Do banks in 0% tax countries ask about source of funds?

[Fred]

This is just blind faith. Trust me, they are fighting in this game and it will become harder and harder to be a so-called ghost in the UAE banking system. And once you get questions asked, better be prepared.

P.S. I suppose you know about new goAML implementations? Why do you think they are implementing new rules? Do you really think they don't care?

https://www.economy.gov.ae/english/Media-Section/News/Pages/NewsDetails.aspx?ItemID=960


For example, in Vanuatu, the regulations do not allow offshore banks to open accounts for Vanuatu residents, so this comparison is useless.

@BlueMist mentioned everything with an example from the practice and from a neutral point of view.

 

[Gediminas]

Well, we have clients who run 7 figures in the EU banking system and basically no questions asked, but this doesn't say it's a rule-to-be for everyone else. It very much depends on personal circumstances.

What I am saying, just be aware. You can not put a blind eye on this and make this your USP, because eventually someone will get hurt and they will blame you.

Peace bro.

 

[11111]

What you're doing is a violation of the terms and conditions of YouTube and other social media platform. This puts you at risk of litigation or otherwise being shut down, which puts your entire business at risk. This in turn makes you a high-risk client for the bank.

No bank is going to tolerate the setup as described. You will need to re-structure it in a way that keeps the bank away from the illegal/dodgy stuff.

What terms and conditions are violated?

Users are allowed to promote their videos or websites and get traffic from external sources. Google care about making money and if a someone buys 100,000 clicks to his channel and 10,000 stay and watch ads they are very happy. You can promote whatever you want on the web as long as the product or content is legal.

But anyway the question was if its illegal to not to KYC to every customer that wants to buy.
People go to supermarket and pay cash without going through retina scan and get a recipt without knowing their name, so whats the difference?
I suppose the only thing the bank can do is not accept the money.

 

[JackAlabama]

What terms and conditions are violated?

Users are allowed to promote their videos or websites and get traffic from external sources. Google care about making money and if a someone buys 100,000 clicks to his channel and 10,000 stay and watch ads they are very happy. You can promote whatever you want on the web as long as the product or content is legal.

But anyway the question was if its illegal to not to KYC to every customer that wants to buy.
People go to supermarket and pay cash without going through retina scan and get a recipt without knowing their name, so whats the difference?
I suppose the only thing the bank can do is not accept the money.

No, this is not illegal. You are not required to k¥c your clients to no end because of peanuts and make your users tell you their sex wishlist, income, and favorite colors of their underpants etc.. Gold dealers do that as well and just write e.g. customer in the address field.
Especially if you are not selling very high tickets each time.