Stripe Account closed + fine of up to $425,000

[Senger]

Your Stripe account for XXXXX has been found to be in violation of card network regulations due to illegal transactions. Despite our efforts to provide the card network with evidence to the counter, the decision may still be upheld, and your business may be subject to a fine of up to $425,000. Why has this happened? The card networks we work with have requirements that dictate which products and services can and cannot be processed on their networks, and any violation of these requirements can result in substantial fines. Examples of violations include selling copyrighted products without authorization or selling pharmaceuticals without proper verification. When you set up your Stripe account, you agreed to the Stripe Services Agreement, which states that your business acknowledges that ‘Stripe may deduct, recoup or offset Fees and other amounts you owe under this agreement’. The card network will confirm the fine amount at a later date, at which point we will debit it from your Stripe account. We have placed your account balance in reserve to cover the future debit. Once the fine amount has been debited, this reserve will be released. In addition, per card network rules, you and your business have been added to a card network Terminated Merchant File.

Did anyone get email like this before? if so what was the outcome and what do you recommend i should do.

 

[Daisha]

Are you moving this much money on that network? You need to work with a currency broker. They have many bank accounts they lend you for deposits, you can negotiate cheaper FX rates and all the KYC is done by the brokerage firm internal staff.
These brokers have big pressure to open new business accounts and the KYC are very lightly done.