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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 laun
by 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 ago1/ 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.
- elorant 4y agoHow is it money laundering when the money is already in the bank and thus accounted for?
- Teandw 4y agoBeing 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 agoMoney laundering is when you can't justify the origin of the money. Not when you withdraw them to pay cash. You may spend them in prostitutes, or just giving them away. The bank has no business in asking you what you do with them, aside from putting some fail safes to makes sure no one is stealing from your account.
- moritonal 4y agoMob boss has lots of money and needs to launder it. Mob boss starts a building company, paying the employees with dirty cash (but hey, no income tax, so no ones complains). Building company charges customers, but asks for it in cash. Dirty money goes out to construction employees, clean cash comes in from customers. The Bank flag is just saying there is laundering occurring near the money.
- elorant 4y agoIf all revenue is in cash, and all payments are also in cash he doesn't need a Bank in the first place. Laundering money is almost always done through b2c businesses where it's harder to trace all the customers. You start a cafe, and then you say you had 1.000 customers daily when you really had 100. You pay the tax for the remaining 900 coffees and now your money are clean.
- from 4y agoIf he was laundering money he would prefer to be paid by check or wire but would pay employees in his ill gained cash. Customers paying with cash would just introduce the same problem of having a bunch of cash around.
- deleted 4y ago[deleted]
- eddsh1994 4y agoI know for a fact this happened and it was 2006/7 so nothing happened