Dubai cash deposit of $1.000,000 in two different bank accounts

[HundHond]

Hello guys. I came to Dubai at the beginning of 2023, so have no bank history here. Iam 24 years old and cashed out 3.5m AED worth of crypto at a local exchange and got the money in cash. To buy a property I deposited a total of 2.9m from March 2023 to August 2023 fully in cash. Daily between 20-90k. Sometimes even more. I also did cash deposits of 800k AED into my Freezone company account and transferred them into my private account so I got the total amount of 3m I needed to prepare the cheque to buy the property. The bank ENBD never asked me anything. They started to ask once I sent 100k to capital com for trading, in the same question they asked me for the source of money that came into my private account from my company account, and they only asked proof of funds for 95k cash deposit. I answered them all questions in a pdf without any documents in September 2023 and closed the account at ENBD. Now Iam using ADCB and never heard back from them. They said they will review my answers and if they have any questions they will come back to ask, but as I closed my account I don’t think there will be something. For your information: I have proof for all transactions as I trade with crypto. If the bank asks I can show them the transactions, but I don’t understand if DEFI and decentralised trades work as proof for a bank.



My only concerns:



- What is the worst case that can happen, now once I closed the account at ENBD and never heard back from them



- What if they escalated it to the Central bank, how long does it take till the central bank starts a compliance against you?



- Do you have similar experience, do you know or heard from someone with a similar story, I can believe how I could have cashed in 3m AED without showing any proof



- Can they freeze the property I own because of this? What can they do and why do you think they did not care that much and asking for documents etc. I mean answering on their questions without giving them any documents is quite crazy. What do you think will happen? Will anything happen?

 

[JackAlabama]

Hello guys. I came to Dubai at the beginning of 2023, so have no bank history here. Iam 24 years old and cashed out 3.5m AED worth of crypto at a local exchange and got the money in cash. To buy a property I deposited a total of 2.9m from March 2023 to August 2023 fully in cash. Daily between 20-90k. Sometimes even more. I also did cash deposits of 800k AED into my Freezone company account and transferred them into my private account so I got the total amount of 3m I needed to prepare the cheque to buy the property. The bank ENBD never asked me anything. They started to ask once I sent 100k to capital com for trading, in the same question they asked me for the source of money that came into my private account from my company account, and they only asked proof of funds for 95k cash deposit. I answered them all questions in a pdf without any documents in September 2023 and closed the account at ENBD. Now Iam using ADCB and never heard back from them. They said they will review my answers and if they have any questions they will come back to ask, but as I closed my account I don’t think there will be something. For your information: I have proof for all transactions as I trade with crypto. If the bank asks I can show them the transactions, but I don’t understand if DEFI and decentralised trades work as proof for a bank.



My only concerns:



- What is the worst case that can happen, now once I closed the account at ENBD and never heard back from them



- What if they escalated it to the Central bank, how long does it take till the central bank starts a compliance against you?



- Do you have similar experience, do you know or heard from someone with a similar story, I can believe how I could have cashed in 3m AED without showing any proof



- Can they freeze the property I own because of this? What can they do and why do you think they did not care that much and asking for documents etc. I mean answering on their questions without giving them any documents is quite crazy. What do you think will happen? Will anything happen?

why do you worry now? Its like already 6m ago.

 

[Sols]

This should be trivial. I'm surprised you're running into issues. Are we talking about AED cash? Not foreign currency? Did you get VIP status with the bank?

Banking in UAE is very much a two-tier system: poor/regular people deal with the barely competent front desk and VIP clients have access to banking with far fewer questions asked. At the amounts mentioned, you should qualify for some sort of elevated client status.

- What is the worst case that can happen, now once I closed the account at ENBD and never heard back from them

Hopefully they just off-boarded you, and not submit any Suspicious Activity Reports to the authorities.

- What if they escalated it to the Central bank, how long does it take till the central bank starts a compliance against you?

Hard to say. Taking money laundering seriously is still very new to the Emiratis. It's only been in the last couple of years.

