Consumer complaint received 2023-03-02
Company: USForex Inc.
State: VT
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Other service problem

Complaint:
This odyssey started on XX/XX/XXXX when I wanted to move off XXXX to OFX because of their limited transfer amounts and the gouging of the interest rate they perpetrated. On XX/XX/XXXX I received an email Looking for another photo of my passport, so I sent the photo back that the email with info was and it was opened, I was later instructed to use the upload portal. I tried using the portal and it was down and sent it again thru email after I called customer service for the fourth time. On XXXX I got confirmation my account was added so I tried to make a small transfer to our XXXX XXXX  and it was declined. So on XX/XX/XXXX I called customer service and I was instructed to provide the source of my wealth which meant a bank statement of XXXX XXXX and copy of my fathers will from 5 years ago. On XX/XX/XXXX call customer service and getting another download site was able to send the two documents. On XX/XX/XXXX I spoke to XXXX XXXX and I was informed you received the info and I should be good to go in 3 days. During the 2 weeks we lost the house we had negotiated due to the time that had elapse. On XX/XX/XXXX I received a correspondence from XXXX XXXX that now longer was the will deposits good enough that your compliance department wanted recent bank account and I sent it with XXXX statement. On XX/XX/XXXX I called customer service and talked to XXXX XXXX and now I was informed screenshots were not allowed so I paid my bank to send PDF of documents. I called customer service and talked to XXXX XXXX and she confirmed that you had received the documents. On XXXX I sent a request for an update and XXXX, XXXX read the email and heard nothing back after requesting a call back. On XXXX I called and talked to you again and you were going to get back to me.never heard anything. So I have called 4 other times and talked to supervisor and he was going to get back to me the next day and NEVER heard anything so on Thursday I called and talked to XXXX and he said the compliance department was still reviewing. Now comes yesterday and XXXX called back and said the compliance department wants the bank statement of XXXX XXXX account from XXXX and 3 months of XXXX account. He was going to send an email requesting that information and he and all you others reported this required from the US Treasury Department. 
Once I got off the phone I called the hotline to the US Treasury Department to find out if this was true or not. I spoke to a XXXX XXXX and she reported that US Treasury does not require any of the information that I have supplied but could be another regulatory agency. She directed me to FICEN https : //fincen.gov/contact I spent an hour conversing with patient lady and she went thru all the rules regulations and at no point was the proof of wealth ever documented as part of any rules they would have, the only possible was if a transfer was over $ XXXX. We found that a site with the rules Remittance Transfers Under the Electronic Fund Transfer Act. We reviewed the whole document and NO WHERE did we find any government regulations on proof of wealth she informed me there arent any laws on sending money abroad which stipulate maximum wire transfer amounts or proof of where the money is coming from. So, you can send an international wire of as much as you like, provided that its within the maximum wire transfer limits set by your bank. She then sent me to the CFPB https : //www.consumerfinance.gov/rules-policy/ to see if there was some of kind collusion or abuse and I spent 2 hrs talking to XXXX. She went over the remittance transfer rules and reviewed all my letters. She, again said that your request arent part of banking, treasury or remittance regulations and your company can request reasonable financial information but what I have sent is highly suspicious and I could open a compliant. I declined at that time but left the option opened. 
I decided I had enough of the laborious requests to do business with OFX and called back and was on hold for an hour. -Passport, paystubs, bank account statements and a copy of my fathers will Please destroy ALL documents regarding this matter and send an email that has been completed with accordance to the below regulations. We did not consumate and account after complying with all their demands and now I want my PII protected and need your help.

Company response to consumer: Untimely response