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  #1  
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Default My bank account was flagged for money laundering.

There is no more doubt in my mind that the war on cash is 100% legit and real. Back in 2017 I had an account with a local bank in my city. The bank flagged my account and even shut it down simply because I withdrew more than 10k in one month.


The police showed up at my doorstep the other day and said I am being investigated for money laundering, I told them I reported all my income and all taxes of 2017 are fully paid. They want me to come by their station and show them some paperwork to prove that...etc


Point is, withdrawing cash from your account will get you flagged even if it is YOUR cash.
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  #2  
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Default Re: My bank account was flagged for money laundering.

This is going on more and more now that nations are pushing AML regulations.

Your flag says you are in Germany. Not sure what your laws are on this, but in the USA, you DO NOT talk to police or investigators, period. I don't care how nice they seem to be.

Your only answer should be: LAWYER

Do not talk to anyone. Your worst enemy is yourself.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by nickopedia View Post
This is going on more and more now that nations are pushing AML regulations.

Your flag says you are in Germany. Not sure what your laws are on this, but in the USA, you DO NOT talk to police or investigators, period. I don't care how nice they seem to be.

Your only answer should be: LAWYER

Do not talk to anyone. Your worst enemy is yourself.


Well, I talked to the police officer that came to me the other day and she told me they received the report 19 months ago!!


At the time when my bank reported me, the bank didn't know that I was selling stuff online and I hadn't filed for any tax yet, so their suspicion was kinda justified. Now that I have proofs that I reported the money I received on my bank account in my tax filings...etc and have a proof that I paid my taxes, I don't think I have anything to fear, right?


If I don't show up, the police will have to wrap up their report and escalate the whole thing because they have no other option. On the other hand, if I go there and show them my business registration papers and proofs for tax payment...etc, they will most probably close the investigation.


I have dealt with police before and I have a gut feeling about cops with bad intention. The cop that showed the other day was an Asian woman, seemed very nice and told me I am not being accused of anything, but they received a report from the bank and they are obligated to do something about it. What affirmed to me that this is not a big deal is the fact that it has been almost two years since they received the tip off, so if it was something serious, they would've acted sooner



I am not in the mood of spending few hundreds on a lawyer for such a trivial case. I mean there is no crime to begin with, there is only suspicion because of lack of information.

After I show up with all the proofs, I don't think the police will escalate this to the DA office because there is no crime at all. The most they could do in my opinion is to send the file they have to the tax office (which will then certify my statements).
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by walkingupwards View Post
Well, I talked to the police officer that came to me the other day and she told me they received the report 19 months ago!!


At the time when my bank reported me, the bank didn't know that I was selling stuff online and I hadn't filed for any tax yet, so their suspicion was kinda justified. Now that I have proofs that I reported the money I received on my bank account in my tax filings...etc and have a proof that I paid my taxes, I don't think I have anything to fear, right?


If I don't show up, the police will have to wrap up their report and escalate the whole thing because they have no other option. On the other hand, if I go there and show them my business registration papers and proofs for tax payment...etc, they will most probably close the investigation.


I have dealt with police before and I have a gut feeling about cops with bad intention. The cop that showed the other day was an Asian woman, seemed very nice and told me I am not being accused of anything, but they received a report from the bank and they are obligated to do something about it. What affirmed to me that this is not a big deal is the fact that it has been almost two years since they received the tip off, so if it was something serious, they would've acted sooner



I am not in the mood of spending few hundreds on a lawyer for such a trivial case. I mean there is no crime to begin with, there is only suspicion because of lack of information.

After I show up with all the proofs, I don't think the police will escalate this to the DA office because there is no crime at all. The most they could do in my opinion is to send the file they have to the tax office (which will then certify my statements).
They are acting on it now - don't take it lightly and never just think you can just be fully open to police. Tread carefully; lawyer up as you see fit
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Default Re: My bank account was flagged for money laundering.

I don't care if the police are nice. Don't talk to them.

The fact they made contact you at all is a huge concern. I would have my attorney on speed dial the second they knocked on my door.

The police want you to think it's no big deal. Seriously, if it really isn't, then why did they pay you a visit in the first place?
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Default Re: My bank account was flagged for money laundering.

your a dumbass.

I have withdrawn over 10k in cash without issues but then again I have a brain when I do it.

pack your bags, and leave the country
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Last edited by H4ck; 3 Weeks Ago at 12:27 AM.
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Default Re: My bank account was flagged for money laundering.

This was the reason I closed all my accounts at JP Morgan Chase Bank in the states.

back in 2015 I went into one of their branches to withdrawal $12,500 from one of my own accounts.

