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Discussion => Security => Topic started by: fivestargirl on May 30, 2013, 07:16 pm

Title: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: fivestargirl on May 30, 2013, 07:16 pm
I have been remiss to post on this boards out of fear anything I say might be able to link to my identity. Plus, I'm not a big forum user. However, there is ALOT of misinformation out there and I feel compelled to clarify some things to those who really need help understanding how our banking system works and the risks associated with vending or trying to 'launder money".

First, let me say I am no rookie at this. I started my corporate career as a CPA - forensic accounting. After I earned my MBA, I moved up the corporate ranks and spent 10 years as Chief Compliance Officer of a Multi-National Bank. I was employed there when we initiated The Patriot Act and I am one of the ones that took verbage from the Act and implemented it. My team compiled the lists we use to watch for terrorist money. I've seen those lists distorted to add innocent people, supposed drug dealers or people suspected of other crimes or whatever the bank feels like adding. I've seen a few high profile indictments and I know the way the process works.

In my now secondary life I have taken those skills and helped people clean their money - and vending myself. I call it a life of freedom since I've seen the corrupt side of our government and I want nothing to do with it.

First let me clarify money laundering. This term is purposely vague legally and can be applied quite liberally. It means knowingly taking the proceeds from any illegal activity. It could be something as simple as you owing me $100 and you told me you sold pot to pay men back- a hungry prosecutor could get you for money laundering on that - especially if you had some sort of knowledge that they want to get out of you. But before the government can take your money- they must first prove that you are doing something illegal. Then they have the right to take your money on a money laundering charge.

Hopefully, I haven't scared you. The most important thing to know is that the government is a business. Its in the business of making money. Thats why they go after guys like Liberty Reserve or seize the MTGOX US Bank Accounts- because they want the money!!! Think of the DA's office (or any government) as a business - they want the big fish and they want his money. They set up a budget for investigations - it costs them money to investigate someone for a year or two- they want a payback whether thats information or money but it needs to be one of those.

In terms of banking, banks have watch lists yes. They report big transactions to the IRS - yes. Each bank has its own rules on this some report anything over $7k. If you have a personal account and you have alot of money coming in from various sources - it looks suspicious. It doesn't have to be alot of $$ - its also the frequency. Open a corporate account. I saw a post where someone said the deposit slips are kept for fingerprints and blah blah blah. The government/DA's office generally does not have time to deal with that tiny level of detail. When they nab you, if they do, its because they have BIG papertrails, people who have cooperated, etc etc. Its not because of a deposit slip or what your bank teller says.

Everything really depends on the size of what you are doing. They got the big guys at Liberty Reserve- they aren't gonna go after anyone else - they got what they wanted. Thats how it works- you don't go after the small fish if you already got the big one. If your a big vendor then you must take proper precautions - there is too much to go into for me to post all of this. There are still offshore jurisdictions which are safe from the US. I've seen people hide money there and get arrested and the government can't touch it because they have no legal authority over that jurisdiction. But it also depends on the crime. Obviously with something like Liberty Reserve and that much money there are many bank accounts and crimes that any country would want to work with the US to stop. So they got these guys on child porn, drugs, etc- then took their money.

If your a vendor obviously having a legitimate income is important if your leaving a papertrail bankwise. I'm not taking a fake legitimate income because when LE comes knocking they will ask you to prove your fake business is real and unless you can do that- the money is theirs. Even if you set up a corporation, pay taxes and think your doing the right thing - YOUR NOT. If there is no proof where the money you are getting is legitimately coming from - you are screwed. Consulting, freelancing, limos, etc- these things do not work unless you have the 1099's or real limos to prove that your doing what you say. I've seen it firsthand. The only people who have held onto their money are the ones who had real businesses - and even then it was only the portion they could prove and those who hid is thru numerous offshore bank accounts. But we are only talking white color crime here and not huge huge money so nothing the government would throw alot of resources at trying to find.

I'm open to any questions you guys might have.


Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Rastaman Vibration on May 30, 2013, 08:53 pm
Lets say I have a legitimate business with legitimate income (1099's) and a fake one. Lets say the fake one is incorporated under fake names. The fake business doesn't generate very much money, lets say under $500 a week. The fake business is also used for receiving deliveries.

Do you think anyone (IRS) would notice that the fake business exists and receives packages, yet isn't claiming any income on tax returns?

Thanks!
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on May 30, 2013, 09:13 pm
All of this sounds like a long way of saying, "Get a job." Unless I'm misunderstanding, you are saying there is no way to wash money unless it is through offshore accounts (and though you don't lose it, you will still be prosecuted for it), and the only money you're guaranteed to keep is what you earned legally; this at least goes for the portion of your money that resides in the US. Does that sum it up?

I'm also interested to know why paying taxes does not make any difference, and where specifically you derived this information from.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: fivestargirl on May 30, 2013, 10:27 pm
To answer your questions- I derived this information from 10 years as Chief Compliance Officer of a multi-national bank. I saw hundreds of indictments before I quit - hundreds of accounts seized - hundreds of requests from the Feds or Ada's for info. My team handled Compliance so I saw the process from start to finish and 90% of the cases resulted in the assets going to the government - not back to the individual. After I left that job because I just couldn't do it anymore - I went to the other side to help people because quite frankly, I'm a Libertarian and I believe in personal freedom. I have seen a few of my money laundering clients get indicted (for no fault of my own) and I know what works and what doesn't.

