Anti Money Laundering Problems

Custard81

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.

You've made yourself look very silly now, haven't you? I stated in "post #3" that I invested into an ICO. Please re-read:


"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."

If you don't know about crypto, why are you being so vocal? You silly Billy.

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?

Former, thank you. :beer:

His solicitor's suspicions are not misplaced.

I didn't have a solicitor at the time so what are you chatting about? You seem to struggle following English text. What is your first language, out of interest?

John_Jones

Very High Net Worth tends to mean assets of over $5m. If you are telling the truth just liquidate some of your more conventional holdings.

Custard81

westernpromise wrote: »

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.

ICO ICO ICO ICO ICO ICO ICO ICO. Bloody hell you really can't read.

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

Absolutely none of your business and completely irrelevant to the OP.

Your spelling comprehension

Yeah sorry about that. I'm new to the forum, was on my phone, and couldn't see how to edit post.... I didn't think I was going to be involved in a spelling critique.

naivety around what is involved in depositing large amounts of unexplained money into banks

You what, mate?!

An idea - stop spending so long trolling people and wasting your time on a money saving forum.. you might actually amount to something yourself. I doubt it though. :rotfl:.

Red-Squirrel_2

westernpromise wrote: »

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

I don't know anything about bitcoin or ICO or cryptocurrency either.

So I didn't comment.

Just a thought...

Mela322

westernpromise wrote: »

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

No, after the fact, the bank hired staff to change the wording on the accounts criminals were using to launder money. In doing this, they were still allowing it to happen. I think it may have actually been the known names, they were changing just one letter or something similar. I understand they weren't doing the actual money laundering but by continuing to allow it and changing account names to allow it, they are just as guilty.

Mela322

Thrugelmir wrote: »

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.

Completely agree. We did seek advice before venturing in that direction but it seems that was not the best advice. Always worth a second opinion. On to better things now.