The teller immediately got the manager who told me I had to fill out a form. On it I had to explain in detail what I needed the money for. W-T-F? When I refused to fill it out, the manager went on to explain it was normal procedure these days and bank policy since they would need to file something called an "Currency Transaction Report" (CTR).

I immediately left the bank without withdrawing anything, then wired out my entire balance that very day to another bank that didn't have those stupid rules, in this case Wells Fargo.

I absolutely refuse to give any information to any bank what I do with my own money. That is MY business. If the police or the government come knocking about it, it's time to lawyer up, and potentially SUE if a violation of my civil rights occurred.

People shouldn't put up with this $hit, and push back hard when it does happen.
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Default Re: My bank account was flagged for money laundering.

if your black and trying to withdraw a lot of cash it will raise all the suspicion in the world.....lol....

I never had issues.....then again I only wear all black clothing.......
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Default Re: My bank account was flagged for money laundering.

I don't care if I need the money to buy drugs or hookers.

It's not the banks (or governments) business.

The only bank I ever had an issue withdrawing more than $10k in cash at was Chase.
Chase also was the first (and only) bank to give me a hard time about mismatching PayPal deposits.

The people who run JP Morgan are morons. This is well known, and I am not the only person who had these issues with them.

The OP flag shows he's in Germany. Maybe the Deutsche Polizei have a different way of going about things and less freedoms that the USA does. I have no idea. I just know in the USA, if the police want to question you have the right to refuse. They can get either a search warrant or court order accordingly. Investigators are trained to "be nice" as they know that usually mean the subject is more likely to cooperate.

Always be nice to the police, but at the same time always be sure to answer "LAWYER" to each and every question. Say it with a smile, of course.
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Default Re: My bank account was flagged for money laundering.

OP what country was this in?
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  #11  
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Default Re: My bank account was flagged for money laundering.

GB is wanting to become a cashless society as well. I think their will be civil war before that happens.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by james_112233 View Post
GB is wanting to become a cashless society as well. I think their will be civil war before that happens.
I would hope somebody puts up a fight.

@upwards - I hope it all goes OK. God bless the USA. It's a terrible country but at least we have a bit more financial freedom than Europeans.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by phaz0rz View Post
I would hope somebody puts up a fight.

@Nick - don't you know CTR's are mandatory at all financial institutions in USA for any single transaction over $10k? They have to do a CTR, but SAR's are done at their discretion. Most banks do it without telling you because on modern systems it's just a matter of checking a few boxes on the screen. I just had one of my CU's do a CTR on me a couple weeks ago for depositing 14k into my account.

Also, the rule is that even if you reneg after the teller informs you a CTR must be filed, they're still supposed to file the CTR.

@upwards - I hope it all goes OK. God bless the USA. It's a terrible country but at least we have a bit more financial freedom than Europeans.
Of course I know that CTR's are mandatory for cash transactions over $10k.

My problem with Chase is they refused to allow me to withdrawal $12.5k from MY own account UNLESS I completed some paperwork for that stupid CTR. They wanted me tell them what I needed the money for, my name/address, SSN/DOB, and other details about my account. I told them to take a hike and I went home and wired out the ENTIRE balance to another bank.

I've only heard of Chase doing this. Again, this is not just the CTR, but outright refusal to allow the large withdrawal of MY OWN money unless I filled out that form.
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Default Re: My bank account was flagged for money laundering.

The "paperwork" I am talking about was this treasury form 104 (it wasn't Chase's own paperwork). When I filled out the withdrawal slip for the money, the teller got the manager who gave me that form and told me that once I filled it out they would give me my money.

I was more than miffed. I protested and said "you can't be serious?" to which she replied that it's a requirement. I knew this was B.S. because I have taken out WAY more than this in cash from Wells Fargo several times without this nonsense. In fact, I took out $22k CASH from my Wells account a few months ago, and they didn't even bat an eye. No manager, no forms or anything like that.

This Anti-Money Laundering stuff is getting more ridiculous by the year. Pretty soon people are not going to put up with it anymore and start looking at alternatives to the banking system.

With blockchain FinTech in rapid development, I see the future of traditional banking start to falter. I'm not just talking about cryptocurrency, but an entirely different and new platform what will eventually replace banks and allow true peer-to-peer transfers between anyone in real-time.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by james_112233 View Post
GB is wanting to become a cashless society as well. I think their will be civil war before that happens.

Too late, the move towards a cashless system is full steam ahead and no one will get in the way of it. You can't even pay cash into a third-party account these days.

