Anti Money Laundering Problems

westernpromise

Mela322 wrote: »

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.

The other you are thinking of was probably Deutsche Bank:
https://www.bloomberg.com/news/articles/2017-06-28/how-mirror-trades-moved-billions-from-russia-quicktake-q-a

Mostly, though, when banks get fined in this area, they don't get fined for money laundering because they haven't done any. Instead they get fined for not having adequate controls against it in the opinion of their regulator, who is never actually able to say what adequate controls would look like.
https://uk.reuters.com/article/uk-bnp-paribas-moneylaundering-idUKKBN18T2JE

Thrugelmir

Mela322 wrote: »

He was doing really well and then our bank (business account as a limited/registered company) froze the account.

Always worth checking ones responsibilities as a Director before embarking on such a venture. The banks reaction is what you would expect in such circumstances.

westernpromise

mrfreestuff wrote: »

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 . . .

Go and re-read post #3. He bought his bitcoins in August last year. At that time bitcoin was worth about half what it is now. So to have £500k or £750k or any other sum now from having sold Bitcoin, he must have put in half that amount in August last year.

Who except a very high net worth sophisticated investor or a money launderer would risk that sort of money on a single bet? Who would be more likely to foresee problems buying anything with that money? Where did the original sum come from?

His solicitor's suspicions are not misplaced.

westernpromise

Custard81 wrote: »

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:

I didn't say you did. You said you bought in August last year. Last year bitcoin was worth about half what it is now, so to have £750k now, you must have bought about half that amount then.

The question is then not merely why you would do that but where the original sum deposited came from.

Your spelling comprehension, naivety around what is involved in depositing large amounts of unexplained money into banks, and lack of access to expert advice argue strongly against your being a multi-millionaire.

LittleFawn

Unfortunately you will have to show them all of your information.
I am going through a similar argument with my solicitor at the moment over £4k.
Yes £4k.
I had that amount saved for my job and it’s what I opened my savings account with about a year ago. So they asked me for bank statements from the past 6 months.
Provided them the bank statements then told me that it’s not sufficient becuase it doesn’t showing me transacting the £4k or acruing it.
I’m like funnily enough I have a job? And I’ve been working in my job for years? Haha they are being so strict it’s frustrating.

John_Jones

Mela322 wrote: »

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.

That is called moving the goalposts. They were not fined for money laundering, they were fined because although they had strong checks in place to stop people laundering via their accounts they were found to be not strong enough.

John_Jones

Custard81 wrote: »

I bought Bitcoin in August and invested shortly after into an ICO through a syndicate (using Etherium). I had the ICO tokens distributed a few months after that i sold back into Bitcoin and then into cash through a broker.

The paper trail isnt that straight forward and what Im finding so far is that the very mention of Bitcoin is putting solicitors off from the bat.

The second option above would be far more convenient if it would be acceptable.

It is worth reminding you of this post. What you mention here is identical to the layering phase of money laundering.

You are hinting that you are very well off so just buy the house with a small mortgage or selling some more mainstream investments bought from salary, and then use the bitcoin for living expenses.

takman

westernpromise wrote: »

Go and re-read post #3. He bought his bitcoins in August last year. At that time bitcoin was worth about half what it is now. So to have £500k or £750k or any other sum now from having sold Bitcoin, he must have put in half that amount in August last year.

If your not used to the terminology and don't know much about cryptocurrency then it's easy to misunderstand; post 3 does not say he bought Bitcoin then simply kept it and sold it now.

He bought Bitcoin then changed it into another established cryptocurrency which he then used to purchase a brand new coin just being released (an ICO) then he sold these coins back into Bitcoin and then changed them to cash. Brand new coins can increase very rapidly in value just after release, so the original amount invested will be nowhere near half what he has now if he sold at the right time.

deFoix

Custard81 wrote: »

The paper trail isnt that straight forward and what Im finding so far is that the very mention of Bitcoin is putting solicitors off from the bat.

Try harder. You should be able to put together the full paper trail using printouts of your various exchange accounts etc. Im sure if its genuine you'll be able to get it signed off. Do you have a the paper trail?

This is no difference really to proving any other investment gains.

westernpromise

takman wrote: »

If your not used to the terminology and don't know much about cryptocurrency then it's easy to misunderstand; post 3 does not say he bought Bitcoin then simply kept it and sold it now.

He bought Bitcoin then changed it into another established cryptocurrency which he then used to purchase a brand new coin just being released (an ICO) then he sold these coins back into Bitcoin and then changed them to cash. Brand new coins can increase very rapidly in value just after release, so the original amount invested will be nowhere near half what he has now if he sold at the right time.

Exactly how a money launderer would try to obfuscate the trail of where the money came from.