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Questions tagged [money-laundering]

Disguising the illegal source of money.

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Is reselling prepaid gift cards for crypto MSB or not?

My question is regarding a business model where a website resells prepaid gift cards for example amazon, prepaid Visa gift, Mastercard, PSN etc. All cards are non-reloadable some of them are closed ...
user3509046's user avatar
-3 votes
1 answer

Is it legal in the UK to lie and provide fake documents to get past AML checks? [closed]

Over the last few years, I was a self-employed consultant working as a contractor for a foreign startup that was successful and compensated me generously, including with stock options that I exercised ...
ThrowawayCabbage's user avatar
3 votes
1 answer

Can you keep legitimate income from money laundering?

Say, you own a convenience store for the purposes of laundering the proceeds of a drug enterprise. For the sake of appearance, your store is a real, functioning business that generates a legitimate ...
Ethan's user avatar
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-1 votes
1 answer

Can an independent contractor from Zimbabwe have a bank account in South Africa to receive income from a South African company?

In a case where a South African company has contracted independent contractors from for example Zimbabwe or other foreign countries, is it legal for the independent contractor to be paid into a South ...
Didi's user avatar
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1 vote
2 answers

Can you keep money from an unknown source?

I have recently rewatched Breaking Bad, and something that happened in the last season had me wondering. Jessie tries to give $2.5M each to Mike's granddaughter and the family of the boy that was ...
Ethan2001's user avatar
2 votes
1 answer

What happens with seized money?

Daniel the drug dealer was caught with 20.000€ of illegaly earned money while crossing the border into Switzerland. The money was covered in traces of all kinds of drugs, so the court did not believe ...
PMF's user avatar
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2 votes
0 answers

Anti Money Laundering (AML) information on the beneficial owner for clients of a custodian

A custodian bank has a client which is an investment arranger. The funds of the investment arranger's clients are held at the custodian. The custodian has flagged one of the investment arranger's ...
M. Guillaume's user avatar
2 votes
1 answer

What features are used to distingish between investing and running a money transmitting business?

This question about the risk of money laundering prosecution one could face using decentralized cryptocurrency exchanges is answered by "Generally, local laws will define concepts like "...
Sam's user avatar
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6 votes
2 answers

Is it possible for an individual to commit money laundering like a bank?

In the classic example of money laundering, Charlie the Criminal would take his dirty money to Bob the Banker and get it in some form that is spendable and transferable. In this situation it would be ...
Sam's user avatar
  • 81
20 votes
4 answers

Is this laundering money?

Arnie is a registered entrepreneur who sells raw wood. He was contacted by Bob. Bob works in a state organization (not private), and was tasked with building several garages on one of the streets of a ...
John Doe's user avatar
  • 235
1 vote
1 answer

Recourse to recover funds in a frozen account

Under anti money laundering laws if a bank has grounds for suspicion of money laundering by a customer then they may submit a SAR (suspicious activity report) to the NCA (National Crime Agency) and ...
JosephCorrectEnglishPronouns's user avatar
4 votes
1 answer

Charities in the US and money laundering

What regulations apply to charities regarding money laundering? Do they have any equivalent to 'know your client', like 'know your donor'? Do they have a duty to report suspicious transactions? Are ...
Quora Feans's user avatar
-1 votes
1 answer

Why hasn't Vijay Mallya been extradited yet?

Vijay Mallya is an Indian businessman at present fighting extradition from the UK. Mallya, who owes 17 Indian banks an estimated Rs 9,000 crore. Mallya inherited UB Spirits, known for the Kingfisher ...
CADENTIC's user avatar
2 votes
1 answer

Why can Dutch police order Binance to freeze funds of Colombian customers?

In short, Dutch police ordered Binance (cryptocurrency exchange) to freeze funds of some Colombian customers, and those customers are supposed to prove - to the satisfaction of Dutch police - that ...
xmrk's user avatar
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-1 votes
1 answer

Can a business which only loses money be a "money laundering" method?

Let's say a criminal opens a business (a restaurant) which only loses money, there are basically no customers at all or there are very few in a way which is certainly non profitable in a given time ...
fadlilah's user avatar
2 votes
2 answers

Can you buy a luxury car with cash?

Let's say, hypothetically, you try buying a luxury car or expensive jewelry using cash (100 dollar bills in a bag!). Would that be legal? Will IRS or FBI or anybody come knocking on the door asking ...
Harry's user avatar
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6 votes
2 answers

On the legality of replacing international transfers with intranational ones

Here is a fictional story based on this question. Andrey is a Russian programmer residing in Germany who makes regular wire transfers to his father, Boris, who resides in Russia. Chris & Dasha, a ...
Rodrigo de Azevedo's user avatar
1 vote
2 answers

Legality of Chaumian e-cash

In the 1980s, David Chaum, a cryptographer, came up with micropayment system that would achieve cryptographic transaction privacy. Later, in the 1990s, he attempted to build this system, but it did ...
David Tamnder's user avatar
0 votes
0 answers

In Canada, is there a requirement of when a Money Services Business (MSB) and their client entity must enter into a service agreement?

