I don’t think you understand. Banks (or anyone who accepts large amounts of money) has a duty to have some idea of where that money comes from. There are anti money laundering laws.
Go open a bank account right now and try to deposit a briefcase full of $50,000 in cash and see what happens. You might, maybe be able to do it, but there will absolutely be questions.
This happens with cash too. If you take in a bunch of cash, you have a duty to know what it’s from so that you’re not facilitating terrorism or crime or subverting sanctions. In fact, of you handle cash or finance, you generally have to take training on these laws every year.
This thing is the definition of money laundering and was known for exactly those problems.
He’s taking a fee in order to launder your money.