5 ms·

I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag,

by eddsh1994 4y ago

I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.

epolanski 4y ago
And the builders and your friend loved to not pay any tax this way. Yet another example why cash has to be limited as much as possible.
jahnu 4y ago
You don’t think an algorithm can flag up a person for an audit?
- eddsh1994 4y ago
  And what happens then? You're legally paying someone - it's their job to report it appropriately.
ynniv 4y ago
Repeatedly taking out the daily limit seems like it would attract some additional attention.
- InvaderFizz 4y ago
  My typical month I pull about $2k from the ATM. Some months I pull as much as $8k in a single day from the ATM when dealing with larger purchases. I've been doing that for years. Then again, my ATM withdrawals are in another country, so maybe it's treated differently since it looks like a remittance.
bitxbitxbitcoin 4y ago
“Structuring”
Teandw 4y ago
Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.
- SnowHill9902 4y ago
  1/ he never said his friend’s account was not flagged. It may take some time. 2/ his cash was already clean, so it’s not part of money laundering, if anything it’s called criminal/terrorism funding.
  - Teandw 4y ago
    There is no such thing as "already clean" money from a banks perspective. Money in a bank is constantly and always monitored as if it's potentially dirty.
  - vaidhy 4y ago
    You can be abetting someone to evade tax. If you do it knowingly, you might also be culpable.
- elorant 4y ago
  How is it money laundering when the money is already in the bank and thus accounted for?
  - Teandw 4y ago
    Being flagged for money laundering and it actually being money laundering are two different things. Obviously it would then lead to them asking why he was choosing to pay the builder in such a manner, rather than just doing a bank transfer. Ultimately could lead into an investigation of some sort.
    - elorant 4y ago
jacquesm 4y ago
That's called structuring and will cause all kinds of trouble.

epolanski 4y ago

And the builders and your friend loved to not pay any tax this way. Yet another example why cash has to be limited as much as possible.

jahnu 4y ago

You don’t think an algorithm can flag up a person for an audit?

eddsh1994 4y ago
And what happens then? You're legally paying someone - it's their job to report it appropriately.

ynniv 4y ago

Repeatedly taking out the daily limit seems like it would attract some additional attention.

InvaderFizz 4y ago
My typical month I pull about $2k from the ATM. Some months I pull as much as $8k in a single day from the ATM when dealing with larger purchases. I've been doing that for years. Then again, my ATM withdrawals are in another country, so maybe it's treated differently since it looks like a remittance.

bitxbitxbitcoin 4y ago

“Structuring”

Teandw 4y ago

Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.

SnowHill9902 4y ago
1/ he never said his friend’s account was not flagged. It may take some time. 2/ his cash was already clean, so it’s not part of money laundering, if anything it’s called criminal/terrorism funding.
- Teandw 4y ago
  There is no such thing as "already clean" money from a banks perspective. Money in a bank is constantly and always monitored as if it's potentially dirty.
- vaidhy 4y ago
  You can be abetting someone to evade tax. If you do it knowingly, you might also be culpable.
elorant 4y ago
How is it money laundering when the money is already in the bank and thus accounted for?
- Teandw 4y ago
  Being flagged for money laundering and it actually being money laundering are two different things. Obviously it would then lead to them asking why he was choosing to pay the builder in such a manner, rather than just doing a bank transfer. Ultimately could lead into an investigation of some sort.
  - elorant 4y ago

jacquesm 4y ago

That's called structuring and will cause all kinds of trouble.