As anticipated, GoldMoney.com is pulling out of the payments side of the business due to the new regulations. Here is the note from the company. FinCEN’s new regs. go into place the last day of March, expect more companies to pull out of the U.S by then.
GM = No more money transmission, just metal sales.
We are writing to advise you of a change of services we currently offer to our customers with a Full Holding. Since the launch of GoldMoney in 2001, we have continued to change and adapt to the global increase of compliance requirements for payment service providers. Due to this growing trend of regulation we have decided to suspend the following services until further notice with an effective date of the 21st January 2012:
* The facility to make and receive payments in precious metals to or from other GoldMoney Full Holding customers.
* The facility to convert directly between the various currencies.
Basic Holding owners do not have access to these features and are therefore not affected by this change.
Our research has proven that our customers’ use of the metal payments and currency exchange services is not significant and we trust that the suspension of these services will not be inconvenient for the majority of our customers.
In accordance with our Customer Agreement, we are providing advance notice of this change to our services that will take effect on the 21st January 2012 at 12am local London time (GMT). You will be able to make metal payments and currency exchanges up to this date.
We continue to provide a secure and reliable platform for the purchase, sale and storage of your precious metals. This includes enhancing our systems, introducing and adjusting our products and services, and making our website the most effective tool for managing your precious metals portfolio.
With this in mind, we have prepared a brief survey to gauge your interest in current products and also possible future products we may introduce, depending on the feedback we receive from you. The survey can be completed at the link below. All feedback received is anonymous unless you choose to provide us with your contact details.
We thank you for your continued business, and we will sincerely appreciate any feedback to help us determine the products and services that are of most interest to you.
Your Relationship Management Team