bank account red flagged?

tombow

hi
how much can you withdraw or transfer a day from your current account before it is flagged/red flagged?
thanks

chunkymonkey2144

how do u mean flagged?

pbw

sounds like someone is money laundering to me

reginaphlange

pbw wrote: »

sounds like someone is money laundering to me

Ywp, seems like a rather odd question to ask in my opinion.

tombow

money laundering?
how can you be money laundering,taking money out of your own account?-real question
not something i'd understand
what i mean by flagged is a friend told me that his bank had flagged his account and reported suspicious activity and made several phone calls to him when he had transferred out quite large amounts on consecutive days.
i had never heard of this before,just wondered what they considered large amounts.
read earlier somewhere there is a certain amount that automatically 'flags' your account

kingmonkey

Its probably a process to detect fraudulent activities. Its a safety feature.

Aegis

Anyone who knew this (i.e. a bank employee) and told you could feasibly be breaking money laundering regulations, so it's unlikely you're going to hear anything specific.

soulsaver

It may vary by bank (and maybe by client within bank) but my bank won't let me do withdrawals over £50k on online, it flags a message to contact customer service. It detects a series of smaller transactions too, but I don't know what the trigger value is. If it's a legal transaction why not just ask the bank?

Energize

By law any transactions over £9k have to be checked iirc.

http://www.hmrc.gov.uk/mlr/mlr8.htm#4b

nrsql

lol - wouldn't be very good protection if everyone new the details.
It depends on a lot of factors including the bank, account type, past usage, current environment, type/destination of transfer, ...

jamesd

Energize, that 9k is for transactions where there's no business relationship, which there is for a current account holder.

I haven't tried transferring large amounts, just 25k or so. A&L customer service couldn't meet their anti-fraud check requirements to do it on one day by phone so I did it over several consecutive days and asked them to make any other checks they needed so it wouldn't be a problem the next time.

The money laundering issue can arise where an account is compromised and money is transferred into it and then paid to a third party, concealing the original source of the funds. Many cash deposits (possible drug transactions or failure to declare taxable income) followed by electronic transfers are one pattern that could prove interesting.

A large amount can be anything out of your usual pattern of account conduct. That could indicate that your online access is compromised, say, so someone could be draining your accounts as fast as the bank will let them. A phone call can stop the fraud by ensuring that it's you carrying out the transactions.