If I am laundering money, this how I would do it
I would walk into a Walmart, request a MoneyCard. I would load some money on that card.
The Walmart, no credit check card is better than cash. If I have a duffel bag full of cash and I want to get it thru borders I can’t. Nor can I immediately transfer it anonymously to over 200 countries. But I can with the Walmart/MoneyGram tool.
All I need is two fake identities, one on each end of the transaction. Hence, one big reason for the demand for fake names, addresses, DOB’s, SSN’s, addresses, etc.
The Walmart/MoneyGram (they have a partnership that uses the moneygram system to send/receive money) “Location Finder” is their map of all the places I can transfer money to. Mexico for example, is a great place for my co-conspirator to pick up their cash.
The great thing about the Walmart MoneyCard, according to their card agreement, is that you can transact up to $2,999 dollars a day in transactions at any Walmart. Anti-money laundering sleuths at Walmart? Nope. I gave them the money, they took it.
Now I have a re-loadable cash card in a fake name, i transmit money to the accomplice, also equipped with a stolen name.
MoneyCard is issued by GreenDot Financial (Greendot issues the physical card and does much of the back end banking administration) according to their Investor Presentation “They Are Everywhere!” They boast that they have 100,000 “Nationwide Brick & Mortar Account Acquisition and Reload locations!”
Let’s do the forensics on my money laundering.
Advantages of the Walmart MoneyCard:
The card only charges a 3% “Foreign transaction fee”. Walmart does indeed have the best deals.
No mailed statements. As I will be using someone’s else’s identity , the accidental MoneyCard holder is never aware that someone opened an account for them since there’s no statement and no credit check.
There is also a strict warning that the MoneyCard can under no circumstances be used for several nefarious things, although none come even close to inferring my money laundering. It is the obligatory “You can’t do that!”that absolves the facilitating party from liability
I can withdraw up to $400 from an ATM and $1,000 from a Walmart register in a single day and $1,500 per teller transaction, unless otherwise indicated
The agreement clearly states: “You cannot sell or transfer your Card to anyone else, and it can only be used by you or someone you authorize. If you authorize anyone else to use your Card, you are responsible for all transactions made by that person.” I’m a criminal, so is my co-conspirator, that’s like saying if we rob a bank we are responsible for how the money is spent.
I might decide to give my business to Amazon Cash
in 2017 they began the rollout for the “No Credit Check Re-loadable Debit Card” with no ID required. Amazon has already constructed a large ecosystem to transact on my Amazon Cash card, it is available at tens of thousands of 7-11’s, Speedway’s, Game Stops, etc.
Amazon is always innovating to remove friction from transaction. If I use them, I don’t even need a name . I just hand some money to the 7-11 clerk (who is of course a highly trained money laundering specialist) and I’ve got a barcode on my burner phone. Booya!
Amazon is always looking for loopholes and friendly, look the other way, politicians. Presumably because of the enthusiastic acceptance of the Amazon Cash money laundering program in the States, two months ago Amazon announced that it will be launching the Amazon Cash high-fee-reloadable card program in their first overseas market, Mexico. That’s convenient.
For right now I am gonna do most of my money laundering thru Walmart, as they have the biggest international place for my co-conspirator to be on the receiving side of the money transfer. But, i’m gonna nibble with a little Amazon’s no credit check reloadable debit card.
P.S I am not money laundering. I was making a point