A friend of mine deposited $750,000 cash (3M AED) into his personal bank account

[diatessaron]

HundHond said:
Do you think he will face any trouble in future due to this? Even if it's a year ago now ? Do you have the experience or know people who did similar ?
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I don't have any experience with such cases, mainly because I make sure my documents are in order when I deal with mortar and brick banks. At this point in time, your friend can be contacted by whatever authority thinks he did something wrong, but not by the bank itself. My question to you is, has your friend already been contacted by them? Is this a topic posted so you can figure out what comes next? If your answers are yes to both of those questions, I suggest you tell your friend to contact a lawyer, because he lied about his crypto.

 

[HundHond]

Martin Everson said:
WTF. Your friend a a "trust me bro" on NBD and it worked. I don't know any bank that I use that would accept this as source of funds...lol. He did 27 cash deposits without providing a scratch of paperwork other than "trust me bro" when closing the account. This is textbook 101 money laundering signs for even a blind rabbit.

Anyway your friend must be paranoid as if they wanted to get him they had plenty of time when he was dumping 27 cash in the bank. I would not worry too much other than keep an eye open. UAE is not a place you just say "sorry I didnt know" and things move on.
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Do you think there will be any issues in future regarding this? It's 1 year ago and they never replied back to him. He closed the account and worst case that could have been done back then is a SAR. The question now, hold long does the SAR take before something happens, I think 90% of times nothing happens at SAR, they only act after criminal cases

diatessaron said:
I don't have any experience with such cases, mainly because I make sure my documents are in order when I deal with mortar and brick banks. At this point in time, your friend can be contacted by whatever authority thinks he did something wrong, but not by the bank itself. My question to you is, has your friend already been contacted by them? Is this a topic posted so you can figure out what comes next? If your answers are yes to both of those questions, I suggest you tell your friend to contact a lawyer, because he lied about his crypto.
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He wasn't contacted by anyone

 

[yoyodubai]

Martin Everson said:
WTF. Your friend did a "trust me bro" on NBD and it worked. I don't know any bank that I use that would accept this as source of funds...lol. He did 27 cash deposits without providing a scratch of paperwork other than "trust me bro" when closing the account. This is textbook 101 money laundering signs for even a blind rabbit.

Anyway your friend must be paranoid as if they wanted to get him they had plenty of time when he was dumping 27 cash payments in the bank. I would not worry too much other than keep an eye open. UAE is not a place you just say "sorry I didnt know" and things move on.
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ser, i once wrote a of proof of employment letter to a bank to certify that i am employed by my own company and it was accepted. 😀

i run a limited company and am the sole owner.

 

[Martin Everson]

HundHond said:
Do you think there will be any issues in future regarding this? It's 1 year ago and they never replied back to him. He closed the account and worst case that could have been done back then is a SAR. The question now, hold long does the SAR take before something happens, I think 90% of times nothing happens at SAR, they only act after criminal cases
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He should not be paranoid. However I have had banks reach out to me 3 years after closure for missing due diligence documents that they never asked for in first place. Naturally this was not a bank in UAE and I was able to just ignore the email and the actual postal mail that came through my door as registered international mail. These things only happen during an internal audit and I think if they accepted a "trust me bro" in a PDF from your friend they probably are not that competent as a bank in due diligence.

yoyodubai said:
ser, i once wrote a of proof of employment letter to a bank to certify that i am employed by my own company and it was accepted. 😀

i run a limited company and am the sole owner.
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Ok that is a specific case. I have done the same when I worked for my own company and was applying for residency somewhere which is totally acceptable. But this is about large case deposits made at a bank - 27 of them with no due diligence. That takes some balls and some incompetence at the bank and its IT systems to not ask any questions whatsoever until account closure. Maybe bank looks at local currency [AED] cash deposits different than foreign currency deposits that's all I can think off as to how he got away with all those cash deposits in this day and age.

@HundHond Please stop asking for posts to be deleted without a good reason. It's not you but your friend that has issues I understand. However somebody seems way too paranoid in this situation ns2.

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[JohnnyDoe]

Ok now we know which bank to use when we have some laundry to do.
The monkeys working there belong to a species at risk of extinction.

