money laundering
- Thread starter Arafx
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- money laundering
Chadistrading
Private, 1st Class
- Messages
- 32
Each broker has its own anti-money laundering page, go and read that and if still you can't trust them, ask a lawyer to easily review that for you!
Also depositing money by Cryptos might be useful
))
Also depositing money by Cryptos might be useful
))Have you had experience using cryptocurrency as a way to prevent money laundering? How effective do you think it is?Each broker has its own anti-money laundering page, go and read that and if still you can't trust them, ask a lawyer to easily review that for you!
Also depositing money by Cryptos might be useful
Chadistrading
Private, 1st Class
- Messages
- 32
I am not that worried about money-laundering!
but since most of them operate on decentralized blockchains, transaction data is publicly available. This can potentially help trace and detect suspicious activities, overall i do not care about that!
FxMaster
Colonel
- Messages
- 12,253
I explained everything in your previous thread regarding how Cryptocurrency works
Jenithetradegirl
Recruit
- Messages
- 14
Be cautious of frequent, large, or suspicious transactions that may lack a legitimate explanation. That could well be a sign of a money laundering broker.
Pharaoh
Brigadier General
- Messages
- 20,308
Since you don't have the ability to audit the broker, you can't easily tell what they might be up to. But, there are some warning signs.
Does the broker let you deposit and trade without you first submitting ID documents and the broker verifying them? If so, they can always decide that you are the money launderer and keep all of your cash.
Does the broker ask you to deposit more money for something like taxes or AML fees? I've jheard of many scam brokers demanding AML fees, but have never seen a legit broker ask for anything like this. A legitimate broker might have to pay taxes on your profits in some countries, but should take that money directly out of your account and send it to the tax authorities. For example, I have some stock that pays dividends with a US broker. The default taxes on those dividends are taken from my account and sent to the IRS. Depending on what else is going on with me financially that year, I may have to send the IRS a little more or else ask for a small refund, but that transaction is directly between me and the tax authorities.
Another thing to consider. A well regulated broker is less likely to get itself (and possibly innocent clients) tied up in AML issues than a poorly regulated or completely unregulated broker. Yes, there are some poorly regulated and some completely unregulated brokers that never had these issues. Some treat their clients very well, but thing for a moment:
You are relying on the unmonitored honestly of the employees, managers, and owners of that broker. If new people come in, twhat was once a very nice broker to trade with could change very quickly.
Some very well liked unregulated brokers disappeared without warning. If you had money with one, your chances of getting your money back are a tiny fraction of the chances of getting your cash back from a well regulated broker.
