One of my best friends asked me this recently and i didn't have the answer.
He buys from dnms around twice a month and he uses his credit card to buy BTC on coin.mx (the bank sees this as a collectables club, not a BTC website, apparently). He's been getting worried lately because the amount of money he's making from selling certain (legal) research chemicals is growing quickly. He keeps most of the money as cash just to be able to buy whatever he wants (food, musical instruments, hotel rooms occasionally. just random stuff), but he deposits a few hundred into his bank account maybe 1-3 times a month to buy BTC which he tumbles and then sends to markets.
So, for a 20 year old kid, how suspicious is it to deposit maybe 200-400 dollars into a regular bank account 1-3 times a month? This kid is a saxophone player for a band that plays around town pretty regularly so he was pretty sure he could use that as an explanation, but i'm not sure about that and i don't want to give him bad advice.
How do banks go about reporting suspicious activity and what is considered suspicious? Also, is being in a band a good enough excuse? He doesn't have a job otherwise, but he considers music his job. We were just thinking it might be weird to be making thaaaat much money from a jazz band.
What do you guys think? Does anybody have any experience with this or know anyone that does? Any advice/response is appreciated.
And this is the part I lost it at lol
That is probably average for a kid his age. I was 16 depositing that EVERY week from my job in high school.