I am not saying get a job. There are ways to really launder money but it has to have backup.

There is a difference between the IRS and a prosecuting office (ADA or Fed). If you pay your taxes and live under the radar (aka no flashy toys or lifestyle) - you are one step ahead. However paying taxes and looking legit does not mean you have really laundered your money. IF-----IF you get caught, they will seize your bank accounts and take any cash found in your house - if they have cooperating witnesses who know where you stashed cash- they will take that too. Then they will make you prove where you got that money with backup paperwork (1099 or W2) or by calling the people you said you freelanced for. They already have your money- the burden of proof and to get it back is on you.

THEN once they are done with you and lets say they win because you have no proof - they will alert the IRS who will automatically reassess your returns and issue you a reassessed statement for the years in question and probably tax fraud penalties which can be over 100% of what they say you owe. IMHO the IRS is the biggest money launderer out there because they come after you, after your money has been seized, for what they believe you owe on illegal income.

Client 1- claimed $250k for 2 years on the IRS and his girlfriend ratted him out. They indicted him in a secret grand jury indictment and seized his accounts before arresting him. He had no backup for how he made the money they confiscated and the DA offered him $25k back on the $300k they seized. He did not want to take it to trial so after much negotiating he took their deal.

Client 2- owned nail salon, was in business for 5 years, got busted because he was way too flashy for a nail salon owner and made some enemies. The DA determined what that salon actually should have made per earnings in that area and offered him a settlement accordingly. While they saw the wires out of his accounts to his offshore - they had no jurisdiction over it and couldn't take that money. They forced him to wire back in what they thought was in those accounts in order to be given bail.

I am not trying to be a Debbie Downer but I'm telling it like it is so you can protect yourself as much as possible. You don't want to spend years busting ass as a vendor only to lose your money later because it wasn't properly protected. If your claiming freelance $$ the law is that you must have 1099's for anyone who has paid you over $600. Lets say you claim $80k a year- thats alot of people your freelancing for if you have no 1099s. You can setup other online businesses that would work better and provide some paper trail of income that would be better then claiming freelancing.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: fivestargirl on May 30, 2013, 10:36 pm
Lets say I have a legitimate business with legitimate income (1099's) and a fake one. Lets say the fake one is incorporated under fake names. The fake business doesn't generate very much money, lets say under $500 a week. The fake business is also used for receiving deliveries.

Do you think anyone (IRS) would notice that the fake business exists and receives packages, yet isn't claiming any income on tax returns?

Thanks!

No I don't think this matters. The IRS doesn't monitor package delivery- LE does that. You probably have a requirement to file tax returns but if its in a fake name I wouldn't worry about it
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: abby on May 31, 2013, 12:41 am
so are you saying that if you don't put more than 7k through the account at at time, don't draw attention to yourself, pay your taxes and tell no one what you're doing, then you're relatively safe?
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Rastaman Vibration on May 31, 2013, 12:46 am
Thanks for the good info fivestargirl, +1!
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on May 31, 2013, 03:21 am
This is excellent info fivestargirl. If you have any other cases to report, please do so. That's mainly what I was looking for when I asked where you derived this info from - specific case studies and their particulars. It seems in both of the cases mentioned, though, the clients were relatively safe but their downfall was other people whom they trusted with sensitive info (such as the fact they were laundering illegal proceeds).

Also, I didn't understand what you were saying about the fact that the money is not laundered once you pay taxes. Did you mean that if you state income, pay taxes, but have no business to justify the income (this would make sense)? Or did you mean in the case of one that has a business, reports the income, and pays taxes on it (this is what I thought you meant, and it confused me)?

Another thing to take from client 2 is that a relatively anonymous way of wiring your offshore accounts needs to be adopted in order to keep funds both directly and indirectly secure there.

And just one more question (this may be slightly revealing, you of course do not have to answer) - what were the specific businesses (illegitimate) of these 2 individuals? Of course there's hundreds of possible occupations for the mid-level crook.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: fivestargirl on May 31, 2013, 11:54 am
Hi P2P - the people I've seen who have been caught usually fall under 2 categories-they made an enemy (someone powerful, an angry ex or a client who got arrested themselves) who ratted them out or they had too much money and it raised suspicions. Its important to note - if you are caught because you are suspected of a criminal activity (lets say vending) - the government will assume all your money is illegal hence a charge of money laundering and seizing all assets they can find. You will have to prove with paperwork which part is legal and which is not. There will be loss either way unless you have a huge amount of money for a good lawyer and fight it in trial or with a motion that gets the charges dropped. The illegal crime is what they use for the money laundering charge which allows them to seize your assets.

I have seen both types of indictments - federal and state. For those worried about the IRS, if your returns seem shady and triggered an audit - and they suspect criminal activity- they *may* refer it to the Feds for investigation. Then they would indict you in secret, seize your assets and come arrest you - then you have tax fraud and back tax assessments and fines to deal with on the IRS level also. The state works in a similar fashion unless your a small time street vendor who they arrest on the street corner - they will still take the money in your pockets but they generally aren't paying taxes and don't have bank accounts.

