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

[HundHond]

Hi, in order to buy a property in Dubai a friend of mine opened a bank account in Dubai at NBD. Within the first 5 months after newly opening the account he made a cash deposit of 500k AED ($135,000) in total and nothing happened. 3 months he made a pause and waited, nothing happened. Then he did a cash deposit of $750,000 within 3-4 months. Each day he made a deposit between 50-80k AED sometimes even 90k AED. The bank never interrupted him while he was doing it. Once he reached the amount needed to buy a property, he made a manager cheque that went successfully through and he bought the property with 3m AED ($750,000)

After withdrawing all the amounts from the bank he went to the bank to close the account, at the teller desk a women suddenly said in an euphoric but shocking and funny, way ‚Mr. XXXX, what have you done in your life? 27 !!, joking it’s only 3‘ he tried to figure out what she meant, he counted his deposit transactions and it’s 27, but the bank only asked him about 3 only!

On this day the women printed a piece of paper from the bank, that asked him for source of funds for cash deposit $100,000, reason for sending a small transaction in USD to Cyprus. He gave them the explaination in a PDF just in words without providing any documents supporting his claims and successfully closed the account after this.

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.

Questions:

Do you think there will be serious consequences for him, even if it’s almost a year ago?

what is the worst case that can happen to him?

Why the bank never asked him more questions? Is this normal for NBD a year ago? They just accept a PDF with words only? No documents? How is this possible?

 

[0xDEADBEEF]

You have opened several threads with the same questions, yet different wording. I can't imagine there is not answer in there for your 'friend'

 

[toums]

Why too much questions and drama ?

He cash-in with cash daily (as you said), without any question and he was able to withdraw all the funds for the purchase. So, all fine, except if he is implicated in criminal activities (but its another topic).

Same, why you care about a small desk bank agent ?

If he is a long term holder and living in UAE, He can just sopen many bank accounts in different countries + some EMIs, let's say dozen of it, and he can split them, and adapt if there is any trouble with one in particular.

 

[bibing]

Asking for a friend, as usual.

I think there's no reason to be paranoic.

Sleep peacefully.

 

[wellington]

SARs would be filled they take about 3 yrs before reactions for non target individuals I’d imagine - but I imagine your friend knows he’s done something wrong

 

[HundHond]

SARs would be filled they take about 3 yrs before reactions for non target individuals I’d imagine - but I imagine your friend knows he’s done something wrong

Any source for the 3 years ?

 

[wellington]

Any source for the 3 years ?

Any source for the 3 years ?

Cases

 

[Martin Everson]

Do you think there will be serious consequences for him, even if it’s almost a year ago?

No

what is the worst case that can happen to him?

Jail

Why the bank never asked him more questions? Is this normal for NBD a year ago? They just accept a PDF with words only? No documents? How is this possible?

Either....

1. Poor AML practices of bank
2. Bank never undergone proper audit
3. He is way down on NBD list for client cash activity - below this guy...

 

[HundHond]

Cases

Cases because of criminal activity yes? Or was there a case opened after 3 years just because of cash deposits ? Was this in UAE ?

No




Jail




Either....

1. Poor AML practices of bank
2. Bank never undergone proper audit
3. He is way down on NBD list for client cash activity - below this guy...

Jail, even when he can proof where his crypto earnings coming from? When he can also proof the source for the cash?

 

[diatessaron]

The most paranoid people always do the most stupid things, like your friend did with the daily transactions. If he has POF's, he sends a single chunk of money, he doesn't try and fool the system with those multiple small transactions. There's nothing to worry about, tell him to use his bank account like the normal person he is, not like someone who scammed a bunch of old people and moved to Dubai.

 

[HundHond]

The most paranoid people always do the most stupid things, like your friend did with the daily transactions. If he has POF's, he sends a single chunk of money, he doesn't try and fool the system with those multiple small transactions. There's nothing to worry about, tell him to use his bank account like the normal person he is, not like someone who scammed a bunch of old people and moved to Dubai

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 ?

 

[Martin Everson]

Jail, even when he can proof where his crypto earnings coming from? When he can also proof the source for the cash?

Does the bank allow crypto proceeds? What did he write in PDF, did he mention that its from crypto or did he lie in it?

 

[HundHond]

Does the bank allow crypto proceeds? What did he write in PDF, did he mention that its from crypto or did he lie in it?

He said:

Source of Funds: The funds deposited into my account originate from various investment activities that I have been engaged in. While I am unable to disclose the specific nature of these investments, I can assure you that they are acquired through legitimate means and comply with all relevant regulations.

Purpose of Cash Deposits: The cash deposits made into my account serve multiple purposes, which include:

1. Savings: I regularly deposit cash into my account as part of my ongoing efforts to save and manage my
finances efficiently. Including the sudden purchase of a property in Dubai.

2. Personal Expenses: The deposited cash is also used to cover personal expenses

3. Investments: A portion of the cash deposits is earmarked for potential investments, which may include stocks, bonds, and other financial instruments aimed at growing my financial portfolio.

4. Emergency Funds: I maintain a dedicated portion of the deposited cash as an emergency fund to ensure that I am prepared for unforeseen circumstances.

