Anyone has experience withdrawling cosistently from banks with these volumes? Are there any tricks and loopholes to not get blown away by AML/kyc? For an example would it work to set up a business for this?(like saying i am a gold exchanger) and need cash for my clients? Tips from pro's would really help. Thanks
As a banker this is probably the most interesting post I've found.
Ok so AML laws are designed to flag money inbound to the bank to prevent money laundering, this is accomplished via a rather impressive algorithm that takes into account an immense amount of variables but for general purposes its the "how, why and when' model, making sure your behaviours sit within the banks assumption of your profile.
If you have the funds in the bank, assuming it was laundered correctly to begin with, AML at least for banking purposes is ok for now, your issue is KYC.
KYC, or know your customer, is a process all banks must now undertake to ensure fraud, tax evasion and fund by fund transactions are minimised.
Regardless of your intentions with the funds, if you are not exceptionally well know, linked to a pub/club/casino moving that much cash will trigger KYC then AML.
Most business are using less cash then ever, so if you want to handle that much you are not going to be using one single bank AND you'll need a business cover (which then if you don't pay taxes KYC kicks in).
I can't really give you advice without specific knowledge of your circumstances, and for obvious reason you should not do that, but I hope that helps you look at the issues.