Your Questions About Money Laundering And Banks

Charles asks…

Is there anything like Moneybookers or Paypal which is designed for sending money to friends etc.?

My friend in the US often sends me money(I’m in the UK) but Paypal and Moneybookers both lock our accounts as a risk(Probably looks like money laundering) and ask for invoices and tracking numbers of items we’ve sold. They don’t understand friends give each other money lol. Anything like that designed just for friends to give each other cash. A international wire transfer is too expensive.

Pip answers:

Log on to your bank online , you can transfer money that way using there account number and sort code.

And hahahahahah to Paypal and Moneybookers for suspecting money laundering !

Ruth asks…

Is there an all out attack on civil liberty and privacy since the turn of the century?

Airport security seems to be designed to threaten and scare the general population, rather than to actually avert terrorism. For example, you cannot take on board more than 100ml of liquid, but nothing stops 5 people each taking this amount on board and combining it? Is this not just a silly rule used to intimidate ordinary people into accepting an authoritarian order? Money laundering legislation puts huge responsibilities on banks, lawyers etc to double check the origin of client’s money and report anything suspicious, yet this does not seem to have any impact on drug dealers. Drugs are still being sold and drug dealers must still be making money, yet the general population has surrendered their privacy to the state.
I have always admired the USA because there was an underlying principle that citizens were not afraid of the state, but that the state was afraid of its citizens. A weak state means that the power will rest with the people. Is this principle being challenged? Are people too scared to speak out against the gradual erosion of their democracy – a democracy for which hundreds of thousands have died?

Pip answers:

You haven’t even scratched the surface.

Nancy asks…

Keep getting emails about wanting to send me money?

I get alot of email saying someone chose my as their beneficiary, or saying i won the Malaysian lottery, and job offers that want me to send them my address and stuff. Is the some type of money laundering from overseas?

Pip answers:

These are all money-making scams which try to trick you into handing over your bank details by lulling you with a “life-changing” (but ultimately too good to be true) story. Do not reply to them, simply delete or set up junk filtering for your mail.

Best regards

Donald asks…

How can i find out if a company is legal and all above board?

I have been offered a job at a company who i have never heard of and there website is pretty weak. How can I find out if they are all above board? I am abit worried because the job is dealing with money and Forgein exchange!

Dont want to start work and then find out later they are laundering money or something!!

I have all these details below–
( I have not put the numbers in there incase any employees are on here)

Company Registration No
VAT Registration No.
HM Customs & Excise Money Laundering Registration No.

How do i use these details to find out?
I am in the UK

Pip answers:

Run screaming from them and report this to the proper authorities.

My “scam-dar” started going off, and a quick google search or two, along with a recent bit I heard on radio news this morning seem to click.

The scam:
Criminal organization gets “mules” to do online money transfers using the criminal’s money, mules are hired by middlemen, who either don’t know who the ultimate employer is, or who dissappear as fast as the criminal organization.
These money transfers trigger, within a few days, computer programs from banking regulators who swoop in and arrest the poor sucker, er “mule”, who is left “holding the bag” as the real criminals disappear into the night.

Couldn’t find the exact radio broadcast on the net, but…

Usually the harder someone works to convince you that they are legitimate, the more crooked they are. I have seen no exceptions to this rule in my adult life yet.

(edited to add another link or two)

IF they really are legitimate you should have NO problem finding information about them with simple web searches of business literature/news. If you can’t find anything, I would avoid it. You might lose the potential for a job, but the downside risks, i.e. Jail far outweigh unemployement or staying with a job you don’t really like.

Ken asks…

How would I get into Fraud Analysis/Investigation at a Bank?

I have a BA in Criminology and Justice and I have experience in retail, so I have some understanding of fraud, theft, loss prevention as well as money laundering strategies and fraud which I learned about from my BA program.

What else do I need to do to build my credentials for this position? I’m looking for a one year college certificate or something I could take maybe. Some help please?
Thank you for your response nj… Very helpful and true.

Pip answers:

Go onto banks’ websites and look for openings in this field, then check what sort of backgrounds or qualifications they ask for. Also, try hunting on the internet to find names of people who hold this type of job, then see if you can find out what their backgrounds are. You might try or trade journals for the bank industry for this. You could also try contacting a few of these people directly, tell them you are seeking some career planning advice, and ask if you can have a brief informational interview on the phone with them. You will get a lot of people who say no or who ignore you but if you get one person who will speak with you for a few minutes, that would be priceless.

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