Withdrawing large sums from a bank?

manhattan

Why is it that when you withdraw a large sum from a bank account the bank forward this info to various people?

When i took some cash out to purchase my car, the bank asked what the money was for and that they had to forward this info.

Robertpestonrules

My guess it is probably something to do with money laundering regs!! I was asked the question when I withdrew a chunk of savings to be sent to another bank account.

manhattan

Out of interest what is the cash withdrawal limit before they forward this info?

Not that i am planning on doing a bit of laundering

rebeccaj

manhattan wrote: »

Why is it that when you withdraw a large sum from a bank account the bank forward this info to various people?

more worrying is who they forward the info to

(big brother is most certainly watching you) :eek:

London05

Think it is up to £10K, firms have to register if they take this much cash, so most firms pay in under £10k at a time to get round it (oops Car Traders secret)

Have you thought they just really wanted to try and sell you something?

krystal-divination

manhattan wrote: »

Why is it that when you withdraw a large sum from a bank account the bank forward this info to various people?

When i took some cash out to purchase my car, the bank asked what the money was for and that they had to forward this info.

A few years ago this happened to me, i had told them i would be in to withdrawer a large ish sum they booked me in for appointment to come and withdrawer so they had the money ready and i took my passport and driving licence with photo ID on it .............. BUT they then said they needed to know what the money was for ! i thought that's very personal its my money after all, and i was told they would refuse to hand the money over if i didn't tell them so i said on fine i will call the police and report them for theft.

they handed the money over !!

so the next bank where i deposited the money i asked if they would be the same and they said no not at all.

Oh also they said the passport and driving licience were not proof of my ID
i said in amazement ........ look i am on the photos !!!

Mikeyorks

manhattan wrote: »

Out of interest what is the cash withdrawal limit before they forward this info?

The guidance is around €15,000 - which translates to around £12,000 at today's rate. Unlikely they 'report' anything except internally. They're supposed to report real suspicions to the Serious Crime office .... but hugely unlikely unless you're buying 10 'cars' a week!

mark99

I've dropped a large cheque into a bank to my personal account before (>£50K) and they asked "where is that from".

I said "I'm not telling you" and they still took it in - obviously.

Mark

manhattan

Sorry if i am a bit of a numpty but how does money laundering work?

I am not looking to do this of course, its just that i have always wondered how it really works.

amcluesent

>how does money laundering work<

Drug dealing results in huge amounts of cash, but in small denomination notes which are problem just in terms of the amount of space taken up.

'smurfs' are employed to pay the cash into bank accounts, but not in amounts or so frequently they arouse suspicion. Once the cash is in accounts, it can moved electronically through any number of intermediate accounts. Drug dealers also like to own business which generate large amounts of cash (i.e. clubs) so that the drugs money can be added into the takings and processed into the banking system. Pretty much any privately owned club will have a drugs connection.

manhattan

amcluesent wrote: »

>how does money laundering work<

Drug dealing results in huge amounts of cash, but in small denomination notes which are problem just in terms of the amount of space taken up.

'smurfs' are employed to pay the cash into bank accounts, but not in amounts or so frequently they arouse suspicion. Once the cash is in accounts, it can moved electronically through any number of intermediate accounts. Drug dealers also like to own business which generate large amounts of cash (i.e. clubs) so that the drugs money can be added into the takings and processed into the banking system. Pretty much any privately owned club will have a drugs connection.

I am not surprised with the above info. There are rumors that two people who own clubs in my area made their money through drugs before opening businesses.

"apparently"