I withdrew 500 daily for 4 or 5 consecutive days from a savings accounts and the bank locked my account.
They said they were concerned at the frequency of withdrawal and preferred for me to move the money to another bank in one lump sum instead. I explained saying to the person over the phone that they had no brick and mortar branches and unless I'm breaking a law, I'd like to withdraw my money the way I prefer. They unlocked the account and let me off only when I told them what I was actually going to use the money for: an auction that required instant payment. The bank's card could hardly be used for payments!


This was my second run-in with a bank.
In both cases, I informed the banks my activities were business-oriented and that trading platform names were a pseudonym. I supplied original documentation for one bank but the other did not need any. They let me keep both my accounts. My experience made me conclude that once you satisfy their ML requirements, some banks don't really give a toss for mismatch names or if you're trading with a savings accounts.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by H4ck View Post

pack your bags, and leave the country

Maybe yours....?

Do they have any cash to spare never mind put in cash machines.
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Default Re: My bank account was flagged for money laundering.

US banks have to report any transaction $10,000 or more to the Fed.
When you go to the bank and do so,they will ask you to fill out a form,when you do it online,they have the record so they will report it .
Same with US customs,when you enter the country with $10k or more,you have to declare it,gold is considered cash
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by walkingupwards View Post
There is no more doubt in my mind that the war on cash is 100% legit and real. Back in 2017 I had an account with a local bank in my city. The bank flagged my account and even shut it down simply because I withdrew more than 10k in one month.


The police showed up at my doorstep the other day and said I am being investigated for money laundering, I told them I reported all my income and all taxes of 2017 are fully paid. They want me to come by their station and show them some paperwork to prove that...etc


Point is, withdrawing cash from your account will get you flagged even if it is YOUR cash.
If you have nothing to hide,why hire a lawyer,hiring a lawyer could make the police suspect you have something to hide.
Small town banks may not be familiar with e commerce,thats why they want to know more.
what is that funny comic of lawyer and litigation?you go into a sausage making machine as a piece of meat and come out as ground meat?
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Default Re: My bank account was flagged for money laundering.

Hiring a lawyer would only result in the case being sent to the DA office for further investigation. I have nothing to hide because I have not done anything wrong.

I will go to the police, show them my business registration as well as my tax filings and tell them that's it. No more comments, explanations or statements.

I had a personal spat with one of the bank's employees back then and I think this is why I have been reported in the first place. The guy wanted me to show him what I was selling, where am I getting my products from...etc, I KNEW he wanted to see the details of my business for a personal reason. In revenge he closed down my account for "suspicion of money laundering". The man was insanely mean on the phone and even though I sent him my business registration paperwork, he proceeded with the closure of my account.


Banks always get away with reporting people based on false suspicion. The lawmakers have given the banks a free pass for this non-sense.
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Default Re: My bank account was flagged for money laundering.

Quote:
Originally Posted by Pandoras_box View Post
Too late, the move towards a cashless system is full steam ahead and no one will get in the way of it. You can't even pay cash into a third-party account these days.

I withdrew 500 daily for 4 or 5 consecutive days from a savings accounts and the bank locked my account.
They said they were concerned at the frequency of withdrawal and preferred for me to move the money to another bank in one lump sum instead. I explained saying to the person over the phone that they had no brick and mortar branches and unless I'm breaking a law, I'd like to withdraw my money the way I prefer. They unlocked the account and let me off only when I told them what I was actually going to use the money for: an auction that required instant payment. The bank's card could hardly be used for payments!


This was my second run-in with a bank.
In both cases, I informed the banks my activities were business-oriented and that trading platform names were a pseudonym. I supplied original documentation for one bank but the other did not need any. They let me keep both my accounts. My experience made me conclude that once you satisfy their ML requirements, some banks don't really give a toss for mismatch names or if you're trading with a savings accounts.
I agree. A long term relationship with your bank definitely helps.

I've had a run in with my bank about 20 years ago when I suddenly had a lot of money coming in. They asked me to come in to the branch and asked where the funds where coming from and what I was doing. After explaining my business they left me to it and congratulated me.
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Default Re: My bank account was flagged for money laundering.

Ger0any 5s a very str5cy c64ntry f6r tax av65dance

S6rry s*533ed beer 6n 0y 3a*t6*
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Default Re: My bank account was flagged for money laundering.

Booze brings out sax's 1337 side!

932m4ny 15 0n3 0f 7h3 w0257 c0un72135 70 2un 4 8u51n355 1n.
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