How to proof the money is not from "money laundering"
 

The bank said:

"Ok, we see you are receiving a lot of wire transfers. Next time you come to the bank you will need to show us some papers that show where does the money comes from. We just need to be sure it is not from money laundering"

They are not asking for a specific document. Just a proof.

I guess a signed letter from the sponsors saying I earn a comission for sell of services and with the list of wires they send is enough?

How do sponsors and billing processors deal with this when a webmaster need papers for the bank? What info would they send to a webmaster like me if my bank ask for these papers? If any guy from those companies could help me out, it would be great also.

Anybody gone through this before?

Any advice appreciatted. I would like to avoid lawyers for now, because it's something I must resolve within this week.

Posting here.

I just want to see how this turns out. No real advice for you but bump so that someone with an answer could see.

Change banks.

here's a bump.

Yep. Less hassle.

Fuck that. Your bank is treating you like shit, why would you sit there and take that. Change banks

My bank has never asked me where the $ come from.

What country are you in? Are you a citizen of that country? What country is your bank in? Do you live in that country where your bank resides?

Without that information above no one is going to be able to help you.

Jim

What part of "change bank" was too difficult to understand for you?

probably they just want to see some type of contract for services. A letter would probably be enough.

UNless you are walking in with hundreds of thousands of dollars a day or week in cash, or wires from really strange places, they have no right to ask where the money is comming from. If they think something is going on, they need to freeze your account, and call the treasury dept. other than that they can STFU

they dont have the right to ask you for documents..

give them a pass to your members area!

Seriously now, if you deposit more than 10K in a day they have (by law) the right and the duty of asking you where it came from, unless it comes in a check (they they know who wrote it, duh!).

I'd be tellin' that bank to go fuck themselves. Tell them to provide you with documented proof that they have a right to ask you where the money came from.

This post-9/11 bullshit has gone too far. Governments, corporations and banks have invasively capitalized on it.

I agree with the majority - change banks.

tell them you own a couple of ice cream trucks...or a laundry mat. haha

shit, i'd tell em to kiss my ass, right after i withdrew every cent.


where does your money come from?


answer: the fucking Bureau of Engraving and Printing in Washington DC mothrfucker!


ROFL.

i've never heard of this.

Normally banks have a declaration form your can sign where you will state the source of funds. Basically this is the name and contact info of the sender and, in general terms, state reasons for the payment (and no, don't explain it comes from Candy's Cumfilled Whatever site:) - they don't want to hear about that - "internet marketing" will do).

Under OECD and some other regs, banks are obliged to monitor money movements over $10K under certain conditions else their banking regulator will kick ass.

Suggest you ask em for their form to cover "source of funds" and fill this in - it's no biggie.

tell them it's your profits from pimping hookers and selling crack. sometimes, the truth is the best option.

Then I'd call the National cust service number and complain about that branch

I'd withdraw every last dollar from the accounts, in cashand have them give me the last $20 in pennies.

Then I'd close the accounts and as I was walking out of the bank, I'd "oops" and drop my pennies on the floor in the most vulgar, spreading pennies everywhere kind of way possible.

Then laugh out loud on the way out to my new bank.

When I opened the account 2 years ago, I signed that form and filled all that info in. But now they are asking again. And they are asking for a proof, I will try with a letter saying I am a webmaster of X company and earn a commission for sell of a service. ( which is in fact truth) There is nothing to hide here. I am webmaster and am legal. It is just the fucking Bush gov that makes you think you are doing something illegal and tries to make you feel guilty for being a webmaster.

I hope it is enough.


To the others:

Sorry guys but I can't change banks, until I get all the money I have in this account. And for that I am asking for advices. Maybe someone here gone through this before.

And why is that? That bank is doing it's job. Every big transaction is screened for possible money laundring. The bank has the right to ask where the money is comming from. I would be more than happy to enlighten them, and I would be very happy with a bank doing it's job so thouroughly.

Complain about what? :)

Banks have regulatory authorities they have to answer to and specifically concerning movements over $10K. This is been operating for years (incidentally before 9/11) and it intended to cut down money laundering and where banks are entitled to ask the source of funds.

I ended up getting a blanket permit direct from the regulatory authority here and gave the bank a file copy to save the bank asking on each occasion. It's not the banks "fault". :)

they do but anti-money laundering laws require 100k+ movements, talk to your bank tell them your biz and what you do. And if you told them youre doing internet designish kinda stuff - this would be a good moment to check if they accept adult. Cause if they dont then this is the beginning of the end Im afraid. If they do, sort it out, if youre receiving 10ks of checks they gotta relax imho.

Got ya!! Is it a case of the person asking just does not have a clue?

But nothing wrong with writing a letter from your biz and listing all main companies (names and addresses) where you recieve reasonable amounts and stating that these payments are in respect of revenues/sales in connection with your business.

