I am using a P2P lending platform since about a year ago. When Coronavirus pandemic started, they freezed all the withdrawals and deposits from the investors (me). So I haven't been able to withdraw money from my account.

Since then, they sent around 3 or 4 emails to us saying basically not to worry and they're dealing with this.

Today I received an email from them asking to fill out a KYC questionnaire with some of the details being these:

address of actual residence, place of birth, extended fields about PEP (politically exposed person), income, beneficiary information, financial transaction information and other fields

Is this a normal procedure? Is it okay to fill the questionnaire? I am hesitant about this, because I feel like this is just a buying time tactic and might be used by them to find some 'legal appeal' for being justified in not returning money to investors.

  • 1
    P2P platform means you lend money to other people? – Bernhard Döbler Jun 16 '20 at 10:47
  • 1
    @BernhardDöbler yes, my platform specifically lends to businesses and development projects – Snow Jun 16 '20 at 10:53
  • 8
    Sounds a bit like the platform found out that what they are doing and the way they are doing it is not exactly legal and are now in damage control mode. – Philipp Jun 16 '20 at 13:08
  • 3
    I work for a company that does online onboarding for investment firms (RRSPs, IRAs, etc.) Not the same kind of program you're describing, but similar industry, I guess. We do ask for all this information you mention, but we ask for it when opening a new client account. Not after clients have been signed up for a year. It may not be an outright scam, but something fishy is definitely going on here. – Steve-O Jun 16 '20 at 16:56
  • 2
    @timday, the platform is called Grupeer – Snow Jun 19 '20 at 7:45

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.