AML concerns

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NOX
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AML concerns

Fri Nov 08, 2013 10:33 pm

Greets everyone!

I'm very new to arbing and run aground of a topic that concerns me. Would anyone care to share their opinions on this, even in PM??

If I have made quite a few arbs now using all my friends accounts (and their friends too!), and they've moved the funds out and back to me, is there anything illegal about doing this in the EU? I don't think it'd be illegal profits, but could it be considered money laundering in the EU simply because I'm using other people's accounts and money is going through them? Does any kind of law exist about other people sending money on your behalf through bank accounts, online services, etc? Would this be considered "circumventing AML laws"?

This is a serious topic to me!! Any opinions would be helpful!
qbet
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Re: AML concerns

Sat Nov 09, 2013 1:52 am

The way I see it : There is nothing illegal in the transactions but your intention matters. There is clearly no case for Money laundering but perhaps you could be charged with false representation.
Last edited by qbet on Sat Nov 09, 2013 1:55 am, edited 1 time in total.
NOX
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Re: AML concerns

Sat Nov 09, 2013 1:29 pm

Thanks for sharing your thoughts! I have all these guys sign a paper written by my lawyer that gives me permission to make accounts and such, so I'm not sure if that'd be the problem either. I'm more worried about some investigations into why all these people are sending their funds to me over the years!

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