Consumer complaint received 2022-02-21
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Managing, opening, or closing your mobile wallet account — 
Company: Paypal Holdings, Inc (TX)

I tried to correct my name in PayPal systems to my legal name. PayPal would not correct my name after being sent forms of ID such as my birth certificate, drivers license, passport, and XXXX. PayPal is in violation of the CIP provision ( section 396 ) and Title III ( MLCA XXXX and XXXX XXXX ) to the 'Anti Money Laundering, ' or XXXXAML ' laws, passed by Congress from XXXX and amended through the Bush Administration XXXX which makes it compulsory for financial institutions and service providers to be accountable for initial customer identification ( before they do business with a client ), and requires them to maintain extensive records of steps taken to verify the identities of prospective clients. I was sent the attached email after attempting to provide my identifying information : " Dear XXXX XXXX, Thank you for contacting PayPal. 

Regrettably, we were not able to change the name in your account. The name in your PayPal account can not be changed to that of another person. If this is the case, then you may want to consider closing this account and open a new account under your name and contact information. 

Please note, before you close your PayPal account, withdraw your balance and remove financial information ( such as, bank and/or card ). 

If you need to open a dispute on a recent payment, wait until the dispute is resolved before closing your account. If you're still waiting to receive an item you've paid for, you should delay closing your PayPal account until after you've received it and you're fully satisfied with it. 

Here 's how to close your PayPal account : 1.Log in to your PayPal account.

2.Click the Settings icon next to " Log out '' button.

3.Click " Close your account '' under " Account options ''.

4.Click " Close account ''. 

When you close your account, the following actions occur : Your remaining PayPal balance converts to your primary bank account 's currency when you transfer the balance to your bank account. 
Any unpaid money requests are automatically cancelled. 
You forfeit any unused redemption codes or coupons. 

If you have any further questions, you can contact our Customer Service by clicking Contact Us at the bottom of any PayPal page. 

Yours sincerely, XXXX PayPal -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Copyright XXXX PayPal. All rights reserved. '' PayPal is saying the name on my PayPal account can not be change to that of another person, but I was attempting to a correct an error and change it to my legal name. By law PayPal can not have my social security number and transactions attached to another persons name " XXXX XXXX. ". I proceeded to close my account and have my personal information deleted from their systems. 

I received an email ( attached ) saying my account isn't eligible for data deletion " Because PayPal is a financial company, were required by law to keep your personal and transaction data for a number of years after your account has been closed or inactive to prevent fraud, money-laundering and to comply with financial laws. The amount of time we need to keep the data is determined by federal, state, and local laws. '' What federal laws require PayPal to have my personal information attached to another person 's name ( XXXX XXXX. )? 

31 CFR 1020.220 requires that accurate identifying information. Under 12 CFR 1005 PayPal must provide error resolution.