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These transactions would be half money laundering only if the buyers only came from illegal activities and they were avoiding deposit in a typical bank. It's no
by code_duck 12y ago
These transactions would be half money laundering only if the buyers only came from illegal activities and they were avoiding deposit in a typical bank. It's not laundering by the author as he is not involved or aware of the buyers' money's providence. I don't see how it would be money laundering more than say, buying $3000 of gold from a local gold and silver shop.
I'm hardly an expert in... Anything, though. If you care to explain that would be lovely.
- TeMPOraL 12y agoMost of legitimate financial activity forms follow well known patterns. Illegal activities often follow different patterns. It's reasonable for a bank to flag suspicious accounts, even though you'll always have some false positives - because if it looks like money laundering, most of the time it is. Also I don't know if this works with banks (having no personal experience here), but I remember back from the time when early Kickstarter projects got their PayPal accounts frozen, that the rule of thumb was: if you're going to do something on your PayPal account that looks weird/atypical, it's a good idea to call them in advance and tell them about that.
- code_duck 12y agoI agree it may look like money laundering. But one can't really say "the bank was right" in this case since it wasn't money laundering.
- bazookajoes 12y agoIt's not technically money laundering, but it might be bit coin laundering if the money the he received was ill-gotten.