source of income?
- Thread starter dor
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Do you have a specific question? At least some basic KYC/AML is inevitable. If your only concern is buying crypto, and not smoother laundering or identity concealment, then look up crypto-friendly banks and EMIs.
A few can be found here: E-Money Institutions Offering Operations with Cryptocurrencies
A few can be found here: E-Money Institutions Offering Operations with Cryptocurrencies
Of course we are all here always telling our banks and our governments and all agents the truth, I though that was implied haha 😉 This is why we are on this forum so that we can learn how to just tell the bank the truth in the best way.
I think the question implies: what kind of documents does an average bank want to see when they say "source of funds"? Simply an invoice for some service? Are they ever checking these? How, do they call︀ people on the invoice, do they check company numbers?
Or do they want other documents︁ besides an invoice too, like some proofs or pictures of the finished job/service?
In a︂ generic case, what kind of documents will make the bank sleep well for a 500'000$︃ transfer for example?
I think the question implies: what kind of documents does an average bank want to see when they say "source of funds"? Simply an invoice for some service? Are they ever checking these? How, do they call︀ people on the invoice, do they check company numbers?
Or do they want other documents︁ besides an invoice too, like some proofs or pictures of the finished job/service?
In a︂ generic case, what kind of documents will make the bank sleep well for a 500'000$︃ transfer for example?
Yes, all kinds of payslips, contracts with suppliers or contractors, invoices,︃ etc. Financial statements would be best.
Keep in mind that the focus here is where︄ the money is coming from, not where you spend it. There has to be no︅ doubt that the company has real economic substance.
Keep in mind that the focus here is where︄ the money is coming from, not where you spend it. There has to be no︅ doubt that the company has real economic substance.
Assuming we're not talking about criminals (whose presence in the financial system is part of why things are so difficult nowadays), I understand this point and there are certainly cases where you can present yourself or your business slightly differently so increase your chances of success with a bank. For example, many adult businesses present themselves as marketing or consulting companies. This works best if the company opening the bank account in reality is just providing marketing or consulting services to a related company which provides the adult services.
This is︀ still risky, and that's primarily why I'm against lying to banks. You put yourself and︁ your money at risk in case the bank ever discovers you haven't been truthful.
This is︀ still risky, and that's primarily why I'm against lying to banks. You put yourself and︁ your money at risk in case the bank ever discovers you haven't been truthful.
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