- Do you have similar experience, do you know or heard from someone with a similar story, I can believe how I could have cashed in 3m AED without showing any proof

Make the right friends at the bank. Take them out to lunch or dinner with your business partners. Make them feel important. Buy them nice gifts. Nothing too egregious, though. There's a system to it.

- Can they freeze the property I own because of this? What can they do and why do you think they did not care that much and asking for documents etc. I mean answering on their questions without giving them any documents is quite crazy. What do you think will happen? Will anything happen?

You're a foreigner in a totalitarian state. They can do anything at any time for any reason. But it's not very likely, especially if you're a wealthy person.

UAE is in a precautious state at the moment with a lot of western attention on it. That's why transactions in EUR and USD for example have become a little more difficult lately. But AED and even other regional currencies are still easy to move around without too much hassle.

 

[JosephLL]

What shop did you use to convert crypto to aed cash? Can you tell which agency you used to buy the property? (pm if you like)

 

[csp dubai]

your rm will tell you cash is wellcome, he will take his commision , than comaplince come is with tons of questions, and at the end they will blackmail you , asking black money to cover you a*s
forget dubai

 

[JohnLocke]

It seems to me like you're quite upset about something, all your posts that you've made in the last 20 minutes seem very euphoric and written quickly without any factual reasoning or evidence for your statement! Maybe you should start a thread instead and tell your story so people can understand why you're so worked up.

 

[HundHond]

why do you worry now? Its like already 6m ago.

Its 7 month to be clear, but dont you think there will be a question from the central bank in future? Also did they stop asking because I closed the account I did the deposit in at ENBD and opened at a different bank?

This should be trivial. I'm surprised you're running into issues. Are we talking about AED cash? Not foreign currency? Did you get VIP status with the bank?

Banking in UAE is very much a two-tier system: poor/regular people deal with the barely competent front desk and VIP clients have access to banking with far fewer questions asked. At the amounts mentioned, you should qualify for some sort of elevated client status.


Hopefully they just off-boarded you, and not submit any Suspicious Activity Reports to the authorities.


Hard to say. Taking money laundering seriously is still very new to the Emiratis. It's only been in the last couple of years.


Make the right friends at the bank. Take them out to lunch or dinner with your business partners. Make them feel important. Buy them nice gifts. Nothing too egregious, though. There's a system to it.


You're a foreigner in a totalitarian state. They can do anything at any time for any reason. But it's not very likely, especially if you're a wealthy person.

UAE is in a precautious state at the moment with a lot of western attention on it. That's why transactions in EUR and USD for example have become a little more difficult lately. But AED and even other regional currencies are still easy to move around without too much hassle.

I had no bank history in UAE at all, came here and started to deposit 30k AED cash at the beginning for 2 months reaching 300k AED fully cash deposit. Bank asked nothing. Then I increased the amount to 60k for another 2 months every two or three days one deposit. The remaining amount was made between 80 and 90 a day cash deposit in AED till I reached 3m AED in my bank account. Made a manager cheque and paid the property. No problems at all. All of this happened in August last year. Bank started to ask 1 month after I made the cheque to visit the branch for some clarification. I went there and the women at the counter was shocked in a funny way. She said my name in a shocked and euphoric way as if she likes what I did, she said (My name, what have you done with your life.. its 50!!!, no joke its only 3 hahaha) Then she printed me a sheet of paper and handed over to me. They wanted to know where the cash deposit of 200k diraham came from, and especially why I send money to a trading website in cyprus. I prepared a PDF report for them with no documents, just text and explaination from my end and never heard back from them again. Its 7 months ago but I fear that somehitng bigger is behind and that central bank is investigating etc. they can do as I have no dirty money. Its all from crypto investments I did back then, but of course I didnt tell the bank in the pdf report that the money is from crypto. I have a general manager status in UAE with my new opened company in dubai. Thats all my bank knew about me.

I want to add that once the women at the counter said the word 50, indeed I had approx 50 cash deposits in my account as I counted later on. I dont know why she had these 50 in their system but only asked me for 3. Was my answer enough for them or will they still have questions, even after 7 months is over now?

