This is common in banking all over the world. Governments usually force the banks to ask, supposedly to help combat terrorism and money laundering. Almost all large western linked banks follow the same protocols, though more local/regional only with limited national/global footprint banks may not.
The banks aren't asking why in order to deny you access to your money, the banks are asking you why to see if they need to file a report to the government on a suspicious transaction. The bank will not inform you if they are filing a report to the government and in fact informing you is against the law, typically.
This is so the government can check up on you to see if you're doing anything you aren't supposed to be.
If you refuse to give a reason, they may just report you to the government also.
Just say you're heading to the casino with some friends and you're going to play some high stakes poker. It's not something that's deemed culturally "good" but it's a legitimate reason for needing a large sum of cash.
If you're withdrawing over $10,000 in cash, it doesn't matter what your reason is, it's automatically reported to the government and has been for years.
Governments usually force the banks to ask, supposedly to help combat terrorism and money laundering.
If governments gave a fuck about money laundering and terrorism, they wouldn't spend so much money supporting both. Fundamentally, it's about denying the ability to move outside of the financial or currency system. They want your money tracked to control you: simple as.
It's like the ATF saying they are enforcing some gun policy to make sure dogs don't get shot.
If governments gave a fuck about money laundering and terrorism, they wouldn't spend so much money supporting both.
That's because you're missing the quiet part. They care about combating terrorism and money laundering that you might engage in. It's about fighting against competition, not about a principled stance.
This is common in banking all over the world. Governments usually force the banks to ask, supposedly to help combat terrorism and money laundering. Almost all large western linked banks follow the same protocols, though more local/regional only with limited national/global footprint banks may not.
The banks aren't asking why in order to deny you access to your money, the banks are asking you why to see if they need to file a report to the government on a suspicious transaction. The bank will not inform you if they are filing a report to the government and in fact informing you is against the law, typically.
This is so the government can check up on you to see if you're doing anything you aren't supposed to be.
If you refuse to give a reason, they may just report you to the government also.
Just say you're heading to the casino with some friends and you're going to play some high stakes poker. It's not something that's deemed culturally "good" but it's a legitimate reason for needing a large sum of cash.
If you're withdrawing over $10,000 in cash, it doesn't matter what your reason is, it's automatically reported to the government and has been for years.
It's also a felony to make smaller transactions totaling > $10k with the intent to avoid reporting regulations.
Last year I withdrew my entire account (over $50,000) in $3,000 increments. The reason I gave was "fuck banks".
This. It's the same as airports. More than $10K and you get reported.
If governments gave a fuck about money laundering and terrorism, they wouldn't spend so much money supporting both. Fundamentally, it's about denying the ability to move outside of the financial or currency system. They want your money tracked to control you: simple as.
It's like the ATF saying they are enforcing some gun policy to make sure dogs don't get shot.
That's because you're missing the quiet part. They care about combating terrorism and money laundering that you might engage in. It's about fighting against competition, not about a principled stance.
I tell them i am buying crack everytime they ask.
Some laugh some don't.