Anti Money Laundering Problems

HampshireH

Non Bitcoin related but for money laundering checks our solicitors have just asked for 12 months bank statements and corresponding statements through that time for any deposit in our accounts from other accounts like my savings and isa etc.

They also then asked for evidence of accumulation of funds in those saving accounts.

I imagine they will want the Bitcoin trail and moving it into savings won't be enough to satisfy them

davidmcn

Custard81 wrote: »

I assumed they would ask for proof of where the savings came from. Wouldnt this be the case?

No, like I said they're more likely just to look back to check you had the money x months ago. They need to draw the line somewhere, you can't account for where every penny ultimately came from.

julicorn

Ours were quite strict when we bought our flat last year - They wanted to see bank statements from the last 12 months I think, but I had an old ISA that I hadn't been paying into for 2 years or so, so they wanted evidence to show how I had been building up the funds (3 months if statements showing regular payments back in 2015). And that ISA only had around £5k in it... I don't know, I'd be surprise if a few months of bank statements would be enough for the amount discussed here.

Custard81

Cheers guys. Would anyone else like to share thrir experiences? Sorry for the typos and incoherent posts. I dont have an edit option yet.

Thrugelmir

Not just the solicitor , the lender has a say. With an unverified £250k of savings. Underwriters potentially are simply likely to decline. As the applicant onus is on you to provide adequate documention. In this day and age auditable trails shouldn't be a problem. Reticence in itself speaks volumes.

John_Jones

Custard81 wrote: »

I assumed they would ask for proof of where the savings came from. Wouldnt this be the case? This is the first time ive done this.

Yes, they will, just saying that it is savings is unlikely to be enough.

Custard81

As I mentioned, there is no lender. I also said that Im happy to provide an audit-trail but solicitors jump-ship when you mention the word bitcoin. Therefore the other option would be preferable, if it were possible.

BrassicWoman

"other option" will however be untrue and therefore fraudulent. If it's money from gambling dubious currency you need to show the history of gambles and wins, from the begining, along with where you got the initial stake. Treat it like a Ladbrokes account.

westernpromise

G_M wrote: »

How did you get the bitcoin? Many dubious characters use bitcoin as currency for illegal activities - that is the problem you have.


If you can show clearly that you bought X bc in 20XX at X exchange rate, using savings or income from such and such a source, and then sold the bc in 20yy at Y exchange rate, then that would demonstrate how you came to now have £Z00,000 in bitcoin.

If someone rocks up with £750k from selling bitcoins most financial institutions will take the view that the money used to buy them was the proceeds of crime and not touch it.

westernpromise

Custard81 wrote: »

Im not sure if it makes a difference but i liquidated this bitcoin when i was non-resident of the UK having spent seven years elsewhere.

So you look like an organised criminal, then. Look it at from a bank or a solicitor's point of view. If you bought bitcoins last August and have just sold them, you doubled your money. So you risked about £375k into a single investment. Who does that, apart from a money launderer?

Are you sure you aren't one?