mypersonalassistantinuk.com

I'm sorry that both of you have found yourselves in this mess. Unfortunately, it could still get worse.

Banking laws are complicated, and different account types are handled differently. In some cases, people who received (and forwarded) money have gotten "lucky" and they have not been forced to return the money they sent on because the transactions were not reversible for one reason or another. But more often than not, there will be some kind of reversal and the bank will come after you for the entire amount of the transfers. Many banks will add fees or fines as well. If the transaction can't be reversed, that doesn't mean the real owner (or an insurance company that ended up paying) cannot file a lawsuit against you to recover it. So you do need to be prepared for the worst.

As far as incomplete transfers and new money you haven't withdrawn, that can generally be sorted without as much difficulty.

The bank can also refuse to reinstate your account. Based on their reports, you may find it difficult (or impossible) to open a new account at any legitimate bank.

The first thing that a bank/the police will look for is evidence that the account holder has knowingly participated in the money laundering, which is why it's important to provide as much paperwork as possible. However, the circumstances and features will speak for themselves. It isn't uncommon for a money launderer to be prosecuted and, of course, it will depend on whose money has been going through your account. That person/organisation will likely know your name and enough information to identify you and they have grounds to pursue you through the courts.

The bank itself is at risk of prosecution if they don't handle your account in strict accordance with money laundering legislation and it's unusual for your account not to be closed, and possibly blacklisted. Simply opening an account loses a bank money and involvement in police investigations, possibly requiring witness statements and handling the irate victims of theft makes your account toxic. It also gives the bank a bad name. If you unwittingly got involved in a similar transaction, the bank could well be in serious trouble itself.

The effect of losing your account and being blacklisted has serious implications as regards receiving any form of benefit payments, salary and simple tasks like holding a mobile phone contract which all become difficult if not impossible. Even indirect involvement in fraud would likely make it impossible to hold any job involving money - from accounting to working behind a till.

Banks aren't going to make their policies in these situations public and each case will depend on its own circumstances but it's important to be open and honest and provide as much detail as you can, and cross your fingers, because the consequences can be very serious. One UK bank stated that they shut 20,000 bank accounts a year and if they decide to do that you can't do anything about it.