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Author Topic: EU Banks Forced to Report Bitcoin-Linked Accounts Transacting Over €1,000  (Read 1498 times)
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July 02, 2015, 10:46:19 AM
 #21

Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.

We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared Roll Eyes

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July 02, 2015, 10:52:56 AM
 #22

it is because of money laundering that they are doing this, nothing else, and as long as you are recieving funds in your bank account, you can be tracked back easily, they don't trakck you only if your amount is so small that they will not bother with it

i think the time is near to start to use bitcoin directly and get rid of this problem altogether
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July 02, 2015, 11:05:29 AM
 #23

As long as you also have outgoing transactions (is buying bitcoin), you should be fine I guess.. If you start receiving yins of fiat out of the blue, ofcourse you are flagged..

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July 02, 2015, 01:05:50 PM
 #24

The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways.

Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.

We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared Roll Eyes
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.


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July 02, 2015, 01:16:01 PM
 #25

The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways.

Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.

We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared Roll Eyes
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.

Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.

Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.

It happened to me with my uk bank.

Better watch out

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Argwai96
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July 02, 2015, 01:19:55 PM
 #26

The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways.

Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.

We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared Roll Eyes
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.

Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.

Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.

It happened to me with my uk bank.

Better watch out

wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.

does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
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July 02, 2015, 01:25:01 PM
 #27

Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.

Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.

It happened to me with my uk bank.

Better watch out
I had a huge deposit after I sold 2 years ago, to a newly created bank account. Nothing happened.
I guess this just depends on where you are from. However, something is definitely up when you start receiving thousands and thousands of euros from Unicredit banka Slovenija d.d.. (or other, depending on exchange) Cheesy

wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.

does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I don't think that a normal flag would block your funds. However, if their fraud protection system picks you up then you might have to do some explaining.
I wouldn't know the exact procedure, as it is probably different in each country.


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acquafredda
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July 02, 2015, 02:23:17 PM
 #28

The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways.

Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.

We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared Roll Eyes
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.

Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.

Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.

It happened to me with my uk bank.

Better watch out

wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.

does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?

I had to go in branch to solve the issue. But I never used the word bitcoin...

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Ayle56
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July 02, 2015, 02:38:05 PM
 #29

Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.

Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.

It happened to me with my uk bank.

Better watch out
I had a huge deposit after I sold 2 years ago, to a newly created bank account. Nothing happened.
I guess this just depends on where you are from. However, something is definitely up when you start receiving thousands and thousands of euros from Unicredit banka Slovenija d.d.. (or other, depending on exchange) Cheesy

wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.

does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I don't think that a normal flag would block your funds. However, if their fraud protection system picks you up then you might have to do some explaining.
I wouldn't know the exact procedure, as it is probably different in each country.

I think they a system that adds up all the deposits you get each month, and if their combined total is over 1000 Euros, then your account is flagged. It's to stop people avoiding the 1000 Euro limit by trying to trick the system with numerous small deposits.
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July 02, 2015, 02:41:31 PM
 #30

To be honest this is nothing out of the ordinary for financial institutions. Paypal does something similar. I got a letter recently stating because I'd withdrawn over 1k euroes over x amount of months I had to send them ID or some other bullshit.
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July 02, 2015, 02:53:16 PM
 #31

so most likely they would flag you using their normal standard based on their protection systems, i thought some of this banks had a direct method now to flag bitcoin users, at lease is not a direct ruling against bitcoin users but those who are openly doing big bitcoin moves, which still fucked up.
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