Help asap Capital One sent AML Notice

[CreditCuriosity]

No rant at all.  Just stating the facts that we don't have a silver bullet to solve this issue.  All speculation of likely what is happening based on what transpired so far.  Best of luck to you.

[NoHardLimits]

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@SaintSeiya wrote:

I received the following from Capital One. What happens with a AML review? Do they go over your transactions inquirying why the amounts were large or will they ask for bank statements and or tax documents or is it a simple yes and no answer?

As part of our efforts to comply with federal law, we gather, maintain and periodically update certain
information about our customers. We took a look at this account and noticed that some information needs to be confirmed.

• We'll need to hear from you by or this account could be restricted.

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You have 3 options:

1.  Contact C1 as they have requested, and answer their questions honestly.  C1 may or may not decide to take adverse action.

2.  Contact C1 as they have requested, and answer their questions dishonestly.  This would be considered fraud and could go very badly for you in the future.

3.  Do not contact C1.  C1 has already told you that ignoring them could cause the account to be restricted.

You seem to have chosen a 4th option...  join an internet forum about FICO credit scores, and then display aggression towards forum members who cannot provide you with a cut and dry answer to your problem regarding money laundering appearances.

Anti-money laundering is something that banks take very seriously.  They can incur harsh penalties if regulators believe they are not doing a good job of spotting AML.

[AndySoCal]

@SaintSeiya Anti money laundering is something bank and credit unions take very seriously. I would encourage you to call Capital One and answer their questions. Not responding to their questions is not a path you want to go down.  This will result in the closure of all your accounts. As you have stated several times in this thread you have done nothing wrong. If you provide all the information they need they should arrive at the same conclusion. 

[Varsity_Lu]

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@NoHardLimits wrote:

You have 3 options:

1.  Contact C1 as they have requested, and answer their questions honestly.  C1 may or may not decide to take adverse action.

2.  Contact C1 as they have requested, and answer their questions dishonestly.  This would be considered fraud and could go very badly for you in the future.

3.  Do not contact C1.  C1 has already told you that ignoring them could cause the account to be restricted.

You seem to have chosen a 4th option...  join an internet forum about FICO credit scores, and then display aggression towards forum members who cannot provide you with a cut and dry answer to your problem regarding money laundering appearances.

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Logic. Why don't they teach this in school anymore.

[Varsity_Lu]

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@SaintSeiya wrote:

What is the point of this forum uf everyone here can just use chat got and call their creditor? 🤡 I guess it seems like a waste of time to come here! Plus stick to the topic at stand instead of going on an unhinged rant.

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You asked a question about what happens during an AML inquiry,  but since most of us on MF don't launder money by sending $50k per month through PayPal, we don't know. So, we tell you to be honest with Cap One and comply. Don't get pissed and blame us when you receive the correct answer.

[Jnbmom]

Seriously OP.

AML  anti money laundering letter is serious instead of arguing with people on a public forum who are only giving you suggestions , you can call Cap1 and comply or you run the risk of having your account closed .

pretty simple 

[JoeRockhead]

The reason you're not getting any specific answers to your question is because no-one outside of the person(s) at Capital One who is going to ask the questions, knows the questions, or what they might specifically require from you to satisfy their investigation, and obligations. They're purely trying to assess the legitimacy of the transactions. So, for kicks, the questions they're highly likely to ask are:

• What are the source(s) of your funds/income?
• Self employed? what do you do, nature of your business?
• Employed, what's your position, how long have you been there, and name of employer?
• Can you provide proof of, Identity, address, employment etc.
• What is the purpose of these transactions?
• Why the frequency of the transactions?
• Have you ever been involved in any investigations related to financial crimes?
• What's the relationship between you and the recipient(s)?
• To your knowledge, have any of the recipients of the funds been involved in investigations of financial crimes?

They may also ask you for documentation to back up your replies in addition to the ones mentioned above: Tax documents, bank statements etc...

They might not have any specific rules against PayPal transactions in their cardmember agreement, or the use of PayPal in general.  Obviously there was something either involving the amounts and/or frequency of the  transactions which tripped either theirs, or PayPal's AML algorithms.  Lenders, along with PayPal have an obligation to adhere to federal AML regulations specifically where it pertains to mitigating the risk of providing an avenue for ML activities.

Once they restrict your account(s) it can be very difficult to get them unrestricted.

Hope this helps, best of luck.

Warm regards

Joe Rockhead, Clown Department Volunteer

[GreatLife]

Did the folks on Reddit answer your questions?

https://www.reddit.com/r/CreditCards/comments/1hwyjts/help_asap_capital_one_sent_aml_notice/?rdt=585...