Money Laundering: How can I receive large deposits into my bank account while complying with source-of-funds checks and regulations?

The answer varies, but most likely it leans towards a "No".

Your answer can depend on a lot of information that we don't have, for example:

• The Country in which you Bank.
• The type of Bank Account
• The Country from which funds originate (if any)
• The type of deposit (wire transfer, cash deposits, checks, etc.)
• The frequency of deposits
• The value of each deposit on average
• The limitation on your account with respect to deposits (if any)
• The limitation in your country with respect to large value payments/deposits.

Banks have a legal duty to comply with their internal AML/KYC/CFT control manual as well as the baseline minimums set out by the regulator. So for example if any deposit (be it cash, wire or check deposit), exceeding US$ 10,000 is made, the bank would report it regardless.

If the limits in the system are flagged, you will be asked for it. All the time. There is no pass. If your answers to the questions that the bank may pose to you are not to the satisfaction of the Risk & Compliance Officer or the MLRO, they will deny you banking facilities.