 

[wellington]

He violated the bank’s terms in the first section as proceeds from crypto lol

 

[HundHond]

He violated the bank’s terms in the first section as proceeds from crypto lol

well, this can cause a ban from the bank in the worst case. As he closed the account already there is nothing that can cause trouble to him, I guess. Violating terms of the bank doesn’t bring you in jail as long there is no criminal activity involved. So no idea where you got your ‚Jail‘ claim from

 

[JohnnyDoe]

Your friend could have been unlucky and encountered the dreaded Cyprus taxi driver. Tell him that next time he should better buy a property using crypto directly.
Meanwhile, he could either continue to ask around for friendly pats on his back or fly abroad and return in a few years.

 

[JackAlabama]

Hi, in order to buy a property in Dubai a friend of mine opened a bank account in Dubai at NBD. Within the first 5 months after newly opening the account he made a cash deposit of 500k AED ($135,000) in total and nothing happened. 3 months he made a pause and waited, nothing happened. Then he did a cash deposit of $750,000 within 3-4 months. Each day he made a deposit between 50-80k AED sometimes even 90k AED. The bank never interrupted him while he was doing it. Once he reached the amount needed to buy a property, he made a manager cheque that went successfully through and he bought the property with 3m AED ($750,000)

After withdrawing all the amounts from the bank he went to the bank to close the account, at the teller desk a women suddenly said in an euphoric but shocking and funny, way ‚Mr. XXXX, what have you done in your life? 27 !!, joking it’s only 3‘ he tried to figure out what she meant, he counted his deposit transactions and it’s 27, but the bank only asked him about 3 only!

On this day the women printed a piece of paper from the bank, that asked him for source of funds for cash deposit $100,000, reason for sending a small transaction in USD to Cyprus. He gave them the explaination in a PDF just in words without providing any documents supporting his claims and successfully closed the account after this.

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.

Questions:

Do you think there will be serious consequences for him, even if it’s almost a year ago?

what is the worst case that can happen to him?

Why the bank never asked him more questions? Is this normal for NBD a year ago? They just accept a PDF with words only? No documents? How is this possible?

you have asked this exact same thing (worded differently) already before.

Matter of fact: id be just chillaxing at barasti etc and call it a day as basically nothing happened.

Did some new things happen in the meantime, or is the radio silence starting to eat you from the inside?

If its too much, just wind it all up and leave the place, wait a few years and go back to Dubai.

He said:

Source of Funds: The funds deposited into my account originate from various investment activities that I have been engaged in. While I am unable to disclose the specific nature of these investments, I can assure you that they are acquired through legitimate means and comply with all relevant regulations.

Purpose of Cash Deposits: The cash deposits made into my account serve multiple purposes, which include:

1. Savings: I regularly deposit cash into my account as part of my ongoing efforts to save and manage my
finances efficiently. Including the sudden purchase of a property in Dubai.

2. Personal Expenses: The deposited cash is also used to cover personal expenses

3. Investments: A portion of the cash deposits is earmarked for potential investments, which may include stocks, bonds, and other financial instruments aimed at growing my financial portfolio.

4. Emergency Funds: I maintain a dedicated portion of the deposited cash as an emergency fund to ensure that I am prepared for unforeseen circumstances.

better to not copy/pasta the direct thing written to the bank, it can be easily lead to id'ing.

 

[wellington]

well, this can cause a ban from the bank in the worst case. As he closed the account already there is nothing that can cause trouble to him, I guess. Violating terms of the bank doesn’t bring you in jail as long there is no criminal activity involved. So no idea where you got your ‚Jail‘ claim from

Normally BSA equivalent violations when specifically asked and was evasive or deceitful.

well, this can cause a ban from the bank in the worst case. As he closed the account already there is nothing that can cause trouble to him, I guess. Violating terms of the bank doesn’t bring you in jail as long there is no criminal activity involved. So no idea where you got your ‚Jail‘ claim from

Oh and I never mentioned “Jail”

 

[Martin Everson]

Source of Funds: The funds deposited into my account originate from various investment activities that I have been engaged in. While I am unable to disclose the specific nature of these investments, I can assure you that they are acquired through legitimate means and comply with all relevant regulations.

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.

 

[0xDEADBEEF]

I have to say, I’m quite impressed. In Dubai, even the Slavic ‘entertainment’ who can barely speak a sentence in English can use Trust Wallet and handle their transactions in crypto. It takes real talent to overcomplicate things. What amazes me is that you manage to live in Dubai without finding a solution. How are you able to cash out crypto there, yet never thought about doing the same beyond the luxury desert’s borders? I hope you saved some phone numbers from the gentlemen who helped you with that.

You remind me of a friend, let’s call him Nervous Nick for privacy reasons. This guy constantly asks for advice, but the advice never changes. Nick is a stubborn character who won’t accept that he either needs to get some legitimate paperwork in order or leave the country with a well-connected rolodex. I’ve seen many documentaries that portray Dubai as the money laundering capital of the world, which makes me wonder why Nick never found someone who could advise him on avoiding the pitfalls of looking like a money mule.