Paying taxes on illegal income does not mean the money is laundered. It just means you paid taxes. It may trigger an audit or suspicion if your claiming freelancing if you have not submitted the appropriate 1099's to support it. However, if we are talking under $100k and your not carrying $200k as a balance in your bank account, I wouldn't worry too much about it - just do it smarter from here on out. Really laundering money means you have backup - 1) 1099s 2) a website with ecommerce capabilities and merchant account with transactions to prove it 3) legitimate brick and mortar business.

Both examples I gave were of people who were vending - offline vending. They had others working for them and bigger liability.

As far as offshore - there are some banks that accept travelers checks - these can be bought without ID and sent overnight for deposit.

The reason people like me who do money laundering charge so much is because its expensive and time consuming to do properly. And there is still no assurances your money is 100% safe. More examples:

Client 3- using mass stolen credit cards to buy products sold to small retail outlets doing about 10k in profit a week. I only consulted him but he chose not to use my services or heed my advice. The guy above him gets caught and flips on all his buyers and Client 3 goes down. He had put everything in his girlfriends name (despite my advice not to do this) - who had NO job or money. His brand new Mercedes Benz was confiscated because SHE could not prove how she could afford it (and it was 70% paid off in cash -again despite my council not to do this). MISINFORMATION- putting something in someone else's name is not safe unless they have income to prove how they afforded it. Paychecks to prove down payments, etc.

Client 4 (not my client again) - from my banking days, I had to give over his bank records via court order to the state for a secret grand jury indictment - was a street vendor moving alot of product. He owned a bike store which claimed $150k in income yet had thousands a week in cash coming into his bank and held a balance far more then his bike shop income. They indicted and arrested him. He took it to trial, lost, got 3-5 yrs and over $750k taken - he got nothing back because he took it to trial. He kept the bike store because it was a partnership and his partner had a job and could prove he could afford start-up costs - altho their corp got a charge of money laundering.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: bluegreen23 on May 31, 2013, 01:00 pm
I want to be your new best friend.

you mentioned that travelers chqs are accepted by some banks as deposits, and no need for ID in purchasing. how current is this info ?

Advice for moving money offshore ? by any means. Electronically isn't the first choice as it requires getting money into the system first. I'm also not looking for bulk cash smuggling advice. hiding it in a plane and going somewhere isn't a concern. I mean more in the sense of using loop holes (the travelers chqs are good to send I suppose I've heard if you leave the country with over 10k worth you need to report them), I've heard that gold over certain purity >.995 is possibly exempt. I've also heard that the american eagle and similar 1 oz coins with a face value of 50$ may be a possibility by using the face value versus what the 1 oz is worth.

Do you still offer services?

How does the gov determine the value of a stores business? I've heard with coin laundries they have subpoenaed the water bills to try to determine how much business was done. I'm assuming that in the investigation into a business it takes some time and boots on the ground actually monitoring the store front?

Do you have any advice on business particularly hard to track in this fashion?

and I don't suppose you would know off hand. if a business does not accept currency (trade, barter, bitcoins etc) how does the business pay tax?

Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: StExo on May 31, 2013, 03:05 pm
@fivestargirl - We can probably have some very extensive talks seems as we both do this kind of work for a living.

However, there are 2 sides to the coin. Some compliance departments are extremely vigilant and some are pretty relaxed, in most cases I'd say they're relaxed and let a fair few things slip because as I'm sure you're aware, you can have somebody do a full audit of every single suspicious transaction report. Laundering is an art, and a clever one at that. Have you actually laundered money yourself can I ask, I mean on a modest scale at least, more than £100,000/$150,000 a year? The reason we are never caught, especially those who have been in the game long enough is because we're already ahead of the compliance legislation and the investigators. As probably constructive criticism, rather than approach the money laundering aspect of this, could you advise on the instructions bank tellers and branch managers receive to look out for, the profiling of individuals beside the obvious avoiding the reporting threshold etc. For example, personal characteristics, are you ever asked to remain more vigilant against men than women, do you more readily flag people with some kind of head cover (ie, a hood or hat on) or is it simply the transaction characteristics itself you're asked to remain vigilant to?

As much as I can launder cash, I'm not a bank teller and that kind of information is probably going to be useful to a lot of users here since most vendors have nailed their plans through myself or Limetless.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: bluegreen23 on May 31, 2013, 06:09 pm
StExo

I'll take any advice, loop holes, thoughts, or ideas you might have on the laundering front. Money can quickly become a problem. shipping it off shore is effective for keeping it should something bad happen, but it also leaves it fairly inaccessible. Proving a "legit" income can become difficult, even if you happen to work/own a business that is/has fairly large cash flow.  None the less I look around at the road and despite imaging that people do alright here, info on how to do and live appropriately as things increase would be very valuable.

