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Works well also in “difficult” countries. They ship the physical card everywhere.
KAST | USD bank account and crypto card
- Thread starter JohnnyDoe
- Start date
www.kast.xyz
Works well also in “difficult” countries. They ship the physical card everywhere.
And here we go with the monkeys show, right after the first fiat payment (a few k $ to American Express):
Please provide the following:
Please provide the following:
- What is the exact purpose of this payment and how will the customer be using these funds?
- What is the relationship between the sender and the recipient?
- Source of Funds (SOF): Recent documentation showing sufficient available funds (for example, recent bank statements or account balances), or;
- Source of Wealth (SOW): Documentation explaining how the funds were accumulated (such as employment income, business income, investments, or asset sale), along with supporting evidence.
Better to use real banks for banking, I've never actually sent a transfer from inside KAST, I only received some American wires and deposited crypto and spent by card, haven't encountered any monkey business for now.
These questions are slowly becoming a standard across all PSPs unfortunately.
I just wanted to test them with the smallest, most straightforward USD wire transfer imaginable. Test failed.
My reply:
The purpose of the payment is to pay my own American Express card bill.
Your question asking “how will the customer be using these funds” makes no sense in this context. There is no customer receiving funds from me. American Express is not receiving funds for some unknown future use; it is applying my payment to my card account, exactly as any credit card company does when a cardholder pays a bill. This should be obvious from the beneficiary name.
Relationship between sender and recipient:
I am the cardholder/customer. American Express is my card issuer/service provider.
Source of funds:
The funds come from my own available funds already held in my account. The amount is USD xxx, which is a normal card repayment amount, not some exotic transaction requiring a forensic expedition.
If your compliance team requires documentation, specify exactly what document is required and the legal or policy basis for requesting it in relation to a routine payment to a major regulated credit card issuer.
For clarity, again: this is a payment of my own American Express bill. There is no third-party beneficiary, no investment, no loan, no purchase of assets, and no separate intended “use of funds” by American Express beyond crediting my card account.
They answered the same day:
Thank you for getting back to us and providing the information requested by our Compliance team.
We’ve reviewed your response and everything is now in order — you can continue using your account as usual.
If you have any questions or notice anything unusual, please reach out and we’ll be happy to help.
Thanks,
KAST Concierge
The purpose of the payment is to pay my own American Express card bill.
Your question asking “how will the customer be using these funds” makes no sense in this context. There is no customer receiving funds from me. American Express is not receiving funds for some unknown future use; it is applying my payment to my card account, exactly as any credit card company does when a cardholder pays a bill. This should be obvious from the beneficiary name.
Relationship between sender and recipient:
I am the cardholder/customer. American Express is my card issuer/service provider.
Source of funds:
The funds come from my own available funds already held in my account. The amount is USD xxx, which is a normal card repayment amount, not some exotic transaction requiring a forensic expedition.
If your compliance team requires documentation, specify exactly what document is required and the legal or policy basis for requesting it in relation to a routine payment to a major regulated credit card issuer.
For clarity, again: this is a payment of my own American Express bill. There is no third-party beneficiary, no investment, no loan, no purchase of assets, and no separate intended “use of funds” by American Express beyond crediting my card account.
They answered the same day:
Thank you for getting back to us and providing the information requested by our Compliance team.
We’ve reviewed your response and everything is now in order — you can continue using your account as usual.
If you have any questions or notice anything unusual, please reach out and we’ll be happy to help.
Thanks,
KAST Concierge