trading and selling crypto is illegal. bank wants to know source of income

Schirer

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Quote from: veleten on July 22, 2019, 10:03:26 AM

did you provide the screenshots of the said funds being used for the purpose mentioned Grin

and + 1 to the european banks gone crazy , I think there is a random yes/no generator as in regards to the accounts that use cryptocurrency
but I'm sure it depends on the banker , some of them are more flexible than the others and do not rush to comply with the rather vague instructions
the vast majority of the clerks who nag you for screenshots or the source of income are doing this to avoid any potential problems since crypto is in the grey area and they themselves are checked from time to time

Although EU has a lot of common rules and laws, it is very wrong to put all the banks of Eu in one basket.
The banking sector still is very different across the EU, some countries are stricter some less. And even in between one countries banks, there are a lot of differences. There could be one bank which are researching crypto and have understanding of it, but others will completley ban anything related to it. just to be sure that they won get a huge fine from regulators, because in the end bank is the one which pay it.

veleten

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Quote from: LeGaulois on July 11, 2019, 02:12:43 PM

OP is European and his bank too. European banks have gone crazy for a decade now.

Last week I visited my banker he asked me so many things. I told him he's asking too much it's none of his business. He told me they have no choice since 2008-2009 but basically, he doesn't care but he needs to write something lol. He figured I have several payments from Payward as well, I told him I convert BTC to fiat. He just replied: Nice, diversity is good. Grin

Another bank I asked to increase my ATM withdraws limit for 30 days and to my surprise, I needed to provide a reason, I replied it was my budget for prostitutes, 24 hours later the request was accepted <3

did you provide the screenshots of the said funds being used for the purpose mentioned Grin

and + 1 to the european banks gone crazy , I think there is a random yes/no generator as in regards to the accounts that use cryptocurrency
but I'm sure it depends on the banker , some of them are more flexible than the others and do not rush to comply with the rather vague instructions
the vast majority of the clerks who nag you for screenshots or the source of income are doing this to avoid any potential problems since crypto is in the grey area and they themselves are checked from time to time

Schirer

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Quote from: kriptofan on July 09, 2019, 02:44:17 PM

bank questions for the source of income

What is the country of the bank?

It should not be illegal to buy and sell cryptos in general. At this point you can not trick them in thinking that it is something else.
And if you are true , that the income is from exactly that, then the only thing you can do to preserve your bank account is to give them the screens which should not be that hard.

Arkham Knight

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Quote from: kriptofan on July 09, 2019, 02:44:17 PM

bank questions for the source of income
i told them it from selling crypto and masternodes
they say it is illegal
so how to trick them into believing that the source of income is legitimate?
they asked for screenshots

they are about to close the account

.........
bank does not approve of transactions related to cryptocurrency, as they carry the risk of generating income through illegal operations.

Please send us documentation which confirm what source of funds was invested to cryptocurrency and the statement from the platform where we can see that your funds were invested and then the cryptocurrency was sold out.

I can relate except the masternodes and that is very unfortunate. Most of the big banks here in my country are very strict when you try to open an account. My other fellow traders told me that just told the bank staff that you have homebased job so they won't make many questions. But in this year, there are 2-3 banks trying to have a discussion of having the possibility of accepting crypto so I think your bank's view will change too.

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Quote from: LeGaulois on July 18, 2019, 07:36:37 AM

Quote from: imstillthebest on July 17, 2019, 11:49:57 AM

Quote from: marcbitcoins on July 15, 2019, 07:38:31 PM

If Bitcoin is legal in your country then Banks shall not question about crypto currency as source of your income but then let them close your account and find a new bank that are crypto friendly by trying to check your local exchanges about their local banks partnership list in which you can claim your cash from crypto but do not choose banks that are not in partnership of the exchanges again as for sure you will be in difficult to open account with crypto related fund. .

there are banks that are not yet crypto friendly even if crypto is not restricted on your country and they will ask the source of your income but you can make an alibi or a lie , you can say that your funds came from a different source away from cryptos .

i think they wouldnt know it if your lying . but there is no need for banks if your goal is to cash out only because there are way too many local exchangers and money remitances center that accepts crypto to fiat or fiat to crypto service .

It doesn't make sense. So you receive several payments from a crypto exchange and you want to tell to your banker the funds don't come from cryptocurrencies? Bankers aren't so dead mentally, they will check even before asking you.
Better to say the truth, it works better and we aren't managing $xxx,xxx with a complex scheme for taxes evasion.

They arent really that dumb for them not able or being blinded and you are right which even if they didnt still ask they already making adnvance check up or followed the trail on wheres those funds came from. Lying will just make things worst if got caught.

