How would the bank react to/handle you becoming crypto rich in a a few days and trying to desposit tens or hundreds of millions after cashing in?

Question

Surely if you just dropped 100 million in, something would happen.

In: Technology

Answer 1

In most countries, the bank will tell the government about it automatically.

When you sign up for the bank account, you had to give a lot of information and some form of ID. This is known as KYC, Know Your Customer. These details are kept by the bank for situations like this.

They don’t report every transaction you make, but certain suspicious or large transactions will be reported to the appropriate authorities, usually the part of the government handling tax evasion or money laundering.