Money laundering with my current account

MABLE

meer53 wrote: »

Don't know which bank this was but they don't sound too clever ! I'd be moving my account if i was the OP !

I only use this bank as a back up for bills. My main account with the Lloyds and have never had anything like this happen to me with them.

MABLE

SnowTiger wrote: »

Me too, and I'd take the £60,000 with me. :j

After a quick glance at OPs history I'd guess it's LLoyds.

Hope you havent put money on that guess.

MoneySaverLog

My money is on Santander

MABLE

moneysaverlog wrote: »

my money is on santander

You are not serious!

thenudeone

innovate wrote: »

Several things don't sound right there.

Firstly, as meer53 already mentioned, it's illegal for a bank to tell you they are investigating your account in the context of money laundering.

But if the bank believes that the customer is an innocent account holder whose account has been hacked, then it's probably perfectly acceptable for them to ask whether certain transactions are valid.

If the bank rings and says "Mr XXXX there is a receipt of £xx,000 in your account today, and a pending transfer out of £xx,000, are you aware of these transactions?", and the customer says - No; there's no need for the bank to mention fraud or money laundering, but the customer is obviously got a very good idea that that's what's going on.

Egg credit card (pre-Barclaycard), would ring me once every few months to check whether a transaction was genuine or not, especially if it was a foreign merchant or a large amount, so clearly just checking with a customer whether an unusual transaction is genuine or not, when there is no specific information that the customer is involved in fraud, is not illegal.

meer53

thenudeone wrote: »

But if the bank believes that the customer is an innocent account holder whose account has been hacked, then it's probably perfectly acceptable for them to ask whether certain transactions are valid.

If the bank rings and says "Mr XXXX there is a receipt of £xx,000 in your account today, and a pending transfer out of £xx,000, are you aware of these transactions?", and the customer says - No; there's no need for the bank to mention fraud or money laundering, but the customer is obviously got a very good idea that that's what's going on.

Egg credit card (pre-Barclaycard), would ring me once every few months to check whether a transaction was genuine or not, especially if it was a foreign merchant or a large amount, so clearly just checking with a customer whether an unusual transaction is genuine or not, when there is no specific information that the customer is involved in fraud, is not illegal.

It's perfectly normal for a bank to carry out security checks for suspicious transactions. BUT the OP was told they were being used as a money mule, at least thats what they say they were told.

It IS illegal for a financial institution to let anyone know why they are investigating certain transactions on their account if money laundering is suspected. The staff member involved could face a prison sentence for tipping off. Initially, the bank will have no idea whether the account holder is innocent or not.

As the OP's bank suspect that the account is being used in the course of money laundering, if what the OP says is correct, then this could turn out to be quite a problem for the staff member who has given this information.

Under normal money laundering procedures, where i work, the customer wouldn't have even been contacted or asked about these transactions, the account would just have been frozen. There have been several recent posts about this happening to people, it's standard practice.

MABLE

meer53 wrote: »

It's perfectly normal for a bank to carry out security checks for suspicious transactions. BUT the OP was told they were being used as a money mule, at least thats what they say they were told.

This is what I was told and I donot tell untruths.

Whether any of you believe me or not I dont care but in a silly moment I thought it would be good to share my experience.

BASFORDLAD

MABLE wrote: »

meer53 wrote: »

It's perfectly normal for a bank to carry out security checks for suspicious transactions. BUT the OP was told they were being used as a money mule, at least thats what they say they were told.

This is what I was told and I donot tell untruths.

Whether any of you believe me or not I dont care but in a silly moment I thought it would be good to share my experience.

I believe you! Don't worry about the doubters!!

meer53

MABLE wrote: »

meer53 wrote: »

It's perfectly normal for a bank to carry out security checks for suspicious transactions. BUT the OP was told they were being used as a money mule, at least thats what they say they were told.

This is what I was told and I donot tell untruths.

Whether any of you believe me or not I dont care but in a silly moment I thought it would be good to share my experience.

I do believe you, i never said i didn't.

What i was pointing out was that your bank have put themselves in a really bad position by telling you what has happened. My reply was to the post made by thenudeone. Sorry if it came across as accusing you !

PaulW922

meer53 wrote: »

It IS illegal for a financial institution to let anyone know why they are investigating certain transactions on their account if money laundering is suspected. The staff member involved could face a prison sentence for tipping off. Initially, the bank will have no idea whether the account holder is innocent or not.

.

Actually that is not quite correct. There is nothing wrong with a bank advising a customer that someone may have hijacked their account and be using it for fraud. 'Tipping off' refers to the reporting regime - and I not believe anyone has been convicted of that yet.