[Question] Is it okay to accept money on behalf of family in the U.S. and wire it to them internationally?

I’m a college student and my close uncle (yes actually) that lives abroad sometimes asks me to accept money on his behalf here in the US and send it to him, or use it towards car auction payments etc (just started few months ago, maybe once a month or two months).

He does a lot of things including currency trade, automotive resale etc. How it works is that someone who needs native currency in uncle’s country ASAP, but is U.S. based would contact him and get an ex rate. The U.S. customer would then send me a cashiers check and I deposit it in my account… then i either send my uncle the money or handle some things for him here. The reason he doesn’t get it wired to him directly is to preclude wire dispute fraud. The highest I’ve ever received and sent to him is around 40k USD. The bank teller Im pretty sure suspects I’m a money laundering victim or something, but she just warned me saying it doesn’t look so good with me being in college and not having any income to justify that movement of funds.

I’m not profiting and the money Isn’t mine so I don’t think theres any tax issue.

Im not doing anything wrong i think, but

1.) what do you guys think i should do to protect myself,

2.) and is it okay for me to state the reason I’m wiring the funds is because of a currency swap that happened? Like, would the bank not let me do the wire for that actual reason as explained above in the future?

Thanks!

 

ANSWER 1

I’m not profiting and the money Isn’t mine so I don’t think theres any tax issue.
Im not doing anything wrong i think, but
1.) what do you guys think i should do to protect myself,
2.) and is it okay for me to state the reason I’m wiring the funds is because of a currency swap that happened? Like, would the bank not let me do the wire for that actual reason as explained above in the future?

Umm, where to start. Money laundering, potential funding of terrorism, violating foreign exchange regulations, tax evasion, violation of visa restrictions

What do you guys think i should do to protect myself? 1) Stop accepting money on behalf of your uncle into your US bank account. 2) Consult a local lawyer. 3) Hope that your previous bank account fund transfers haven’t yet triggered any official investigation. (If your uncle is located in one of the ‘stans, then you may already be on a three-letter agency’s radar.)

Yeah it’s hard to see how this level of runaround is in front of anything legitimate. This is an absurdly tangled web.

damn, 1.) money isnt be wired to me 2.) cashiers check are legit i’m sure and 3.) its not a frequent thing and no profit involved.

All I’m worried about really is if there’s some kind of foreign ex regulation as you’ve mentioned since that would be the reason for the wire etc.

Weird. BSA AML is usually over aggressive yet some how you haven’t warranted their suspicion or maybe just not enough to lock your account. I suggest you stop. Your rationale is not correct.

 

ANSWER 2

If I were you I would not do it, and here’s why. If someone tries to defraud your family member, and it’s done through your account, you will be legally responsible for the loss, not your family. Any money deposited to your account (cash and wires excluded) can be reversed if the transaction is fraudulent, this includes checks, cashier’s checks, ACH transactions, and other payment channels such as Venmo, PayPal, etc. Each of these payments types has differing periods of time in which they can be reversed. In the case of an altered check it could up reversed up to three years later. If you have already wired the money to your family, then when/if a deposit is reversed, you are the one whose account has taken the hit. Your family may have the best of intentions, but unfortunately good people are scammed all the time, are you willing to put your financial well-being on the line to help out your family in this way?

What’s your explanation going to be to the IRS about the funds coming and going out of your bank account constantly?

 

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