money laundering regulations etc etc

BASFORDLAD

I have seen a number of threads about people putting in large amounts or taking large amounts out by cash and having thier accounts suspended. Does anyone who works for either a bank/building society know what the sort of limit is for putting £cash in before suspiscions are raised on the system etc.

crispy_chris

It varies bank to bank, account to account, geographical location to geographical location.

And there is no way that anyone that works in fraud prevention should answer this question as giving out the banks fraud procedures would be very silly indeed

BASFORDLAD

I think your over reacting..(i am just asking as been making a fair of money recently and want to bank it but dont want any hassle)

jadex

it's not top secret that it is €15000 as a guidance
banks can though use lower thresholds

Mikeyorks

The indicative figure is €15000 for transactions. But a much lower figure (up to €1000) can apply if the Institution you're dealing with isn't fully able to validate your details.

ShelfStacker_3

BASFORDLAD wrote: »

Does anyone who works for either a bank/building society know what the sort of limit is for putting £cash in before suspiscions are raised on the system etc.

As I've explained in another thread, revealing the limit (if it was even known to most bank staff) on a public forum which could be read by actual criminals would be an incredibly, incredibly stupid thing to do.

tomterm8

BASFORDLAD wrote: »

I have seen a number of threads about people putting in large amounts or taking large amounts out by cash and having thier accounts suspended. Does anyone who works for either a bank/building society know what the sort of limit is for putting £cash in before suspiscions are raised on the system etc.

I guess it is no secret that most banks use fraud prevention measures that include data mining techniques which look for unusual behaviour. So even depositing a thousand pounds might trigger an alarm if it's unusual.

BASFORDLAD

a £1000, your joking!

JoeBloggs001

Probably my thread you read. Just had a nightmare experience but the

Bank involved really did make amends. I have also learnt to no longer

depend on just one banking service provider.

Got quite a bit experience in this area. Implemented a system for detecting

fraud and managing SARs for a major investment bank, allied with the SFO

(Serious Fraud Office).

Bottom line is that there are lots and lots of detection patterns. You really

can not pin point it to anything specific.

These fraudest can be very clever and the detection methods have to account

for that.

Extant

ShelfStacker wrote: »

As I've explained in another thread, revealing the limit (if it was even known to most bank staff) on a public forum which could be read by actual criminals would be an incredibly, incredibly stupid thing to do.

Criminals aren't stupid and can easily find out that you need to be registered with HMRC if you're accepting cash of £10,000 or above, casinos accepting €2,500 and above, etc.

Banks may operate different limits, but it's very easy to get a rough guide from just reading around.

This information is in no way going to assist money laundering, nor would knowing it really help you at all - there's a lot more to AML than just the transaction amount.

BASFORDLAD

Basically ive had an account opened for ages, never really used it then put 1k in this week and 1k last week now worried something is going to happen!