Anti Money Laundering Problems

Mela322

The banks not touching anything Bitcoin due to laundering is a stab in the back! How many of these banks have been found guilty of money laundering and then continued in deceitful and illegal ways? But Bitcoin, they don't really get a taste of the profits so they will do anything to stop it!

My husband was buying and selling bitcoin through an investor, they had very strict vetting rules and they didn't sell to anyone who didn't agree to the vetting. He was doing really well and then our bank (business account as a limited/registered company) froze the account. A day later, they froze our personal account! 8 weeks without access to any of our money or savings. The only thing we could touch was income from a job. They closed our account and that was it for anything to do with Bitcoin. Our investor and one other trader eventually had their accounts frozen and then shut down. I don't think there are any banks that will allow bitcoin trading unless you lie to them but it will catch up to you.

Sorry for the off topic rant. Just super annoyed that banks think it's ok for them to launder but you can't trade bitcoin just in case it's laundered.

quantumlobster

On my recent purchase, I and my wife both had to provide six months worth of contiguous payslips and bank statements.

There are people using bitcoin for legitimate purposes. There are also people using it for illegitimate purposes. It can be challenging to distinguish between the two, hence your travails, OP.

quantumlobster

Mela322 wrote: »

The banks not touching anything Bitcoin due to laundering is a stab in the back! How many of these banks have been found guilty of money laundering and then continued in deceitful and illegal ways?

This is offtopic, but to which specific banks does this apply?

Mela322

quantumlobster wrote: »

This is offtopic, but to which specific banks does this apply?

HSBC and even after they were convicted of allowing it to happen, they still continued to find ways to allow it to continue to go on. I'm pretty sure there was another big bank that allowed money laundering but HSBC is the one that sticks in my mind.

mrfreestuff

westernpromise wrote: »

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?

Did you even read what he said he did, he didn't simply invest 375k into bitcoin.

You look like a 1st class bitter and spiteful idiot with comments like this. And I'm pretty sure you are one . . .

takman

Mela322 wrote: »

The banks not touching anything Bitcoin due to laundering is a stab in the back! How many of these banks have been found guilty of money laundering and then continued in deceitful and illegal ways? But Bitcoin, they don't really get a taste of the profits so they will do anything to stop it!

My husband was buying and selling bitcoin through an investor, they had very strict vetting rules and they didn't sell to anyone who didn't agree to the vetting. He was doing really well and then our bank (business account as a limited/registered company) froze the account. A day later, they froze our personal account! 8 weeks without access to any of our money or savings. The only thing we could touch was income from a job. They closed our account and that was it for anything to do with Bitcoin. Our investor and one other trader eventually had their accounts frozen and then shut down. I don't think there are any banks that will allow bitcoin trading unless you lie to them but it will catch up to you.

Sorry for the off topic rant. Just super annoyed that banks think it's ok for them to launder but you can't trade bitcoin just in case it's laundered.

That's a good example of why you shouldn't put all your eggs in one basket and have accounts with at least one other bank.

But i don't see how one bank being involved in money laundering should make the rules less strict. This is one of the reasons the banks are enforcing the rules so strictly now, especially HSBC.

But if your husband was having a large value of money going in and out of his account then i can understand why they would think it was suspicious. Was he sending money back and forward from this "investors" account, maybe it was the link to that account that caused the issues. Having to go through a strict vetting process and using an investor is an unusual way to do it when you can very easily trade Bitcoin without being vetted. I know several sites which has added bitcoin trading to their traditional currency trading and someone i know personally has withdrawn over £100k profit from this over the last 3 years without issues.

Senseicads

Better Call Saul!?

Custard81

LOL. The ignorance is strong in this one.

Custard81

Salty much? How do you know im not a multi-millionaire and what business of yours is this anyway? If you really want to know, i didnnt invest 750k into bitcoin but if you'd bothered reading my posts youd know this already. :eek:

_CC_

Deposit it across a number of saving accounts.


Wait three months.


Transfer it all into a single NS&I saving account.


When asked to provide bank statements, provide the statement of the NS&I and three months worth of the various accounts it came from. Simply state that the source of funds are "savings/investments", which I would have thought bitcoin would be classed as.



I had a fairly heft deposit for my house and I was very surprised how little they looked into the source of funds, not that things weren't legit! Anything further back than three months didn't really matter it seemed.