 

[Sols]

I had no bank history in UAE at all, came here and started to deposit 30k AED cash at the beginning for 2 months reaching 300k AED fully cash deposit. Bank asked nothing. Then I increased the amount to 60k for another 2 months every two or three days one deposit. The remaining amount was made between 80 and 90 a day cash deposit in AED till I reached 3m AED in my bank account. Made a manager cheque and paid the property. No problems at all. All of this happened in August last year. Bank started to ask 1 month after I made the cheque to visit the branch for some clarification. I went there and the women at the counter was shocked in a funny way. She said my name in a shocked and euphoric way as if she likes what I did, she said (My name, what have you done with your life.. its 50!!!, no joke its only 3 hahaha) Then she printed me a sheet of paper and handed over to me. They wanted to know where the cash deposit of 200k diraham came from, and especially why I send money to a trading website in cyprus. I prepared a PDF report for them with no documents, just text and explaination from my end and never heard back from them again. Its 7 months ago but I fear that somehitng bigger is behind and that central bank is investigating etc. they can do as I have no dirty money. Its all from crypto investments I did back then, but of course I didnt tell the bank in the pdf report that the money is from crypto. I have a general manager status in UAE with my new opened company in dubai. Thats all my bank knew about me.

I want to add that once the women at the counter said the word 50, indeed I had approx 50 cash deposits in my account as I counted later on. I dont know why she had these 50 in their system but only asked me for 3. Was my answer enough for them or will they still have questions, even after 7 months is over now?

You're dealing with regular front desk staff when you shouldn't be. You were treated like a criminal because your deposit pattern matches that of a criminal. So many criminals think they have figured out the system when they start putting money in and gradually increase. Then they realize banks have figured out how to do basic arithmetic and track things over time. You should've asked to make an appointment with someone on the wealth management team, explain to them where the money is coming from, and you could've walked in with the full amount in cash in one go.

The lack of supporting documents probably pushed them over the edge. They may have submitted a SAR/STR, in which case the police may end up coming for a visit to ask some questions. You have nothing to worry about if you can explain and evidence the source of funds, though.

If another bank accepts you as a client, that's a decent indicator that you aren't blacklisted and your background checks still come back clean.

 

[Tomy223]

Follow Joe Biden if you wanna learn how to do it right

 

[cryptotree]

I don’t think you will have any problems. You shouldnt do these things at ENBD, they tend to ask more questions than other banks.

If you want to buy property it’s better to pay a small fee to get a managers cheque for cash instead of the route you took.

 

[HundHond]

You're dealing with regular front desk staff when you shouldn't be. You were treated like a criminal because your deposit pattern matches that of a criminal. So many criminals think they have figured out the system when they start putting money in and gradually increase. Then they realize banks have figured out how to do basic arithmetic and track things over time. You should've asked to make an appointment with someone on the wealth management team, explain to them where the money is coming from, and you could've walked in with the full amount in cash in one go.

The lack of supporting documents probably pushed them over the edge. They may have submitted a SAR/STR, in which case the police may end up coming for a visit to ask some questions. You have nothing to worry about if you can explain and evidence the source of funds, though.

If another bank accepts you as a client, that's a decent indicator that you aren't blacklisted and your background checks still come back clean.

Really just curious to know if I can face any problems in future

You're dealing with regular front desk staff when you shouldn't be. You were treated like a criminal because your deposit pattern matches that of a criminal. So many criminals think they have figured out the system when they start putting money in and gradually increase. Then they realize banks have figured out how to do basic arithmetic and track things over time. You should've asked to make an appointment with someone on the wealth management team, explain to them where the money is coming from, and you could've walked in with the full amount in cash in one go.

The lack of supporting documents probably pushed them over the edge. They may have submitted a SAR/STR, in which case the police may end up coming for a visit to ask some questions. You have nothing to worry about if you can explain and evidence the source of funds, though.

If another bank accepts you as a client, that's a decent indicator that you aren't blacklisted and your background checks still come back clean.

