Dirty money

[Euro Male]

You also should realize that Bank staff file Suspicious Transaction Reports as well, and those are done without your knowledge.

Dude, do us a solid and give us some examples of 'Suspicious Transactions'

Even something low on the radar . . . . . .

Someone's had, let's say a savings account with the same bank for past 10 years. Consistant baseline balance of $1,000 throughout the entire time-period. All of a sudden, same person ---- same account, starts making $1,000 weekly cash deposits for weeks and weeks and weeks on end.

Suspicious? Why do they care? They pay out measly interest % --- in return make gobs of cashola via loan interest % . . . . . personal, credit-card, car, home etc

 

[farquhar]

Dude, do us a solid and give us some examples of 'Suspicious Transactions'

You mean even something low on the radar like . . . . . .

Someone's had, let's say a savings account with the same bank for past 10 years. Consistant baseline balance of $1,000 throughout the entire time-period. All of a sudden, same person ---- same account, starts making $1,000 weekly cash deposits for weeks and weeks and weeks on end. Suspicious?

No.

I'll give you an actual example.

Asian man and his mother, who live in Toronto, walks into CIBC Branch in Oakville; gives me $9,900 cash (which is $100 below when I am required to file the Large Cash Transaction Report) for Deposit into the CIBC Bank Account; and wants me to send a wire to a Bank in China, using RBC as an Intermediary (which is
unnecessary).

I perform the transaction; but I file a Suspicious Transaction Report with CIBC Anti-Money Laundering after they leave.

 

[farquhar]

Dude, do us a solid and give us some examples of 'Suspicious Transactions'

Even something low on the radar . . . . . .

Someone's had, let's say a savings account with the same bank for past 10 years. Consistant baseline balance of $1,000 throughout the entire time-period. All of a sudden, same person ---- same account, starts making $1,000 weekly cash deposits for weeks and weeks and weeks on end.

Suspicious? Why do they care? They pay out measly interest % --- in return make gobs of cashola via loan interest % . . . . . personal, credit-card, car, home etc

Example Two.

Client at BMO receives wire payment from abroad greater than $10K; walks into BMO Branch and then immediately ask for a Bank Draft in same amount. Account was Frozen by BMO.

 

[farquhar]

Dude, do us a solid and give us some examples of 'Suspicious Transactions'

Even something low on the radar . . . . . .

Someone's had, let's say a savings account with the same bank for past 10 years. Consistant baseline balance of $1,000 throughout the entire time-period. All of a sudden, same person ---- same account, starts making $1,000 weekly cash deposits for weeks and weeks and weeks on end.

Suspicious? Why do they care? They pay out measly interest % --- in return make gobs of cashola via loan interest % . . . . . personal, credit-card, car, home etc

What constitutes a "Suspicious Transaction" is at the discretion of the Employee....depositing $1,000 cash a week doesn't meet the threshold. A lot of people work cash jobs; or work under the table. Bank doesn't give a shit about that.

What the Bank does give a shit about is if the Bank is being used to "wash" money.

Why do they care? Because the Government regulates the Banking Industry and forces them to care.

China has capital controls; you can't wire out more than $50K USD in a year. But a lot of Chinese love to sink their money in Chinese real-estate.

So, if you want to buy a house worth $500K in Canada, what you do is get 9 of your friends to open 9 Bank Accounts at CIBC (for example); you all wire $50K from China to Canada; and then pool the money together and buy your house.

This practice came to light in a wrongful termination suit that was brought against CIBC by an ex-employee; as far as CIBC views it, it doesn't break any Canadian laws. And it's not up to CIBC to determine if all this money from China is "clean" or "dirty" - that would be the job of the Chinese banks.

 

[Euro Male]

No.

I'll give you an actual example.

Asian man and his mother, who live in Toronto, walks into CIBC Branch in Oakville; gives me $9,900 cash (which is $100 below when I am required to file the Large Cash Transaction Report) for Deposit into the CIBC Bank Account; and wants me to send a wire to a Bank in China, using RBC as an Intermediary (which is
unnecessary).

I perform the transaction; but I file a Suspicious Transaction Report with CIBC Anti-Money Laundering after they leave.

So if they would've spread out the wire-transfers over couple of weeks with smaller cash amounts and/or opened-up mulitple accounts in different banks. Again, smaller, multiple wire-transfers, they would've stayed off CIBC's radar. Gotcha

My boy, Waaaaaaay back was selling candy on the sly, remember him telling me that he kept all his transactions under $5,000. Also remember him mentioning important to stay consistant. Supposedly internal 'Laundering' or 'Suspicious' Bank Software spots irregularities.