It may also be worth pointing out that you signed a form already - tho a "source of funds" form is usually needed for each instance over $10K since each sender will presumably be different and have varying values.

bunch of wise guys here (tell the bank to go fuck themselves, change banks, etc), if you have nothing to hide, why make a big deal about it? It's probably 10x easier to have the sponsor write a letter to the bank, then getting investigated by the FBI for money laundering....

I think the person knew what she was talking about, but for some reason she did the same questions, the other woman did when I opened the account. Maybe they wanted to verificate or update the info.

Next time I go to the bank I will tell them I signed that form already, and show them the letter from sponsors.

Webby, thanks for the advices, Can I send you a PM or email asking one more thing? (that i don't want to ask in public)

Cheers.

Na thinkx!! There are varying reasons for asking for "source of funds" (too many to list here) and these start at $10K. Both the bank and financial regulatory authority know exactly what the corps do - they are really not interested in having opinions on the adult biz - that's perfectly legal.

BTW... It's not that there is a number of wires/checks totalling $10K - the banking regulators only require a source of funds where any one receipt is $10K or over.

It was actually easier to provide data to the regulatory authority and have them then issue a document to cover all transactions and give the bank a copy, tho is is prob not normal but also covers large money values in other non-adult business.

Good point. I think it's probably because I don't smoke weed, I don't drink alcohol, and I worry too much about everything. Yeah, maybe I should listen to marley, relax and smoke some weed. Thanks for the advice man. :pimp

And yes, I just asked my sponsor to write a letter and they accepted ;)

I opened this thread to know if other guys went through this before and ask for advices, results, etc.

Cheers.

It's not the bank's fault, it's our government. Because God knows that everyone getting wire transfers over 10k is a terrorist.

They are prob just wanting an update GG. What you plan to do sounds more than enough to keep em happy. :)

You got ICQ running? Can hit ya up!

Not just your government! :winkwink:

It was agree over a decade ago via OECD that banks should monitor "souce of funds" also adopt a "know your customer" policy and the US government along with all other OECD members agreed.

It's not always the fault of the US govt :winkwink:

Sure, 329-302-837 :)

Thanks.

This isn't uncommon. I have a hosting client in Canada that was doing 50-100k/mo in deposits and when his bank found out it was adult money they cancelled his account. My advice, give them something documented that has contact names and phone numbers of some of the larger wire senders that ties back to the information submitted on the inbound wires (company name).

Brad

Good point Brad - especially if unsure of some weirdo bank policies :thumbsup

It's also a more than excellent idea to *never* have all eggs in one basket. Banks are there to be used and mulitple account opening is a minor obstacle course :)

Gotta say, never once have I had any problems with banks and the adult biz - tho not saying some may get freakly at some future time. It's easier to allow for all contingencies.

If he was using a canadian bank, can you let me know which canadian bank it was? I'm rather curious since we only have 5 national banks up here.
WG

crazy my bank never asks, they are just happy my cheques don't bounce.

:1orglaugh :1orglaugh :1orglaugh

So true.

I am emailing him to find out, I don't remember which one(s) it was.

Brad

yeah, im curious to know too.

Bank of Montreal, that was the bank.

Brad

I have no problems with cheques either..

The problem si with wires :)

Thanks Brad, I'll stay clear of them :)
WG

And thusly the path for fascism was paved...

:helpme

It's very common practice for them to 'ask' for confirmation of where the funds are coming from & that it's NOT money laundering. It's due diligence and they have to do it or go through hassles with legal departments and what not.

Even if you've signed documents with info on what you do/income and all the other stuff - they still can/will ask you if incoming deposits are higher or become more frequent. Sometimes, changing banks will just cause you more of a headache.

1) A letter from your sponsor/s explaining that payments from them are for products that you've marketed and sold.
2) that it's not a fixed amount - hence the wires/checks varying in amounts
3) There's no contract/guarantee/or obligation for you to continue marketing the said products. (which means that next week it could be sponsor ABC that's sending you a wire)

All with contact details on company letterhead and the title/info of the person to contact should they have additional questions.

Ask to see your contract and make them prove that you signed something agreeing to give up this information when you setup your account. If the contract doesn't say anything about it, tell them to piss off.

tell them you got the money from the pockets of the last guy who asked you where your money came from

'Proving of innocence' is un-American at its core.

People are automatically presumed innocent under our legal system.

Get or issue invoices/ bills for "internet advertising" or "performance based marketing commissions." That is truthful, and it may be enough to shut them up.

:(

Exactly! :thumbsup

The reverse of that is where due diligence does not exist or is overlooked, "illegal funds" are handled and the regulatory authority closes the bank down within a week and it's customers wait five years to see a dime.

BTW.. The above is exactly what happened in one instance in the last couple of years.

This has nothing to do with "proving innocence" - it's a matter of answering a simple question and standard procedure where source of funds transmitted by wire may be unknown to the recieving bank.

People are regarded as innocent under all legal systems in the western world - the US is not something unusual and the US govt was a participant at the table when this was agreed. If it's good enough for other countries - it's good enough for the US.