Lets say they did a SAR report, how long does it usually take from their end to ask for questions. As said things are 7 months ago and no one asked me since then, maybe its a big amount so they investigate currently? If they did the SAR report, are accounts usually freezed? So as long I can use my other bank account and just recently opened a third account at another bank, as long I can open new bank accounts it means there is no SAR report ? I want to understand if a SAR report is also freezing your accounts at the same time or not. Also want to know the time frame these banks usually work on. So 7 months is a time we can say its a closed case? Or can I expect questions in future? Whats your guess? I appreciate all you do man, thank you.

I don’t think you will have any problems. You shouldnt do these things at ENBD, they tend to ask more questions than other banks.

If you want to buy property it’s better to pay a small fee to get a managers cheque for cash instead of the route you took.

Made it in this way as i paid 50% only from my own bank account with cash deposit and other half with cheque in case the cheque issuer wanted to scam me. Just really curious now as its 7 months ago and no questions were asked, do you think there will be some questions in future? I prepared all documents I need to proof my crypto transactions but I fear they will freeze my account from one day to the other which will have a huge impact on my work here.

 

[Sols]

Lets say they did a SAR report, how long does it usually take from their end to ask for questions. As said things are 7 months ago and no one asked me since then, maybe its a big amount so they investigate currently? If they did the SAR report, are accounts usually freezed?

SARs can sit for months or even years before they are investigated. There is no guarantee that filing a SAR even leads to anything. Most SARs do not lead to prosecution or law enforcement investigation.

So as long I can use my other bank account and just recently opened a third account at another bank, as long I can open new bank accounts it means there is no SAR report ?

Having a SAR filed against you does not automatically mean you would be prevented from opening or using bank accounts with other financial institutions. However, if you are able to open or use other bank accounts, it's a sign that if such a blacklisting mechanism exists, you're not on it.

I want to understand if a SAR report is also freezing your accounts at the same time or not.

A SAR is itself just a report submitted to the relevant authority. It can be accompanied by account freezing or account closure, but it is not necessarily a requirement.

Also want to know the time frame these banks usually work on. So 7 months is a time we can say its a closed case? Or can I expect questions in future? Whats your guess? I appreciate all you do man, thank you.

UAE is a mess. Always has been, but it's especially obvious now as they are rushing to comply with western standards on prevention of tax evasion and money laundering. Because they have so little experience with these things, it's hard to even guess. Are they fast because they are under pressure to take swift action? Or are they slow because they're amateurs and a big backlog is piling up? Are banks filing excessive SARs just to be safe? Who knows.

 

[HundHond]

SARs can sit for months or even years before they are investigated. There is no guarantee that filing a SAR even leads to anything. Most SARs do not lead to prosecution or law enforcement investigation.


Having a SAR filed against you does not automatically mean you would be prevented from opening or using bank accounts with other financial institutions. However, if you are able to open or use other bank accounts, it's a sign that if such a blacklisting mechanism exists, you're not on it.


A SAR is itself just a report submitted to the relevant authority. It can be accompanied by account freezing or account closure, but it is not necessarily a requirement.


UAE is a mess. Always has been, but it's especially obvious now as they are rushing to comply with western standards on prevention of tax evasion and money laundering. Because they have so little experience with these things, it's hard to even guess. Are they fast because they are under pressure to take swift action? Or are they slow because they're amateurs and a big backlog is piling up? Are banks filing excessive SARs just to be safe? Who knows.

Appreciate your respone! So just my last question regarding this matter, do you think its normal to deposit 1m in a bank within 6 months and receiving only one question from the bank and never asking back? Is it something that happens regular in dubai? I mean i was obviously tagged in their system as the women on the counter said the number 50, however she wanted me to explain for only 3 transactions. I closed my account so after closure my advisor told me they dont ask anymore, but if the central bank has questions they would also ask me directly right? So they wont wait 7 months and ask me later, do you agree? Do you think I was just lucky, or did they just allow it somehow? Thanks man I appreciate your job, this was my last question for this case. Thanks again

 

[Sols]

Appreciate your respone! So just my last question regarding this matter, do you think its normal to deposit 1m in a bank within 6 months and receiving only one question from the bank and never asking back? Is it something that happens regular in dubai?