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Quote from: imstillthebest on July 17, 2019, 11:49:57 AM

Quote from: marcbitcoins on July 15, 2019, 07:38:31 PM

If Bitcoin is legal in your country then Banks shall not question about crypto currency as source of your income but then let them close your account and find a new bank that are crypto friendly by trying to check your local exchanges about their local banks partnership list in which you can claim your cash from crypto but do not choose banks that are not in partnership of the exchanges again as for sure you will be in difficult to open account with crypto related fund. .

there are banks that are not yet crypto friendly even if crypto is not restricted on your country and they will ask the source of your income but you can make an alibi or a lie , you can say that your funds came from a different source away from cryptos .

i think they wouldnt know it if your lying . but there is no need for banks if your goal is to cash out only because there are way too many local exchangers and money remitances center that accepts crypto to fiat or fiat to crypto service .

It doesn't make sense. So you receive several payments from a crypto exchange and you want to tell to your banker the funds don't come from cryptocurrencies? Bankers aren't so dead mentally, they will check even before asking you.
Better to say the truth, it works better and we aren't managing $xxx,xxx with a complex scheme for taxes evasion.

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Quote from: marcbitcoins on July 15, 2019, 07:38:31 PM

If Bitcoin is legal in your country then Banks shall not question about crypto currency as source of your income but then let them close your account and find a new bank that are crypto friendly by trying to check your local exchanges about their local banks partnership list in which you can claim your cash from crypto but do not choose banks that are not in partnership of the exchanges again as for sure you will be in difficult to open account with crypto related fund. .

there are banks that are not yet crypto friendly even if crypto is not restricted on your country and they will ask the source of your income but you can make an alibi or a lie , you can say that your funds came from a different source away from cryptos .

i think they wouldnt know it if your lying . but there is no need for banks if your goal is to cash out only because there are way too many local exchangers and money remitances center that accepts crypto to fiat or fiat to crypto service .

marcbitcoins

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If Bitcoin is legal in your country then Banks shall not question about crypto currency as source of your income but then let them close your account and find a new bank that are crypto friendly by trying to check your local exchanges about their local banks partnership list in which you can claim your cash from crypto but do not choose banks that are not in partnership of the exchanges again as for sure you will be in difficult to open account with crypto related fund. .

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Quote from: coolcoinz on July 14, 2019, 09:01:54 AM

How will we prove this little forum advertising wasn't just a cover up for drug trading on deep web?

Because the chances are you can point to the thread where you signed up for the sig campaign that will likely have your wallet address. If it's a third party site that handles the sign up process then screen shot it in case it disappears. Then you can point to your wallet address with every single payment arriving preserved for all eternity in the blockchain.

Many campaigns also have vanity addresses that identify their origin. Keep all your old private keys. Makes notes of what you signed up for.

There is literally no better proof possible. It couldn't be simpler. Just because you've wound up with a large amount of money in no way makes it 'wrong'.

If I'd spent $500 on 100,000 BTC back in the day and had a bank statement and wallet movements to prove it there is no nefariousness involved despite the ability to buy the entire bank.

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Internet sales are one way to explain income.
Internet IT services are a way to explain mining income.

But if you are moving 10000 usd or 5000 euro each time and doing this 10 times a month. It will generate a lot of questions in most countries.

USA 10000 USD moves attract attention.

Europe 5000 euro moves attract attention.

Or four or five 9600 usd moves in a few days

Or four or five 4800 euro moves in a few days.

My USA bank will not let me deposit cash to my own accounts in person.

Unless I show I.D.

And that would be as Little as 10 usd or 100 usd or 1000 usd or 5000 usd.

I am sure they would want my I.d. If I made a deposit larger then 10000usd but I never had that much to put in cash.

coolcoinz

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Quote from: gentlemand on July 13, 2019, 11:45:48 AM

Quote from: coolcoinz on July 13, 2019, 11:11:05 AM

For instance, I have some income from a signature campaign. Try explaining to a bank clerk what a sig campaign is and proving that the funds come from there.

At some point I may have to do this. I can point to registration threads and standalone pages for most of it and the relevant address and the movements through it.

People make money from some very, very weird sources all the time so it's not insurmountable.

We will all have to, unless BTC acceptance goes through the roof allowing us to skip cash and get our target goods directly. Unfortunately when it comes to expensive goods like cars there will still be questions.

Quote from: Thirdspace on July 13, 2019, 03:50:30 PM

claiming forks ~= special dividents from your investments
small faucet amount turned into hefty value ~= cashing out long term investment, capital gain

Fine, I agree it can be explained, but will they accept it? This is what I'm afraid of:

Quote from: gentlemand on July 13, 2019, 01:05:41 PM

In this day and age any large amount of money is regarded as suspect. They will want some sort of paper trail no matter where it's from. If you invent a flat out lie with nothing to back it up that's not going to end well.

