transferring high amount of riyals within saudi arabian banks

doctor sahib,

money laundering has become a serious issue after 9/11 and it is punishable offence under international regulations.

In principle you may only remit money outside any country where its source and legitimacy is clear and justifiable, and one can send only his or his close family member's money.

The US intelligence agencies have worked with most countries where terrorist, drugs, extortion  money was being sent through banking channels.

If your friend has this sort of money, he will also have the knowledge and the means to remit it.

My advise is " Do not even think about it"

Im asking about transfer with in the KSA. from saudi bank to saudi bank

riazcdki wrote:

doctor sahib,

money laundering has become a serious issue after 9/11 and it is punishable offence under international regulations.

I principle you may only remit money outside any country where its source and legitimacy is clear and justifiable, and one can send only his or his close family member's money.

The US intelligence agencies have worked with most countries where terrorist, drugs, extortion , money was being sent through banking channels.

If your friend has this sort of money, he will also have the knowledge and the means to remit it.

My advise is " Do not even think about it"

and obv its a legitimate money according to him.. and he just needs it to transfer to RIYAD bank thats why he needs my account. his is NCB

riazcdki wrote:

doctor sahib,

money laundering has become a serious issue after 9/11 and it is punishable offence under international regulations.

I principle you may only remit money outside any country where its source and legitimacy is clear and justifiable, and one can send only his or his close family member's money.

The US intelligence agencies have worked with most countries where terrorist, drugs, extortion , money was being sent through banking channels.

If your friend has this sort of money, he will also have the knowledge and the means to remit it.

My advise is " Do not even think about it"

I still feel money transfer from a saudi to a saudi bank will also raise the automatic alarm system " called cookies in money laundering terminology".

Why do you want to put your self into a situation where authorities (most probably) will come asking you and your friend for clarifications and documentary evidence for this amount and your accounts and movements will be closely monitored by intelligence agencies for years.

There is a famous saying in Farsi يك نه صد اسان meaning " say no once and save trouble 100 times"

even if its just 25k riyals??

riazcdki wrote:

I still feel money transfer from a saudi to a saudi bank will also raise the automatic alarm system " called cookies in money laundering terminology".

Why do you want to put your self into a situation where authorities ( most probably) will come asking you and your friend for clarifications and documentary evidence for this amount and your accounts and movements will be closely monitored by intelligence agencies for years.

There is a famous saying in farsi يك نه صد اسان meaning " say no once and save trouble 100 times"

some members just go off on tangents

My dear Doctor Sahib, Please look at the title of the thread, "TRANSFERRING HIGH AMOUNT OF RIYALS ", what comes in any body's mind after reading this!

Although I wanted to know the amount involved from the beginning, but it looked kind of odd if i had asked for this information.

A friend of mine who is in the business of laying underground oil pipes and cables , bought some used Caterpillar earth moving machinery on an on line auction in Canada, He sent USD 65,000 into his daughter's account who is there on a student visa. The next morning she woke up while SWAT team had broken the door to her flat, she was in their custody  for more than 24 hours while her laptop, mobile phone and every inch of the flat was searched and she was finally cleared and released.

Let us come to the conclusion:

The figure is USD 10,000 or its equivalent, if you are dealing in Saudi riyals allow a few dollar's margin for conversion tolerance. 

Thanks.

Oh my dear sister rareshine.. You are so innocent..

lol... Its  funny thread.

Hello all,

@riazcdki is correct, in most nations of the world any deposits, transfers or trying to bring currency in any amount in excess of US $10,000 or equivalent is an extremely bureaucratic process which ALWAYS involves the local tax authorities, possibly even Central Banks (if local banking legislation requires) and may even involve police investigations where there is even a remote suspicion of any kind of wrong-doing.

Certainly any such transactions must be clearly documented, the source of the funds must be clearly visible and legitimate, the purpose of the transaction is also going to come under scrutiny anywhere in the world because of anti-money laundering laws.

Cheers,
William James Woodward, EB Experts Team

Oh thanks WJ...at least some one understands the language I speak...Cheers

we all agree to you ! nobody denied what you said.. but I guess 25k SR (equal to 5000 usd) is not that much a big amount to be worried on.. plus I can assure the donor and recipient too.. 

riazcdki wrote:

Oh thanks WJ...at least some one understands the language I speak...Cheers

Being a banker, I would like to inform you that Central Bank has regulated the process, and high-value transfers are being reported. Bank's internal departments also keep an eye over these.
So if its good some of money, and your salary doesn't justify it you could land into problems