funded.
My account was funded with 16200 initially (15 via VISA and 1200 via Skrill) - but I hold nearly 45K there now.

If they only allow me to withdraw what I funded … I will never get my earnings paid out ???

How do your brokers handle it - when you earn a lot and make a withdrawel of lets say 20.000 USD - what besides the usual documentation to validate you is necessary ?
Or is the AML regulation really THAT STRICT - that if I fund with 1000 I can only withdraw 1000 ?
But how do I ever get my earnings ???

#2

Yes, your broker is just following applicable law. It’s all there in the legal documents re. load and withdrawls. If not you are dealing with a useless broker anyway.
Certain cards from certain countries can refund above the original charge, but that is the exception.

#3

They will process original deposits as refunds and send the rest by other means as regular payment. For example you can deposit dirty 2000 USD through skrill and then request to withdraw it on visa card. This money passing through the broker will be cleansed :).

As you understand they don’t want such hassle. So their balance sheet is clear and they don’t look like laundry which accepts money and sending somewhere else under guise of fx trading. Don’t worry its a regular practice among brokers.

#4

This only applies to payment methods such as credit cards, skrill, etc where the broker will only refund up to the amount that was originally credited from those sources.

Sums exceeding these maximums are generally paid by wiring to your bank account (since banks have their own methods for detecting money laundering, etc).

You just need to ask your broker which payments methods are available to you.

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#8

It’s really strange because I regularly withdraw trading profit on Skrill which obviously exceeds amount of deposits. It’s a kind of unusual because refund policy often applied by brokers to credit card payments only.

#9

Usually only two things stop a withdrawal -
deposited funds - the client wants finds to go to a different bank or credit card account than the one used to make the deposit - this is money laundering.
profit - the broker believes the trader has broken their terms and conditions in the manner of their trading - this is cheating.

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