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Money laundering?

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Money laundering?

Postby miriampotter » Tue Apr 01, 2008 9:53 am

Hello

I used to run a paid to surf program, but due to having naff programmers, and being hacked, the program was closed.

Now although the site went down over a year ago, I still want to pay back the members their due.

I have been promoting 'The Private Millionaire' (url is below) and the funds are beginning to come in. Now once I have several hundred $$ come into my paypal account, will it be OK, for me to send it to my bank account, and then buy it as egold money via the London Gold Exchange and put it into my egold account, to pay the members back, or would that be money laundering?

I want to keep above the law, but also want to pay the members back.

Please advise, thanks.
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Postby nar321 » Tue Apr 01, 2008 5:37 pm

If it where me I'd seek Legal Advice from a lawyer
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Postby miriampotter » Wed Apr 02, 2008 4:11 am

Hello

Thanks, I have been told by a friend, who used to run a site like mine it is!
So I won't do it, thanks for your feedback on this.
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Postby karynsolo » Mon Apr 07, 2008 12:33 pm

egold is being used by scammers for money laundering schemes all the time. Your best bet is to use the straightest route to paying our customers back as possible. You can put the money into your bank account but then pay them with your paypal account for those who have paypal or send a check to those who do not. You need to track that money coming in and going out and never co mingle the funds. Meaning do not have them go to a personal bank account unless it has a dba attached to it and then go out to customers, use an account that has your company registered to it.

I admire you in wanting to make good on old bad debts many companies simply fold up shop and are never heard from again and do so owing people for product that was bad or not delivered at all. You are doing the right thing just do it in a way that is legal and will keep the whole thing respectable.

I would also go a step further and send the money with a nice letter explaining why they are being refunded and how sorry you are that it has taken so long. It is a nice added touch and I think would go a long way compared to a mystery refund being sent without explanation.
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Postby miriampotter » Tue Apr 08, 2008 4:55 am

Hello

Thanks for your advice.
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Postby topearn » Tue May 27, 2008 8:27 am

IMO, I think you just go ahead to buy egold and pay off your members. Afterall is is just few hundred bucks and you have many members, so on average you are probably paying each member $20. Just put a note on the egold spend that is refund.

It is ridiculous if the authorities accuse of your money laundering as the amount will be much much more, say few thousand bucks per person, but here you are just paying people a small $20.
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Postby miriampotter » Tue May 27, 2008 9:44 am

Top earn

Good idea in theory, but I don't have the money yet, and the terms stated we don't give refunds! but I see where you are coming from.

My guess is that money laundering is more for big figures, rather than small, thanks for your input.
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Postby alexc » Thu Jul 31, 2008 12:08 am

I have never used eGold before so I'm not exactly sure of how they operate, but the things that you are doing that are likely to call attention to your transactions are transferring funds through multiple accounts, and changing the currency format in the process. Further, it seems likely that you will be moving funds internationally, and that will be a really big red flag for any financial analyst that may investigate this activity. However, unless you are talking about literally tens of thousands of dollars, you aren't likely to catch anyone's attention, and even if you do, you will have records of each transaction.
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Postby miriampotter » Thu Jul 31, 2008 3:14 am

Alex C

Thanks for that.
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Postby robert adams » Thu Jul 31, 2008 10:15 pm

I am curious why you would want to run it through egold to start with.
why do the extra step?

you can pay anyone with an email address using paypal.

robert
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Re: Money laundering?

Postby Lucidboomer » Wed Nov 26, 2008 5:26 pm

Pardon me if I seem confused. But "money laundering" is taking money that was earned illegally and then moving it through a number of mechanisms to obfuscate its origin. So are you saying, then, that you earned this money illegally to begin with?

It's very simple. Either you earned the money legally or you did not. If you earned it legally then nothing else you do to it will change its nature.

:?:

miriampotter wrote:Hello

I used to run a paid to surf program, but due to having naff programmers, and being hacked, the program was closed.

Now although the site went down over a year ago, I still want to pay back the members their due.

I have been promoting 'The Private Millionaire' (url is below) and the funds are beginning to come in. Now once I have several hundred $$ come into my paypal account, will it be OK, for me to send it to my bank account, and then buy it as egold money via the London Gold Exchange and put it into my egold account, to pay the members back, or would that be money laundering?

I want to keep above the law, but also want to pay the members back.

Please advise, thanks.
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