The currently made laws regarding crypto investments, KYC, and such, are quickly going towards outlawing many popular ways of making money in the space. Since we don't have any paperwork a normal employer would issue and simple faucets or signature payments can grow to enormous numbers in the next few years. How will we prove this little forum advertising wasn't just a cover up for drug trading on deep web?

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Quote from: coolcoinz on July 13, 2019, 11:11:05 AM

Most of us can't prove the source of funds.

explain it to them in a term they can understand or familiar with

Quote from: coolcoinz on July 13, 2019, 11:11:05 AM

For instance, I have some income from a signature campaign. Try explaining to a bank clerk what a sig campaign is and proving that the funds come from there.

you can start by telling them your line of work can be classified into marketing
to be specific, you are doing an online advertising in a discussion forum

Quote from: coolcoinz on July 13, 2019, 11:11:05 AM

Try explaining to him that your income comes from claiming bitcoin forks, or that you claimed a faucet in 2012 and it happened to be worth 10k EUR now.

claiming forks ~= special dividents from your investments
small faucet amount turned into hefty value ~= cashing out long term investment, capital gain

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Quote from: kriptofan on July 13, 2019, 12:34:14 PM

anyhow
never ever tell them that your source is related to crypto
they are going apeshit then
invent any understandable source of income and show it to them

In this day and age any large amount of money is regarded as suspect. They will want some sort of paper trail no matter where it's from. If you invent a flat out lie with nothing to back it up that's not going to end well.

kriptofan

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anyhow
never ever tell them that your source is related to crypto
they are going apeshit then
invent any understandable source of income and show it to them

gentlemand

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Quote from: coolcoinz on July 13, 2019, 11:11:05 AM

For instance, I have some income from a signature campaign. Try explaining to a bank clerk what a sig campaign is and proving that the funds come from there.

At some point I may have to do this. I can point to registration threads and standalone pages for most of it and the relevant address and the movements through it.

People make money from some very, very weird sources all the time so it's not insurmountable.

coolcoinz

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Quote from: kriptofan on July 11, 2019, 06:15:11 PM

Accordingly, we need to understand what is the source of funds which are coming to your SEB account.

A swedish bank Cheesy

Yea, nothing new, they are focusing on the mosquito on their left leg and not noticing the snake on the right one. Sweden is getting fucked in the ass by migrants and their socialist laws but trying to stop people from trading cryptocurrencies. Is it supposed to increase their tax collectibility somehow?

Most of us can't prove the source of funds. For instance, I have some income from a signature campaign. Try explaining to a bank clerk what a sig campaign is and proving that the funds come from there. Wait, it gets better! Try explaining to him that your income comes from claiming bitcoin forks, or that you claimed a faucet in 2012 and it happened to be worth 10k EUR now.

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Not necessarily if you think about it. If that would have been the case they would not even have asked you the question. They would have decided to close your bank account, and they would have asked you for another account to pay you back what was left on your account.
While in the letter they ask you for proof of origin. You should give them by explaining as you said, specifying that all verifications have been made to the trading platform, and you also give screenshots or other of your deposits/trade/cashout.
We have something similar in my country. And usually, it's when you handle large amounts of money in a short period of time (ie. 5000€/30days)

Quote

Also please describe what is the reason that the funs must be tranferred through your accounts in different countries?

You're not located in the country?

kriptofan

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Dear customer,

Thank you for your letter.

We aim at providing professional service to our customers, while complying with the requirements arising from law. The credit institutions acting in Estonia have an obligation to regularly monitor the transactions performed by their customers and if necessary, verify the origin of the assets used in the transaction. The credit institutions are also obliged to possess thorough information on the field of activity and business of the customer.

Accordingly, we need to understand what is the source of funds which are coming to your SEB account. Please present us relevant documents about cryptocurrency investment and explain in the details how the money moves between your accounts.

Thank you for your letter.

If it is possible, AS SEB Pank would not like to see the transactions on its clients account to be directly or indirectly associated with cryptocurrency.

Show quoted text

kriptofan

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As I understan from the video the sourse of your funds is cryptocurrency? SEB Group does not approve of transactions related to cryptocurrency, as they carry the risk of generating income through illegal operations.

Please send us documentation which confirm what source of funds was invested to cryptocurrency and the statement from the platform where we can see that your funds were invested and then the cryptocurrency was sold out.

Also please describe what is the reason that the funs must be tranferred through your accounts in different countries?

With kind regards

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Quote from: avikz on July 10, 2019, 09:49:27 AM

Four things never come back: the spoken word, the sped arrow, the past life, and the neglected opportunity!

That's really profound, I've never heard that saying before. Good one to remember.

Topic: trading and selling crypto is illegal. bank wants to know source of income (Read 509 times)