Depends on whether you're a regular customer of VIP/wealth customer. With the right relationship and a strong preexisting relationship, you can walk into a bank in UAE with suitcases of cash and deposit without any hassle. They'll have someone counting the bills in the office with you while serving you tea or coffee and a light snack.

If you do it like you did, there's a risk some lower level employee will think it's money laundering before someone higher up notices. And once the process to offboard a client or file a SAR starts, it's practically impossible to stop it.

I mean i was obviously tagged in their system as the women on the counter said the number 50, however she wanted me to explain for only 3 transactions. I closed my account so after closure my advisor told me they dont ask anymore, but if the central bank has questions they would also ask me directly right? So they wont wait 7 months and ask me later, do you agree?

In law enforcement and money laundering investigations, seven months are nothing. SARs can sit for years before anything happens.

However, if they had strong suspicion, they probably would've notified the authorities separately and acted by now. Maybe. It's UAE. They're new at this. Who knows?

Do you think I was just lucky, or did they just allow it somehow?

You probably reached some threshold that required knowing the source of funds. UAE is stepping up its tax evasion/money laundering efforts. Things are changing as we exchange these messages, which makes it hard to predict that really might've happened to you.

 

[SoNewToAllShit]

In law enforcement and money laundering investigations, seven months are nothing. SARs can sit for years before anything happens.

I know, I tried it's slapping you like a hammer once it hit's you.

 

[ZipZop]

worst case is when they close your bank account (they do not need to say the exact reason) and give you a cheque, but at the same time they put a notice at the central bank so it becomes basically impossible to cash out your cheque in another of your bank account (they are other ways tho but not ideal).

cash in 1m AED is very normal for many activities, I am usually doing the opposite (take cash out of bank accounts) with real/fake gold transaction (it is actually real as I buy it, have all the docs,etc.. I resell it 10mn after minus a commission for cash). this system is used by many financial advisors who are working with Russia and Iran (very easy to transfer in Russia with this system).

It's true ENBD is not the best bank for that (I would avoid FAB for cash transactions as well). but many other banks are used to it.

your real issue is the crypto origin.. the country is "pro" crypto but almost all banks are against it

 

[HundHond]

worst case is when they close your bank account (they do not need to say the exact reason) and give you a cheque, but at the same time they put a notice at the central bank so it becomes basically impossible to cash out your cheque in another of your bank account (they are other ways tho but not ideal).

cash in 1m AED is very normal for many activities, I am usually doing the opposite (take cash out of bank accounts) with real/fake gold transaction (it is actually real as I buy it, have all the docs,etc.. I resell it 10mn after minus a commission for cash). this system is used by many financial advisors who are working with Russia and Iran (very easy to transfer in Russia with this system).

It's true ENBD is not the best bank for that (I would avoid FAB for cash transactions as well). but many other banks are used to it.

your real issue is the crypto origin.. the country is "pro" crypto but almost all banks are against it

Thank you for the answer, the amount I deposited in cash is 2.8 AED, we can say 1m dollar. All within 6 months time frame. Do you think I can or will face any issues in future as I can still use my newly created bank account at ADCB with no problems? My deposists are 8 months ago, and the last question from bank was 7 months ago. What is your experience telling you right here?

I know, I tried it's slapping you like a hammer once it hit's

I know, I tried it's slapping you like a hammer once it hit's you.

Do you know what exactly they ask? What exactly they want?

 

[csp dubai]

soon or later comaplince will come prepare your answer , open another bank account be ready

 

[HundHond]

soon or later comaplince will come prepare your answer , open another bank account be ready

Even after closing the account at ENBD? As said never heard back from them after closing the account 7 months ago

 

[JimBeam]

When you're doing such things, always have couple accounts open. When they ask you for proof of funds, you take a withdrawal slip from another bank and send them.
Also never just deposit, sometimes also withdraw some amounts and take it to other bank and deposit there. Keep all the slips.

Why didn't you pay the whole thing in Crypto?
You would save your self a lot of hustle and dealing with cash.