To claim payment of a prize, winners may need to provide identification documents and bank account details. Effective Ventures may not be able to make payment if these checks are not completed or if the payments are going to certain jurisdictions.
Would you mind sharing why you, or your lawyers, think that you have to do identity verification for prizes of $1000 and lower?
Lately I have seen a lot of people engage in wildly unnecessary identity verification checks (which creates honeypots for identity thieves) because they misunderstand their legal obligations, so I would like to gently push back on this requirement and make sure it is actually required, and that people cannot participate anonymously.
If it is just that you only support wire transfer for payments, and wire transfers require a name, that is fine, but this shouldn’t require a photo ID or anything to process for amounts of this size.
Would you mind sharing why you, or your lawyers, think that you have to do identity verification for prizes of $1000 and lower?
Lately I have seen a lot of people engage in wildly unnecessary identity verification checks (which creates honeypots for identity thieves) because they misunderstand their legal obligations, so I would like to gently push back on this requirement and make sure it is actually required, and that people cannot participate anonymously.
If it is just that you only support wire transfer for payments, and wire transfers require a name, that is fine, but this shouldn’t require a photo ID or anything to process for amounts of this size.
This seems like a valid question to me, and worth answering, even though I don’t strongly share these concerns myself.