Need to withdrawal around 50k weekly from bank

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


Comments


[8 Points] Realitybytes_:

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.


[5 Points] None:

[deleted]


[2 Points] giantthrowawayagain:

Banks usually don't have anywhere close to that much cash on hand. MAybe if you worked out a business deal, but you would need a legitimate business


[2 Points] horavack:

Man, I wish I could have a problem like that.


[1 Points] blksz:

Just spend it, man. We live once.


[1 Points] FrozenMCVegetableCok:

The precious metals route seems decent as most gold traders don't hold any physical gold at all. It would take some work generating enough documentation to make it legit looking. The downside is anytime you set up a business for these purposes you expose yourself to a RICO case.


[0 Points] barbarythrow:

Why and how did you manage to get all this money into the bank without them knowing? And now you want to pull it out? Make up you mind.


[-1 Points] bigs21024:

You could send me money if you have that much, lets say gift your son some money for a new car he just graduated college