Someone i know deposited a check of over 1 million dollars into his Chase bank account. And now apperantly he's being Audited or something. He has all the paper work as it was income from an investment overseas. But right now he cannot use any of his bank accounts until they are done. Does anyone know how long it usually take?
What to do in the future to avoid this?
I'm not very familiar with US laws.
Thanks
Is he a Nigerian prince?
No, Middle eastern friend.
lol isn't this what wire transfers are for?
Blame his private banker for lack of due diligence
LMFAO first of all, the govt are probably going to analyze every $100K block of it to make sure it's legal and he didn't make it through some illegal Saudi arms deal. THAT itself would take a long ass time unless they were easily able to verify how he made that money.
He really should've just deposited that shit in smaller blocks. Unless, of course, he or you or someone you know simply wants to know the reality of depositing a million dollars because he wants to tell some chick "hey, guess what? i just deposited a million bucks and it's gonna take an x amount of days... blah blah" just to seem legit :P
From what i understand every $10,000 raises a red flag? wouldnt depositing under 10,000 multiple times make it more suspicious
both are equally suspicious. the same 'red flag' is raised either way. if the bank doesn't report it, they are breaking the law. and so you know, you can be reported to the feds for any deposit or series of deposits that seems suspicious as well as any activity that is outside the norm for an account. i had a large institutional account get flagged on Friday by our anti-money laundering dept. Their account was frozen for only a few minutes though. Our back office does the due diligence to figure out if its sketch before reporting to the feds so my clients account never got frozen. Unfortunately I don't think retail banks follow the same procedure.
Thanks man.
His fault for handling this the sketchiest way humanly possible. Why would you not wire it? Who the fuck walks into a branch with a million dollar check.
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