I hope the question in the title lends itself to an answer. In case more clarification is required, please do not hesitate to comment below. Some background: In Canada, an MSB is required to verify ...
jaspreet's user avatar
  • 101
2 votes
2 answers

Could you explain the concept of money laundering in simple terms?

launder 2 informal Conceal the origins of (money obtained illegally), typically by transfers involving foreign banks or legitimate businesses. (from here) Suppose, I have illegally obtained ...
Sergey Zolotarev's user avatar
3 votes
3 answers

Is it legal to trade bitcoin for cash in Virginia, USA?

I was wondering if trading bitcoin for cash (for example payments on Apple Cash, Venmo or Zelle) is legal in Virginia (USA) or not. I would like to know before I start selling some of my bitcoins.
solid's user avatar
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1 vote
2 answers

Can an Australian freelancing platform refuse to pay money to the freelancer?

I was hired as a freelancer via an Australian freelancing platform, did the job and got money credited into my account. However, they suspected that my client made a fraudulent transaction and does ...
miloserdow's user avatar
-4 votes
2 answers

Transferring Paypal money to sons friend

I said my son is in prison and his friend. My sons friend has a girlfriend that sends money alot to him and it has to be sent through an approved account so she sends it to me. And the friend has a ...
user avatar
2 votes
1 answer

Can I cashout 25 BTC without proof of provenance?

Back when Bitcoin was worth under 10 USD, a friend sent me 25 BTC as a gift. Since that time, I moved them around different wallets and don't believe I still have the original wallet where I received ...
maxklein's user avatar
1 vote
1 answer

Would a bitcoin "cleaning" service be legal in New Zealand?

I'd like to create a piece of software or service which takes someone's Bitcoin, goes through a process of "cleaning" it (making it untraceable) and then returning it. Provided the purpose ...
user26532's user avatar
8 votes
1 answer

When does it become illegal to exchange bitcoin for cash?

I've read several "stings" and raids for running unlicensed money transfer businesses for people buying and selling bitcoin on localbitcoins. All of the articles are extremely vague and don't explain ...
user5389726598465's user avatar
3 votes
1 answer

Legality of Virtual Currency to Purchase Real World Items

A while ago, I saw a company called Listia which would permit users to sign up and attain some amount of Credits. These Credits could then be used to purchase real-world items on the site, such as ...
eithermonad's user avatar
11 votes
3 answers

Is it tax fraud for an individual to declare non-taxable revenue as taxable income? (US tax laws)

Hypothetically, A wants to pay B a considerable amount of money. In order to reduce the paper trail, A pays me the money and I transfer it to B. To further obscure the paper trail, I declare the ...
DJohnM's user avatar
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1 vote
2 answers

Why is Silk Road criminal but not LocalBitcoins?

How are the founders safe from money laundering laws? LocalBitcoins says its purpose is to connect buyers and sellers. That legalese makes it escape criminal laws. What about Silk ...
user4234's user avatar
  • 1,101
7 votes
1 answer

Are charities prevented from paying money to other charities?

I was recently a participant in a group study, in which there was an option for participants to donate the gratuity offered to a charity. However, I received a message from a researcher today saying ...
bertieb's user avatar
  • 205
4 votes
1 answer

Cash deposits and money laundering in the UK

In the United Kingdom (UK), the Financial Conduct Authority (FCA) requires that banks have "adequate policies and procedures sufficient to counter the risk that they might be used to further ...
Badalyan's user avatar
0 votes
1 answer

If I pay someone to place a sports bet that wins, have I committed money laundering?

It is my understanding if a private individual sells a chip that is money laundering. Say I pay someone $100 to place a $10000 sports bet that wins. If it wins, I cash the ticket. Have I committed ...
paparazzo's user avatar
  • 261
1 vote
1 answer

How are the founders safe from money laundering laws?

There are lots of news regarding seller arrest against money laundering laws. I know it is seller or buyers responsibilities to follow their local AML laws. But how localbitcoins ...
kgrahim's user avatar
  • 23
0 votes
1 answer

Are identifiable cryptocurrency miners helping crime?

Say there is a cryptocurrency whose issuers use electronic signatures issued by the government to prevent Sybil attacks (identity forging) to the voting mechanism when new currency units are created. ...
Kozuch's user avatar
  • 430
-1 votes
1 answer

If all the money that comes in and out of my account are by means of cheques and credit cards, can I still commit money laundering?

If I'm not mistaken, paper trail is proof of innocence.
George Chen's user avatar
4 votes
1 answer

How does the Bank Secrecy Act affect normal law-abiding citizens?

The Bank Secrecy Act of 1970 was designed to detect money laundering by organized criminals. Among other things, it requires banks to report large currency transactions in excess of $10,000 to the ...
Wes Sayeed's user avatar
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1 vote
1 answer

In Germany, is there a reward for reporting possible tax fraudsters or money launderers to the authorities?

I could well be wrong and I don't want to go into specifics here, but... Let's assume I know of a business that in reality generates a few hundred thousand euros in revenue and yet shows a P+L with ...
fiprojects's user avatar
5 votes
1 answer

Making bad movies as money laundering scheme?

There is this youtube channel called I Hate Everything in which, among other things, this youtuber reviews Imdb's 100 lowest ranked movies in search for the worst movie:
Segmentation fault's user avatar
4 votes
5 answers

Borrowing from a relative or friend without documentary evidence — is it money laundering?

Suppose a person borrows money from a relative or friend, say, 10 million USD, without documentary evidence — the transaction is purely based on trust and cultural norms. If the borrower invests the ...
mykey's user avatar
  • 239