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@JDB – sorry for the lack of clarity – I meant the government as an institution, not the government as the current party in office. The government in the broader sense definitely does set the rules.
And those rules haven’t changed in recent years. The regulator does remind firms from time to time of their obligations, of need to stress test for tougher economic times etc. Amex is simply applying old ‘rules’ much more strictly than hitherto and imposing tighter credit criteria.
Amex is simply applying old ‘rules’ much more strictly than hitherto and imposing tighter credit criteria.
Another factor is Amex — and many other organisations — spend good money ensuring their onboarding of new customers is quick and frictionless (automated real time ID checks etc etc) and then spend the square root of nothing on ensuing the compliance-driven checks required later deliver a similar, excellent, customer experience. To describe the process as ‘rubbish’ is entirely fair enough if that’s the user’s experience.
Amex is simply applying old ‘rules’ much more strictly than hitherto and imposing tighter credit criteria.
Another factor is Amex — and many other organisations — spend good money ensuring their onboarding of new customers is quick and frictionless (automated real time ID checks etc etc) and then spend the square root of nothing on ensuing the compliance-driven checks required later deliver a similar, excellent, customer experience. To describe the process as ‘rubbish’ is entirely fair enough if that’s the user’s experience.
What I think you are missing is that Amex, in compliance with its regulatory obligations, is constantly checking all cardholder accounts (in that same quick and frictionless way you describe) so these descriptions of Amex’s conduct being ‘rubbish’ only relate to a tiny number of people whose information doesn’t tally or where there are ‘red flags’ of sufficient concern to cause Amex to make further enquiries of the cardholder or suspend accounts. I understand why someone might not like these enquiries but it isn’t rubbish for Amex to comply with its obligations – in fact the opposite would be true. Also, as previously noted, in almost every case that has been reported here, there are good reasons for Amex making enquiries.
I understand why someone might not like these enquiries but it isn’t rubbish for Amex to comply with its obligations
Completely agree on that — and organisations that don’t take their obligations seriously can be assumed to be poor in other areas too, and thus best avoided! But I stand by my point, the focus by financial/gambling firms in user experience for AML/KYC/fraud checks often lags that for customer acquisition by a wide margin.
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