Anyways, I realize this may be a little off topic of some of the road, but vendor safety should be a priority. Being reasonable and smart with your income doesn't appear to be discussed to much. I don't imagine to much will be said in open forums but more is more and I'll listen to any advice or thoughts I can get. If nothing else maybe it well help generate more ideas.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: fivestargirl on May 31, 2013, 06:42 pm
@bluegreen23 - if you purchase travelers checks at an American Express Travel Service location - you do not need ID. You also dont need ID to purchase money orders from USPS (which never expire) as long as you don't buy over $1000 worth of them at a time. There is no definitive formula for how the government determines a businesses value- could be the business's tax returns, could be that they watched you for a year and have an estimate- could be whats normal for that type of business in your area. Or it could just be what they feel like - if you have an asshole prosecutor. They don't make it easy to get your money back if its already in their hands. For taxes - businesses are required to file a tax return whether or not they made any income. Barter income is supposed to be realized in the year it is exchanged as income at a fair market value. I am semi-retired but you can PM to talk about services.

@StExo -yes I have laundered money for a number of years since leaving the bank and I have done it to excess but am mostly retired now.  I can certainly give everyone some insight into the logistics of banking (I am going to try to simplify this as much as possible because its quite complex):

The compliance department of most banks is not located within the individual branch - although some branches have a manager who has some compliance duties. Most banks have offsite compliance departments with automated systems that flag accounts. Each bank makes its own rules - even though the IRS is looking for transactions over 10k (part of the Bank Secrecy Act) - your bank has its own internal policy which can change and you will probably never get a straight answer on. My bank flagged anything over $8k. Also anything over $10k in a 48-hour period. But that depends on what your business is classified as. When you open a corporate account the representative compiles your info on our system and it then goes to someone in compliance to set some controls. If your a Subway Sandwich shop we have a code for that type of vendor with a set range of what normal banking activity is. Hypothetically, lets say that normal is $5k cash a day and $4k in credit card transactions -none over $100. Then one day you have a cash deposit of $10k or a credit card transaction of $2k - you will get flagged. Someone will review it and either ok it, call you and ask you about it - or start watching your account.

When you have over a certain amount of money in your account or significant activity - you will get a call from a bank rep telling you your a good customer and asking if you like to a designated account rep. This is done in part because you are a good customer and in part so that they can monitor your activity. My bank was at $50k and you get a call. You can decline the account rep but internally its already been assigned and that person will watch your accounts. They will call and ask you what you do in a manner which appears that they want to sell you other bank services (savings accounts, CDs, etc) but its also to figure out if there is anything suspicious going on.

Bank tellers and managers have to take a mandatory compliance training - there are a ton of regulations and guidelines they must follow. In fact some banks require you be a Certified Bank Teller - passing an exam. Its hard to definitively say what a branch is looking for - a branch in Harlem will have different guidelines then a branch in Beverly Hills. Bank branch personnel are taught to get to know their customers and look for anything out of the ordinary. They are taught to look for all things illegal from counterfeit currency to potential check kiting. They can flag an account themselves, they can straight out refuse to deposit a check that looks fishy or they can refer you to a manager who will screen you for further info. Obviously keeping a low profile and not bringing attention to yourself is important. But as stated above part of the process is automated so you want to make sure your transactions do not trigger any alerts.

Hope this is helpful... :)
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: bluegreen23 on June 01, 2013, 12:19 am
The info and help you offer is pretty great. Thank you!

There is a great deal more I would be curious but for now I think i'll just try to digest what's here. Thank you again.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: kobewim on June 01, 2013, 02:25 am
one would expect an mba and compliance officer to understand how to use you and you're.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Hendrix99 on June 01, 2013, 04:29 am
one would expect an mba and compliance officer to understand how to use you and you're.

LOL I always gotta laugh at the ole Grammer Nazi's. This is a fucking forum not a company letterhead. people type as they think, maybe do a quick scan and thats all that is needed. I gotta think the type of people that get there panties in a bunch over this must be the Extremely anal retentive type

Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Buttercup. on June 01, 2013, 09:39 am
one would expect an mba and compliance officer to understand how to use you and you're.

One would expect that a reader critiquing said Compliance Officer on her grammar would understand the basic rules of capitalization and punctuation.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: kobewim on June 02, 2013, 12:49 am
one would expect an mba and compliance officer to understand how to use you and you're.

LOL I always gotta laugh at the ole Grammer Nazi's. This is a fucking forum not a company letterhead. people type as they think, maybe do a quick scan and thats all that is needed. I gotta think the type of people that get there panties in a bunch over this must be the Extremely anal retentive type

theres a pretty hudge difference between criticizing the grammar of any ole poast and criticizing a dude trying to pass himself off as educated, successful, and authoritative on a subject.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 02, 2013, 12:53 am
I have been remiss to post on this boards out of fear anything I say might be able to link to my identity. Plus, I'm not a big forum user. However, there is ALOT of misinformation out there and I feel compelled to clarify some things to those who really need help understanding how our banking system works and the risks associated with vending or trying to 'launder money".

