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I don't think OP knows what he is talking about? You also need "thousands" of accounts, and unless you are opening these remotely, I don't know how you can get

by csomar 4y ago

I don't think OP knows what he is talking about? You also need "thousands" of accounts, and unless you are opening these remotely, I don't know how you can get this many people to co-operate with your scheme. That also doesn't cover the first part: Laundering the money into the bank. (if the money is already in the banking system, there is nothing to launder). To be honest, I don't think money laundering is real, or significant. I see most money laundering rules as hidden or mislabeled sanctions on other countries, group of individuals or institutions.

oogetyboogety 4y ago
Yes. It starts with sanctions on countries. Banks are only just starting to correlate payments that may actually be the same party if they are different physical institutions/entities, down to the legal entity (LEI).
gorbachev 4y ago
Of course it is. It's just that you and I aren't big enough fish for the banks to look the other way, if we do it. Gotta be a Mexican drug cartel, or a Russian oligarch to succeed in money laundering.
Dave3of5 4y ago
> To be honest, I don't think money laundering is real, or significant. Heard it all now time for me to get off this site I think.
Double_a_92 4y ago
Money laundering is real, but for some reason everything that I read online (e.g. in news articles or comments) about it is complete nonsense. E.g. here the nonsense is why money that you already have in a bank account needs to be sent to someone else via 1000s of random small transactions. At best that would add a layer of confusion, but you still have the money laundering problems for the sending and final receiving person.
- csomar 4y ago
  It is complete non-sense. Banks don’t have a good framework for detecting suspicious transactions. They also happen to not really care and rightfully so: it’s not their job and shouldn’t be their responsibility. What happens is that banks are trying to cover their ass and please regulators so they don’t get fined. Of course all regulation does is add complexity. You still have the most common way to launder money: know the top-banker and have connections inside the bank. With the right amount of money you can buy all the KYC you need. Which means all this regulations is either malicious or plain ignorant. I think it’s malicious.

by csomar 4y ago

oogetyboogety 4y ago

Yes. It starts with sanctions on countries. Banks are only just starting to correlate payments that may actually be the same party if they are different physical institutions/entities, down to the legal entity (LEI).

gorbachev 4y ago

Of course it is. It's just that you and I aren't big enough fish for the banks to look the other way, if we do it. Gotta be a Mexican drug cartel, or a Russian oligarch to succeed in money laundering.

Dave3of5 4y ago

> To be honest, I don't think money laundering is real, or significant. Heard it all now time for me to get off this site I think.

Double_a_92 4y ago

Money laundering is real, but for some reason everything that I read online (e.g. in news articles or comments) about it is complete nonsense. E.g. here the nonsense is why money that you already have in a bank account needs to be sent to someone else via 1000s of random small transactions. At best that would add a layer of confusion, but you still have the money laundering problems for the sending and final receiving person.

csomar 4y ago
It is complete non-sense. Banks don’t have a good framework for detecting suspicious transactions. They also happen to not really care and rightfully so: it’s not their job and shouldn’t be their responsibility. What happens is that banks are trying to cover their ass and please regulators so they don’t get fined. Of course all regulation does is add complexity. You still have the most common way to launder money: know the top-banker and have connections inside the bank. With the right amount of money you can buy all the KYC you need. Which means all this regulations is either malicious or plain ignorant. I think it’s malicious.