PC

This is a follow up post from my original from five months ago, further supporting a rating of one. Incoming EFTs to VBE (seller) are not a problem. However, outgoing EFTs most definitely are. Their security protocol is provably non-compliant with the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), supposedly enforced by the Financial Tracking Activity Center (FINTRAC). These violations include sections 4.1a, 4.1b, 145, and 148.
The PCMLTA obligates any such designated non-financial businesses that initiate an outgoing EFT (gov photo ID, DoB, address, wiring instructions => account required) to verify and record the identity of the recipient (4.1a) for 5 years. FINTRAC agents are aware of this, but not only fail to enforce these sections, but also failed to advise VBE of these violations. I know this because the owner of VBE has threatened to sue me in small claims court, unless I withdraw the “slander and defamation” in my initial post, which are simply statements of fact. Unfortunately VBE is not alone in this non-compliance, as many clients (businesses and individuals) of other designated non-financial entities have lost many millions via business email compromise (BEC) due to this regulatory gap.

Wrote a negative review about a bullion exchange (Victoria Bullion Exchange) that cost me over $20,000 CAD, because they violated FINTRAC regulations and sent the funds elsewhere. BBB deleted the review and continues to give them an A+ rating.

Registering a complaint was a lot easier than for Yelp and infinitely easier than for the BBB.

I sold a box of 500 Ag MLs to Victoria Bullion Exchange (VBE) in Feb 2025. Unfortunately the agreed upon sum of $15,525 USDs was sent to an unidentified third party. They use easily spoofed gmail address for business communication. Not only is their security protocol outdated but they repeatedly violate FINTRAC regulations.
FINTRAC's PCMLTFA mandates that for any transaction by such an exchange that exceeds $10,000 CAD a photo ID or the equivalent is required.
Patronize the company at your own peril.
Their response - tough luck

This company is a bit unethical. They accept your money but refunding is another matter. Specifically I purchased one of their health test kits. Once received in the mail it had to be registered before any specimen could be returned to them. Nearly 2 weeks after their receipt of my tube of blood, they declared that test request was invalid. Although that test kit had not expired, they no longer offered the test. I can understand that subcontracts and other financial relationships can change, necessitating termination of test offerings. My problem is that they should've recognized that the QR code, required for registration for this particular kit, was no longer valid. This would've saved me drawing my blood and the hassle of a trip to the UPS office and the two week wait for the nonresults. I bought the kit on ebay but the vendor bought it through Amazon. They would only refund the vendor's Amazon account. Unfortunately they also couldn't refund the blood.