First, let me say I am no rookie at this. I started my corporate career as a CPA - forensic accounting. After I earned my MBA, I moved up the corporate ranks and spent 10 years as Chief Compliance Officer of a Multi-National Bank. I was employed there when we initiated The Patriot Act and I am one of the ones that took verbage from the Act and implemented it. My team compiled the lists we use to watch for terrorist money. I've seen those lists distorted to add innocent people, supposed drug dealers or people suspected of other crimes or whatever the bank feels like adding. I've seen a few high profile indictments and I know the way the process works.

In my now secondary life I have taken those skills and helped people clean their money - and vending myself. I call it a life of freedom since I've seen the corrupt side of our government and I want nothing to do with it.

First let me clarify money laundering. This term is purposely vague legally and can be applied quite liberally. It means knowingly taking the proceeds from any illegal activity. It could be something as simple as you owing me $100 and you told me you sold pot to pay men back- a hungry prosecutor could get you for money laundering on that - especially if you had some sort of knowledge that they want to get out of you. But before the government can take your money- they must first prove that you are doing something illegal. Then they have the right to take your money on a money laundering charge.

Hopefully, I haven't scared you. The most important thing to know is that the government is a business. Its in the business of making money. Thats why they go after guys like Liberty Reserve or seize the MTGOX US Bank Accounts- because they want the money!!! Think of the DA's office (or any government) as a business - they want the big fish and they want his money. They set up a budget for investigations - it costs them money to investigate someone for a year or two- they want a payback whether thats information or money but it needs to be one of those.

In terms of banking, banks have watch lists yes. They report big transactions to the IRS - yes. Each bank has its own rules on this some report anything over $7k. If you have a personal account and you have alot of money coming in from various sources - it looks suspicious. It doesn't have to be alot of $$ - its also the frequency. Open a corporate account. I saw a post where someone said the deposit slips are kept for fingerprints and blah blah blah. The government/DA's office generally does not have time to deal with that tiny level of detail. When they nab you, if they do, its because they have BIG papertrails, people who have cooperated, etc etc. Its not because of a deposit slip or what your bank teller says.

Everything really depends on the size of what you are doing. They got the big guys at Liberty Reserve- they aren't gonna go after anyone else - they got what they wanted. Thats how it works- you don't go after the small fish if you already got the big one. If your a big vendor then you must take proper precautions - there is too much to go into for me to post all of this. There are still offshore jurisdictions which are safe from the US. I've seen people hide money there and get arrested and the government can't touch it because they have no legal authority over that jurisdiction. But it also depends on the crime. Obviously with something like Liberty Reserve and that much money there are many bank accounts and crimes that any country would want to work with the US to stop. So they got these guys on child porn, drugs, etc- then took their money.

If your a vendor obviously having a legitimate income is important if your leaving a papertrail bankwise. I'm not taking a fake legitimate income because when LE comes knocking they will ask you to prove your fake business is real and unless you can do that- the money is theirs. Even if you set up a corporation, pay taxes and think your doing the right thing - YOUR NOT. If there is no proof where the money you are getting is legitimately coming from - you are screwed. Consulting, freelancing, limos, etc- these things do not work unless you have the 1099's or real limos to prove that your doing what you say. I've seen it firsthand. The only people who have held onto their money are the ones who had real businesses - and even then it was only the portion they could prove and those who hid is thru numerous offshore bank accounts. But we are only talking white color crime here and not huge huge money so nothing the government would throw alot of resources at trying to find.

I'm open to any questions you guys might have.

You my dear, have said fuck all that isn't easily findable on the internet.

If you had the credentials you say you had you could disclose far more than you are.

Try again.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: kneotac on June 02, 2013, 02:30 am
Thanks for the good info fivestargirl, +1!

I agree, very good of you to post / reply this info fivestargirl +1
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: jameslink2 on June 02, 2013, 02:52 am
(fivestargirl quote removed to shorten the message)

You my dear, have said fuck all that isn't easily findable on the internet.

If you had the credentials you say you had you could disclose far more than you are.

Try again.

Ill agree, she could have said more, but do we really want her to?

 I used to be an admin on swiftnet and have had extensive aml training, I can say that what she says is true to form for the training. They teach you not to look for transactions larger than 10k but instead to look for unusual transactions, transactions from know money haven countries, non uniform cash transactions, transactions that come from questionable sources, or uniform transactions that appear to be ones designed to stay below 10k.

Stay out of the above list and you can do a lot without raising suspicion.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 02, 2013, 02:54 am
Yeah but tbh I never buy these threads, it's just someone on an ego boost.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: wraithe on June 02, 2013, 06:38 am
they always start the same way.  I was this dude who worked for the EVIL government now I want to spread knowledge to reverse my bad karma.  FREE THE PEOPLE lol

im not ragging on the post but the pitch is always the same and the info is basic.  maybe discuss more detailed in PM maybe to Stexo?
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on June 02, 2013, 11:36 pm
This individual has come on here to provide us with information, free of charge, about the national banking system in the US. I do not see what the problem is. She never claimed expertise in money laundering techniques and is not an authority on the bitcoin. Nevertheless, there is no reason to be rude. Personally, I would like to hear all she has to say.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 03, 2013, 12:57 am
This individual has come on here to provide us with information, free of charge, about the national banking system in the US. I do not see what the problem is. She never claimed expertise in money laundering techniques and is not an authority on the bitcoin. Nevertheless, there is no reason to be rude. Personally, I would like to hear all she has to say.