Just like they say in Brazil, cook the beans . . . . . 'low and slow' :biggrin:

 

[farquhar]

So if they would've spread out the wire-transfers over couple of weeks with smaller cash amounts and/or opened-up mulitple accounts in different banks. Again, smaller, multiple wire-transfers, they would've stayed off the CIBC's radar. Gotcha

My boy, Waaaaaaay back was selling candy on the sly, remember him telling me that he kept all his transactions under $5,000. Also remember him mentioning important to stay consistant. Supposedly internal Banking 'Laundering' or 'Suspicious' Software spots irregularities.

Send-home message, just like they say in Brazil, cook the beans . . . . . 'low and slow' :biggrin:

Other transactions that I was supposed to review and report were payments to Credit Cards or Line of Credit Accounts which resulted in the account being overpaid by $1,000 or more....as far as the Banks are concerned, it's not normal behavior to severely overpay your Credit Card; and the only reason a person would do so is if they are trying to "wash" money.

 

[Euro Male]

I'll give you an actual example.

Asian man and his mother, who live in Toronto, walks into CIBC Branch in Oakville; gives me $9,900 cash (which is $100 below when I am required to file the Large Cash Transaction Report) for Deposit into the CIBC Bank Account; and wants me to send a wire to a Bank in China, using RBC as an Intermediary (which is
unnecessary).

I perform the transaction; but I file a Suspicious Transaction Report with CIBC Anti-Money Laundering after they leave.

Example Two.

Client at BMO receives wire payment from abroad greater than $10K; walks into BMO Branch and then immediately ask for a Bank Draft in same amount. Account was Frozen by BMO.

Example three

Other transactions that I was supposed to review and report payments to Credit Cards or Line of Credit Accounts which resulted in the account being overpaid by $1,000 or more....as far as the Banks are concerned, it's not normal behavior to severely overpay your Credit Card; and the only reason a person would do so is if they are trying to "wash" money.

Coolio, good to know! :wink:

 

[danmand]

No Oagre; it's $10,000

https://www.fintrac-canafe.gc.ca/reporting-declaration/info/rptLCTR-eng

The $10,000 has to be deposited in one transaction; or several over the course of 24 hours

Banks are required to follow Know Your Client rules and ascertain a client's Source of Wealth; and they do file Suspicious Transaction Reports internally to their own AML Departments, without the knowledge of the client; I had to file several of those myself when I worked for Banks

Stick to being a lawyer! And I'll be the TERB authority on Retail Banking! :yo:

The $10,000 is only a guideline. There are no set limit. The banks have to report "large" cash deposits.

 

[farquhar]

You guys think washing money is easy? Even Tony Montana gets dicked around by his Banker:

 

[Euro Male]

You guys think washing money is easy? Even Tony Montana gets dicked around by his Banker

Bro, check it . . . . . you're gonna luv it! :biggrin:


FUCK, THEY EDITED THE BEST STUFF . . . . . 'WASHING MONEY'

BUYING DRUGS THIS SIDE OF TOWN --- SELLING THE SAME DRUGS OTHER SIDE OF TOWN

HORSERACE TRACK'S --- CASINO'S

 

[farquhar]

Bro, check it . . . . . you're gonna luv it! :biggrin:


FUCK, THEY EDITED THE BEST STUFF . . . . . 'WASHING MONEY'

BUYING DRUGS ONE PART OF THE CITY --- SELLING THE SAME DRUGS OTHER SIDE OF TOWN

HORSERACE TRACKS --- CASINO'S

Tony Montana and his crew are going to Push it to the Limit

Look at Jerry's face when they are walking in the bags of coke money....he's like "Fuck, how am I gonna wash all this???"

 

[Euro Male]

Look at Jerry's face when they are walking in the bags of coke money....he's like "Fuck, how am I gonna wash all this???"

Classic :biggrin:

Every wannabe thug, gangsta out there (Gringo, Latino, Italiano, Negro) Loooooooves doing a hilarious......'Antonio Montana'!

 

[luvyeah]

Classic :biggrin:

Every wannabe thug, gangsta out there (Gringo, Latino, Italiano, Negro) Loooooooves doing a hilarious......'Antonio Montana'!

While we're at it: