Just scanning a website selling preowned watches and clicked on a rolex sub and the conditions for sale online are as follows.The buyer must produce photo I.d. along with utility bill with same payment address.Reason given is stolen card use(makes sense) but also "customer getting to know you and tax filing purposes".Thoughts?
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I think given all the scams plaguing our economy, and especially this hobby at the moment, I'd be doing the same thing were I a retailer. I think full transparency on both the buyers and sellers side is wise for all concerned. The reason quoted seems a bit nosey mind you.
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Hmmm...I'd be dubious about giving that amount of information with the growing threat of identity threat out there. Maybe I'm being over cautious, but maybe the vendor is also.
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I'd request proof that the watch isn't stolen or counterfeit.
Sounds like it's needed for anti money laundering checks.
https://www.gov.uk/guidance/money-la...sponsibilities
Last edited by Caruso; 13th April 2020 at 15:14.
FCA countering financial crime guidelines ‘’know your customer’’.Originally Posted by amcneill
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What would you like to see as proof?
I wonder if the vendor would be happy to supply his personal details to the buyer!
Just a thought.
Cheers,
Ben
..... for I have become the Jedi of flippers
" an extravagance is anything you buy that is of no earthly use to your wife "
Can you link to the site, I would like to read their terms.
Cheers,
Ben
..... for I have become the Jedi of flippers
" an extravagance is anything you buy that is of no earthly use to your wife "
Scamming unfortunately has become the New normal and full transparency is something all buyers and sellers need to get used to when dealing with smaller companies or dealing privately..
I have sold 2 what I consider high value items in recent times and have insisted on passport and utility bills as some reassurance of who I am dealing with and of course provided the buyer with the same information and some reassurance.
I really don’t see why some would see that as a problem for an open and honest transaction.
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Last edited by SteveM112; 13th April 2020 at 11:42.
Whilst I believe the company is legit and not wishing to name and in any way shame them I have delved more deeply and had a look at the t&c's.The watch comes tagged and if tag is removed then you cannot return item.All paperwork cannot be guaranteed authentic and photos do not accurately reflect condition of watch just merely act as a guide.That is a small collection of the t&c's which basically does not give you much rights wise.All the power is with the seller to treat you as they feel suits.Perhaps they have had bad dealings with customers in the past and wish to protect themselves but as a potential buyer it puts me off a bit..
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Won't distance selling and credit card protect you if company legit?
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I'd walk away.
As others have said, when a vendor demands all this personal info, how do you know the vendor is genuine and not just collecting data for identity theft?? Are you sure there really is a watch somewhere?
Its like when you get a phone call from an organisation and they demand you go through the security process (where these exist of course), but you have no idea who they are - could be a scam, so you refuse.
So I'd be reluctant to divulge personal info unless I was sure who I was dealing with.
Totally agree
Doubt it would be the FCA unless the regulated financial institution had started dealing in high value watches.
Perhaps the HMRC High Value Goods money laundering regulations.
Last edited by joe narvey; 13th April 2020 at 15:34.
I wouldn't, I'd run.
Take their requirement for personal info, add the many caveats in their t&c's, stir gently, and run.
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It might help to say who the dealer is.
Started out with nothing. Still have most of it left.
Very bad terms - I wouldn't deal with them - there are far fairer dealers out there. (Card fraud checks are mainly handled by the card issuers)
Please state who they are so we all can be careful not to deal with them. Many thanks..
Martyn
Last edited by MartynJC (UK); 13th April 2020 at 19:13.
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