Suspicious bank wire transfers?

marveltoe

Hey all, not sure if this is in the right section. Maybe there is a finance forum of some sort?

Anyway i have a simple hypothetical for anyone who may be able to give advice on the matter.

Suppose a student has two bank accounts, the student may receive money from parents through one of the bank accounts and pursue getting an overdraft of a couple of hundred in another.
In both banks the student has declared they are a full time student and have no work, except for summer time when a couple of K may be raked in to pay for fees, accommodation etc (which may be evident on one of the accounts records), but nothing during the academic year.
Now suppose the student pays off the over draft, with a few surplus sheckles in the account, and then pursues to get a loan from the bank for lets say 2k, exclaiming it is for a holiday.

This is where things are unclear. The student may then move this to a new, non student account in a different bank (Should this be as cash and not transfer? Or maybe in multiple lodges?). Suppose the lump sum of money is then wire transferred to some European bank, and following this the money is repayed in the following month, would this be perceived as suspicious by the bank?

Would it be better for the student to repay the loan in one sum and simply say their parents covered the price of the holiday and repayed the loan?
Or would it be better to repay in small sums gradually over the course of weeks or even months?
If regained money was split between multiple accounts, may this look suspicious to banks? (Do banks communicate details of one persons accounts to each other)

Or would all this be naive paranoia, in such that these sums of money accumulated over the course of weeks/months (3k-5k) may be considered insignificant transactions?

Apologies for such a long hypothetical, but i have very little knowledge of finance or legalities.

Thanks in advance for any replies.

Warm Regards

M

Ms Minnie Mouse

Not giving advice here but in such a hypothetical situation alarm bells might go off for money laundering. All unusual transactions are monitored, traced and where appropriate investigated. Penalties are VERY serious indeed.