How long you been on this forum P2P? I'm not taking the piss, I'm generally curious.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on June 03, 2013, 01:14 am
This individual has come on here to provide us with information, free of charge, about the national banking system in the US. I do not see what the problem is. She never claimed expertise in money laundering techniques and is not an authority on the bitcoin. Nevertheless, there is no reason to be rude. Personally, I would like to hear all she has to say.

How long you been on this forum P2P? I'm not taking the piss, I'm generally curious.

As P2P, not long.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 03, 2013, 01:20 am
This individual has come on here to provide us with information, free of charge, about the national banking system in the US. I do not see what the problem is. She never claimed expertise in money laundering techniques and is not an authority on the bitcoin. Nevertheless, there is no reason to be rude. Personally, I would like to hear all she has to say.

How long you been on this forum P2P? I'm not taking the piss, I'm generally curious.

As P2P, not long.

So by that you are inferring you have been here before under a different handle? So how long have you been roughly overall.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on June 03, 2013, 01:29 am
2-3 years, perhaps. I do not buy much here, and I'm on and off the forums. Do I seem like an individual you recognize?
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 03, 2013, 02:32 am
No, if you had been here that long though I would have thought you'd have recognized the rinse-and-repeat format the OP was made in and every time someone posts something like this it's always the same. Loads of intake of breath, no useful information that isn't available at the click of a search button and always making a point that they are "risking their job" to tell you said widely available information.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: wraithe on June 03, 2013, 03:02 am
No, if you had been here that long though I would have thought you'd have recognized the rinse-and-repeat format the OP was made in and every time someone posts something like this it's always the same. Loads of intake of breath, no useful information that isn't available at the click of a search button and always making a point that they are "risking their job" to tell you said widely available information.

you forgot to include they disappear after about a month
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 03, 2013, 03:06 am
No, if you had been here that long though I would have thought you'd have recognized the rinse-and-repeat format the OP was made in and every time someone posts something like this it's always the same. Loads of intake of breath, no useful information that isn't available at the click of a search button and always making a point that they are "risking their job" to tell you said widely available information.

you forgot to include they disappear after about a month

Yeah that too, good point.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Smashmouth on June 03, 2013, 03:16 am
 The information provided was good. Thank you.

 I understand that you felt an idealistic compulsion to provide this post... given the lack of a well assimilated address on the matter... but I don't think it was appropriate to lie about your past experience... or to promote yourself with allusions of past money laundering grandeur.

 I hope you're not thinking of a long con for one of our over-paid, under-educated vendors.

 Keep looking out for the herd:D
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: P2P on June 03, 2013, 06:38 am
No, if you had been here that long though I would have thought you'd have recognized the rinse-and-repeat format the OP was made in and every time someone posts something like this it's always the same. Loads of intake of breath, no useful information that isn't available at the click of a search button and always making a point that they are "risking their job" to tell you said widely available information.

I understand, especially in the shipping department, but it cannot hurt to get a fresh perspective on things. And most of the time they will have a few exclusive pieces of information. You are right, though, nothing groundbreaking. But you are also much more likely to find this to be repeating common info considering you do have expertise in this area and are likely more easily bored by the more basic teachings.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: offbeatadam on June 03, 2013, 07:33 am
No, if you had been here that long though I would have thought you'd have recognized the rinse-and-repeat format the OP was made in and every time someone posts something like this it's always the same. Loads of intake of breath, no useful information that isn't available at the click of a search button and always making a point that they are "risking their job" to tell you said widely available information.

I understand, especially in the shipping department, but it cannot hurt to get a fresh perspective on things. And most of the time they will have a few exclusive pieces of information. You are right, though, nothing groundbreaking. But you are also much more likely to find this to be repeating common info considering you do have expertise in this area and are likely more easily bored by the more basic teachings.

To add to that... it may be regurgitated self-importance illudium q-36 explosive space modulator talk... but the usage of the search function fails many a newb alike. I see no harm in occasionally improving their knowledge on page 1 :| To alot of us this would come straight from what could already be gleamed from a logical process of standard profiling. It's a cookie-cutter method of applying fuzzy logic to the financial systems that have been easily abused since robin hood put a bunch of men in tights.

But I'd rather the potential for averting an additional disaster from a lesser folk that read a fox news story about how BTC is the modern rendition of Escobar's rise as an international banker.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: THUMBSuP. on June 03, 2013, 03:42 pm
that five star chick!

- Yo Gotti.





thanks for the info. +infinity.

<3<3
/thumbs
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: jorgecassio on June 04, 2013, 04:13 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 04, 2013, 04:18 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: offbeatadam on June 04, 2013, 04:33 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

No. Not even close. As limetless said, its probably a good idea for you to stay out of a future of making money in this business.

The entertainment value of the Casino/Goodfellas et al days was fun, but I think there was always a point made in Goodfellas that I thought was appropriate no matter the time, place, or dealt business. Particularly the scene where Jimmy gets mad when a bunch of people show up at the bar after the score, with all these lavish gifts like a pink cadillac and mink coats.

