Forum

Lift limits receiveing money
 

I got a notice from PayPal days ago; it says that I'm about to reach the yearly limit (£1800) for receiving money, so I have to provide copy of ID and bank statement etc. for anti-money laundering reasons. I've googled for the information and I roughly know what that's about. However, I'm still having some concerns and I'm even thinking of closing the account.

Let me sort of explain my situation. I'm from a non-EU/EEA country. Although the account I have is personal, not a business one, I do use it for business purpose. The this is, I run a shop in my country. I use PayPal to purchase the goods from the companies/websites in Europe and ship them overseas to sell. I actually spend 'really a lot of money' (can't say how much here) every year. Therefore, I'm worried that if they take a deeper look of the money I spend per year, I might get into trouble coz I spend too much. However, there's nothing against the laws. It's just like buying stuffs to sell, and my business is not even based in Europe. Also, the websites I frequent are mostly the big and decent ones, not some strange sites.

But it seems PayPal doesn't care about how much I've spent/sent? At least they never say anything about it. Having said that, I'm not sure if there's any potential risk in my case. If there might be, I kinda wanna close the account now.

Do I worry too much?