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[yoyodubai]

Martin Everson said:
He should not be paranoid. However I have had banks reach out to me 3 years after closure for missing due diligence documents that they never asked for in first place. Naturally this was not a bank in UAE and I was able to just ignore the email and the actual postal mail that came through my door as registered international mail. These things only happen during an internal audit and I think if they accepted a "trust me bro" in a PDF from your friend they probably are not that competent as a bank in due diligence.



Ok that is a specific case. I have done the same when I worked for my own company and was applying for residency somewhere which is totally acceptable. But this is about large case deposits made at a bank - 27 of them with no due diligence. That takes some balls and some incompetence at the bank and its IT systems to not ask any questions whatsoever until account closure. Maybe bank looks at local currency [AED] cash deposits different than foreign currency deposits that's all I can think off as to how he got away with all those cash deposits in this day and age.

@HundHond Please stop asking for posts to be deleted without a good reason. It's not you but your friend that has issues I understand. However somebody seems way too paranoid in this situation ns2.
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fair enough, wasn't aware.

writing a letter to self-certify would never fly with banks i've used in europe.

 

[Marshal]

yoyodubai said:
fair enough, wasn't aware.

writing a letter to self-certify would never fly with banks i've used in europe.
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Europe is like a completely different planet.

 

[JackAlabama]

yoyodubai said:
fair enough, wasn't aware.

writing a letter to self-certify would never fly with banks i've used in europe.
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well its called eudssr for a reason and they deem everyone making over 3000 eur/month is already a target (unless they work for the godly eu institutions or imf etc.). 😉

 

[jafo]

Martin Everson said:
However I have had banks reach out to me 3 years after closure for missing due diligence documents that they never asked for in first place. Naturally this was not a bank in UAE and I was able to just ignore the email and the actual postal mail that came through my door as registered international mail.
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So, what if the person they are looking for is deceased? 🙄

JackAlabama said:
they deem everyone making over 3000 eur/month is already a target
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What f*cking scumbags they are! 😡

If a war breaks out between Russia, China, and their allies, I hope these state public servants and politicians will volunteer to go to the frontlines since they benefit from the state the most. 🙄

Last edited: Jun 23, 2024

 

[JackAlabama]

jafo said:
So, what if the person they are looking for is deceased? 🙄


What f*cking scumbags they are! 😡

If a war breaks out between Russia, China, and their allies, I hope these state public servants and politicians will volunteer to go to the frontlines since they benefit from the state the most. 🙄
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I could entertain the thought of them getting an essential labor exemption damn_(

 

[Martin Everson]

jafo said:
So, what if the person they are looking for is deceased? 🙄
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Well unless they had a Ouija board trying to make contact wont do much good then.

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[clemens]

Now we know @Martin Everson rof/%rof/%rof/%

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[Martin Everson]

clemens said:
View attachment 7221

Now we know @Martin Everson rof/%rof/%rof/%
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lol...they have harsh punishments over there and don't play. You simply dont know what charges they can add to any offence. Look what happened to this woman below. I didn't even know attempting suicide is still an offense over there 🙁.

https://www.cbsnews.com/news/tori-towey-dubai-suicide-attempt-alleged-domestic-violence-uae/
----- quote start

An Irish woman who had been charged by authorities in the United Arab Emirates with attempting suicide and alcohol consumption has been permitted to leave the country after being detained briefly, a legal advocacy group says.

---- quote end

Btw. I checked and it still is an offense under Federal Decree Law No (15) of 2020 i.e:

"Whoever attempts suicide shall be subject to the punishments of incarceration for no more than six months or a fine of no more than AED Five Thousand, or both of the two punishments."

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[JimBeam]

Committing (or attempting) suicide is against Islam (haram) and it's punishable

 

[Martin Everson]

Bottom line is I don't think OP's friend has anything to worry about apart from his own paranoia eating away at him in a society where punishments for infringements can be harsh.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Mercury]

Martin Everson said:
"Whoever attempts suicide shall be subject to the punishments of incarceration for no more than six months or a fine of no more than AED Five Thousand, or both of the two punishments."
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Rather not to fail.

 

[JimBeam]

A 5k AED is $1,250 so it's not that much but 6 months in jail is no fun!

 

[EliasIT]

HundHond said:
Now he opened 4 different accounts at new banks in UAE and faces no issues. Due to the newest laws and regulations he fears that there will be issues on His property in future. His money is 100% legal through crypto profits and he can also proof this.
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what are these new laws you talk about ?

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