Money doesn't grow on trees. If one day you invested in a property or some shit out of the blue, someone is gonna be curious. Where the hell did you come up with the money? Even the lottery requires that names be made public - without history there is nothing.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: astor on June 04, 2013, 04:37 am
There are "former cops" who do this too. It's easy to claim you were part of a super secret enemy conspiracy, because there's no way for anyone to verify or disprove the info.

The only ones I really trust are a couple of the former / current postal employees. That most recent postal employee seemed to have some useful info.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 04, 2013, 04:38 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

No. Not even close. As limetless said, its probably a good idea for you to stay out of a future of making money in this business.

The entertainment value of the Casino/Goodfellas et al days was fun, but I think there was always a point made in Goodfellas that I thought was appropriate no matter the time, place, or dealt business. Particularly the scene where Jimmy gets mad when a bunch of people show up at the bar after the score, with all these lavish gifts like a pink cadillac and mink coats.

Money doesn't grow on trees. If one day you invested in a property or some shit out of the blue, someone is gonna be curious. Where the hell did you come up with the money? Even the lottery requires that names be made public - without history there is nothing.

The only way to bang it into property is to own the property without actually owning the property and that's basically impossible for U.S citizens to do now with the FATCA laws being implemented or at the very least soon will be impossible unless you have a shit load of litigation resources.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: StExo on June 04, 2013, 04:51 am
they always start the same way.  I was this dude who worked for the EVIL government now I want to spread knowledge to reverse my bad karma.  FREE THE PEOPLE lol

im not ragging on the post but the pitch is always the same and the info is basic.  maybe discuss more detailed in PM maybe to Stexo?

I'm with Lim on this one which is why after the first response I didn't really bother replying. Every few pages back you can find one of these so I'll let the pattern continue.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: jorgecassio on June 04, 2013, 05:12 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.

No, I'm not a drug dealer. But I can make and have done made a $1 out of $.15. I've watched and helped my best roommate flip cash into real estate, but not in the way you're thinking, AKA buy condos in florida with bags of cash like a scrub. But you know what, I'm just gonna keep the shit to myself. Ya'll act like it's impossible to go clean. People do it everyday, I see it with my own eyes.  Sounds like you're just trying to scare people away from your little gold mine. Protip: If you can pass Economics 101 and get successfully complete a Real Estate appraisal/licensing course, you can figure out some cool shit and stay within tax law.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: offbeatadam on June 04, 2013, 08:39 pm
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.

No, I'm not a drug dealer. But I can make and have done made a $1 out of $.15. I've watched and helped my best roommate flip cash into real estate, but not in the way you're thinking, AKA buy condos in florida with bags of cash like a scrub. But you know what, I'm just gonna keep the shit to myself. Ya'll act like it's impossible to go clean. People do it everyday, I see it with my own eyes.  Sounds like you're just trying to scare people away from your little gold mine. Protip: If you can pass Economics 101 and get successfully complete a Real Estate appraisal/licensing course, you can figure out some cool shit and stay within tax law.

No, you are misunderstanding. Tax law is hardly the only thing that will get you caught. It is not a matter of getting caught the instant you do it, once you do it you can get caught any day after that. It only takes ONE question being asked. Yes, people do it every day - people do a lot of shit every day. Liberty reserve did what they were doing for YEARS.

Taxes are normally one of the easiest ways to DESCRIBE the potential result for what could happen to you. What do you do when you own this property, that you paid for in cash, and the IRS comes by asking to audit you and find out how you got the property? What happens, when they seize that property, as well as the rest of your financial holdings that you thought were clean? What happens when they involve other federal agencies in this, and dig a little deeper into how you got the money?

How do you know the person you hand over the cash to for the property is trustworthy? How do you know that they don't have properties already under watch, and the second he gets squeezed he isn't going to say anything? Just because you saw Nicky running his own construction business in Casino don't mean its as easy as walking into a place and beating a banker in the face with a wrench. If you want to get into real estate, get into real estate. Make money through real estate, don't become a real estate investment manager because you racked up some bitcoins on the black market and you think money cleans itself because it earns returns.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: StExo on June 04, 2013, 10:16 pm
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.
Sounds like you're just trying to scare people away from your little gold mine. Protip: If you can pass Economics 101 and get successfully complete a Real Estate appraisal/licensing course, you can figure out some cool shit and stay within tax law.

You're either trolling or you are severely deluded. I can't speak for Lim other than that he's a top-class guy, but you are giving the impression our work is somehow something you can learn from a book or that anyone can do. You fail to see that doing it properly takes years of study, observation and practice. Tax law is something I rarely think of anymore anyway it's that straightforward anyway. You may get away with whatever you have in mind once, twice, 10 times or a hundred times, but unless you actually have depth of knowledge, when an investigation is sparked you will come crashing down. The test is not the initial knowledge and methods, but the poker face and way in which you conduct business using all the small tips you've learned from experience which avoid trouble because if the tax man finds a small hole in the wall, they'll take the whole thing off to see what's behind it (metaphorical of course).

