ATM withdrawal information processing

[Educate]

If a person who is resident of country X uses a debit card to withdraw large amounts in country X from his or her offshore account, will country X somehow get this info?

Let us say the person uses bank ATMs of 3 banks to withdraw this money.

These bank ATMs obviously see this information that user "XXX YYY" has withdrawn a certain amount.

Do they process this information somehow and give it to local government instutions?

Or are ATM withdrawals pretty much safe?

 

[extremedox101]

i would like to hear if someone did a research but i think ATM'S are the most anonymous way in banking .

 

[JohnLocke]

As long as you can avoid the surveillance camera's around most ATM's (not all) it is the most anonymous way to withdraw money and use anonymous debit cards if such still exists.

 

[Educate]

Surveillance does not matter. If you are using your own card it isn't important. It matters for those who steal or use other people's cards. I'm talking about electronic processing of data. Do you know if when you withdraw via ATM the bank gets information of the user who holds the card? Do electronically they see name, surname, card ID, expiry date and 3 digit code? Or is name not processed?

The goal is to avoid having a large electronic paper trail with your name upon high ATM withdrawals.

 

[Martin Everson]

If you use an offshore card in your name, in an ATM in your country then yes their is a paper trial. People have been caught through atm transactions being monitored.

 

[Educate]

If you use an offshore card in your name, in an ATM in your country then yes their is a paper trial. People have been caught through atm transactions being monitored.

Could you let me know more about such cases?

 

[Martin Everson]

Could you let me know more about such cases?

Speedboat among £5.1m of assets seized in tax fraud investigation
Speedboat among £5.1m of assets seized in tax fraud investigation

Dutch prosecutors said they had arrested a British woman, 46, as a result of the probe, which was triggered after she and her 51-year-old Dutch husband withdrew more than 300,000 euros in cash with credit cards linked to offshore account

Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts
Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts

The United States petitioned the U.S. District Court in the Western District of Texas to authorize the summons at the request of the government of the Netherlands under a treaty between the Netherlands and the United States. The treaty allows the two countries to cooperate in exchanging information that is helpful in enforcing each country’s tax laws. The IRS summons seeks the identities of Dutch residents who have debit or credit cards linked to bank accounts located outside of the Netherlands so the Dutch government can determine if those persons have complied with Dutch tax laws. request is based on the Netherlands Tax and Customs Administration’s (NTCA) Payment Card Project, in which information on the use of payment cards (debit or credit) issued by financial institutions outside of the Netherlands can be used to identify non-compliant Dutch taxpayers.

Even a EU PSP I used to do some work for was asked to provide all card transactions for clients of country XX. So this sort of fishing and investigation is very common. It is really only reported in the press when it involves large clients.


Have a read of the below book to help you ;-)
https://verafin.com/wp-content/uplo...activity-reporting-for-dummies-DE-Verafin.pdf

 

[Educate]

So that means you have to use a card that isn't on your name...

 

[Martin Everson]

Yes but a photo trail will be left. ATM's have camera's and streets have cameras. You can thank terrorist financing for bringing this all into play.

Look at this interesting video if your every stopped and they ask for you mobile phone its game over...lol. Welcome to the police state.

 

[Educate]

Yes but a photo trail will be left. ATM's have camera's and streets have cameras. You can thank terrorist financing for bringing this all into play.

So? Nobody checks it automatically. Only if someone reports a stolen credit card. It is not a problem if person sanctioned you to use card or you are using your own.

All of this relates to AUTOMATIC flagging of information via electronic means. I'm not talking about stealing or doing fraud here. I'm talking about ATM withdrawals of large amounts, but from LEGIT income. All that interests me is AUTOMATIC FLAGGING RISK.

As far as I see it, if your country has a system that somehow detects large amounts of ATM withdrawals from a single card (doesn't matter if local or overseas entity) it somehow flags the card or transactions. So the goal is to go under this flagging amount and use different bank provided ATMs for random withdrawals.

 

[diablo]

Surveillance does not matter. If you are using your own card it isn't important. It matters for those who steal or use other people's cards. I'm talking about electronic processing of data

well well, if you have a card that is real and issued with darks it matters

 

[Educate]

How does it matter? If those people don't say you stole their card, nobody will check surveillance. It is an active action taken when there is a reason. All I care is how automatic processing and flagging works.

Does anyone know what information gets transmitted electronically via ATM system every time a cash withdrawal is made? Probably sum, name, card ID, expiry date and CVC? Or is name not transferred? If name is not transferred then this is not a problem at all, but I have suspicions that card holder name gets saved electronically and if, let's say, Bank X sees that person ABC withdrew 10'000$ 4 times per month from their ATMs this info gets flagged automatically and they forward this information to respective departments.

Am I correct in this assumption?

 

[Martin Everson]

@Educate Frankly you would be naive to take the route you are planning. You seem like another person who wants reality to conform to your illusion. Good luck.

 

[Educate]

Martin, can you tell where the problems are? Be specific not vague please.

 

[Martin Everson]

Martin, can you tell where the problems are? Be specific not vague please.

The problem is with the WHOLE idea below...lol

If a person who is resident of country X uses a debit card to withdraw large amounts in country X from his or her offshore account, will country X somehow get this info?

You obviously didn't read the article I posted or want to accept reality. I cannot give you a false sense of comfort with doing this. So please go ahead there is no problem with your idea...lol. Happy now?

 

[Educate]

No, you did not give me an answer on the technical procedure and electronic data that is being transmitted via automatic bank systems. I'm not from the country those people are. And if these automatic flagging systems work, then give me details please, who sets them , what amounts, under what circumstances, etc...

Nobody needs vague statements, only specifics.

 

[extremedox101]

check google books you may find useful info .

 

[Martin Everson]

No, you did not give me an answer on the technical procedure and electronic data that is being transmitted via automatic bank systems. I'm not from the country those people are. And if these automatic flagging systems work, then give me details please, who sets them , what amounts, under what circumstances, etc...

Nobody needs vague statements, only specifics.

I told you to go ahead with your plan...quit complaining...lol

Please explain why you think you won't get caught?

 

[Educate]

Caught doing what? Withdrawing legally earned money with ATM?

Explain me how a person "gets caught" using his card in ATM?

Elaborate on the electronic systems used for data processing and automatic flagging of certain transactions.

 

[Martin Everson]

Elaborate on the electronic systems used for data processing and automatic flagging of certain transactions.

I think you came to the wrong website...lol.

The website is called offshorecorptalk and you made a post in "offshore company formation" forum. I don't mean to be offensive but a little commonsense would be nice for you to use once in a while. Your post is off topic. I don't think this is the best place for IT questions to be answered? If the answer is not what you want to hear and you want to keep asking questions....go ahead.

I won't reply any more to this thread...lol. Your only interested in the answer you want to hear.