If it was so easy, why do you think it is one of the most in-demand type of people in the criminal underworld and why the reward for being a successful launderer is so high? We're not some cheap imitation that takes a search around Google or some local night class attendee who know thinks they know the trade, we're specialists in what we do and that is why our reputation on SilkRoad is extremely positive - because we deliver. One of my most common bits of feedback is the surprise at the sheer breadth of knowledge I can immediately call upon.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Baraka on June 05, 2013, 05:44 am
I like your taste in movies!  ;D

The entertainment value of the Casino/Goodfellas et al days was fun, but I think there was always a point made in Goodfellas that I thought was appropriate no matter the time, place, or dealt business. Particularly the scene where Jimmy gets mad when a bunch of people show up at the bar after the score, with all these lavish gifts like a pink cadillac and mink coats.

Jimmy: What did I tell you? What did I tell you? What did I tell you?! WHAT DID I TELL YOU?

 ;D

Quote
Just because you saw Nicky running his own construction business in Casino don't mean its as easy as walking into a place and beating a banker in the face with a wrench.

Nicky Santoro: I think in all fairness, I should explain to you exactly what it is that I do. For instance tomorrow morning I'll get up nice and early, take a walk down over to the bank and... walk in and see and, uh... if you don't have my money for me, I'll... crack your fuckin' head wide-open in front of everybody in the bank. And just about the time that I'm comin' out of jail, hopefully, you'll be coming out of your coma. And guess what? I'll split your fuckin' head open again. 'Cause I'm fuckin' stupid. I don't give a fuck about jail. That's my business. That's what I do.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: Limetless on June 05, 2013, 06:43 am
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.

No, I'm not a drug dealer. But I can make and have done made a $1 out of $.15. I've watched and helped my best roommate flip cash into real estate, but not in the way you're thinking, AKA buy condos in florida with bags of cash like a scrub. But you know what, I'm just gonna keep the shit to myself. Ya'll act like it's impossible to go clean. People do it everyday, I see it with my own eyes.  Sounds like you're just trying to scare people away from your little gold mine. Protip: If you can pass Economics 101 and get successfully complete a Real Estate appraisal/licensing course, you can figure out some cool shit and stay within tax law.

Not really I just think you are being extremely simplistic about the whole subject. For one you have just said you aren't a drug dealer so whilst you may have rinsed whatever you have done the whole process from this end of the spectrum is a lot more complex. Also, what you are saying is fairly floored in itself because you're neglecting the big question - Where did you get the money from to buy the scrub? Explain please. Can't? Oh well on the cuffs go. It's not the taxation side that's the hard part but and by then if you haven't done it right then you'll have fucked yourself anyway.

Also, protip - You don't need a Real Estate License in the U.K, there is no such thing here.

So yeah I'm not scaring away anyone, I just think your simplistic outlook on the subject is floored. And making $1 from 0.15? So what? Is that supposed to mean anything on an anonymous forum? An anonymous forum where you couldn't verify that claim even if you were telling the truth? No it doesn't I'm afraid.
Title: Re: Former Chief Compliance Officer-The Truth About Your Money/BTC/Banking
Post by: teqno on June 05, 2013, 01:09 pm
I don't see how hard it could be to just flip your money into some Real Estate and rent properties. Wouldn't that be a good enough front?

That's probably why it's best off you don't make a lot of money from dealing drugs then mate.
Sounds like you're just trying to scare people away from your little gold mine. Protip: If you can pass Economics 101 and get successfully complete a Real Estate appraisal/licensing course, you can figure out some cool shit and stay within tax law.

You're either trolling or you are severely deluded. I can't speak for Lim other than that he's a top-class guy, but you are giving the impression our work is somehow something you can learn from a book or that anyone can do. You fail to see that doing it properly takes years of study, observation and practice. Tax law is something I rarely think of anymore anyway it's that straightforward anyway. You may get away with whatever you have in mind once, twice, 10 times or a hundred times, but unless you actually have depth of knowledge, when an investigation is sparked you will come crashing down. The test is not the initial knowledge and methods, but the poker face and way in which you conduct business using all the small tips you've learned from experience which avoid trouble because if the tax man finds a small hole in the wall, they'll take the whole thing off to see what's behind it (metaphorical of course).

If it was so easy, why do you think it is one of the most in-demand type of people in the criminal underworld and why the reward for being a successful launderer is so high? We're not some cheap imitation that takes a search around Google or some local night class attendee who know thinks they know the trade, we're specialists in what we do and that is why our reputation on SilkRoad is extremely positive - because we deliver. One of my most common bits of feedback is the surprise at the sheer breadth of knowledge I can immediately call upon.

That's real talk. +1

Money is the one thing that's the most difficult to move. I have to agree, to completely move REAL money around, clean it, and make it look legit takes real skill and a great amount of knowledge and getting info on how this is done simply won't happen unless you're lucky enough the person will teach..Otherwise these guys will be out of business and their technique will be exposed which can also harm their business.

Tips or shall I say pieces of info shared that pretty much the same basic common knowledge put in different context doesn't help it's just the same info.

Here's a tip. If you're moving BIG amounts of money, pay the premium and leave it to the pro's to get it done right.. It's worth it in the long run.