Financial gift

CLAPTON

tyllwyd wrote: »

Well if they don't flag up a one-off transfer of £100K from one person to a different person, you would have to wonder what they would flag up?

if indeed they did freeze every a/c that had 100k transaction then the banking system would completely collapse.

tyllwyd

CLAPTON wrote: »

if indeed they did freeze every a/c that had 100k transaction then the banking system would completely collapse.

I didn't say freeze account - I said flag up. So are you saying that if you had a normal personal current account with normally a few thousand pounds going in and out, that if you received £100K from another personal account there is absolutely no danger of the bank picking up on that as an unusual transaction?

dzug1

They will pick it up, and quietly tell the moneylaundering authorities who will record it and do nothing unless it becomes a frequent occurrence. There's a paper trail, which removes a lot of potential suspicion.

There'd be far more of a problem if it were in cash

CLAPTON

tyllwyd wrote: »

I didn't say freeze account - I said flag up. So are you saying that if you had a normal personal current account with normally a few thousand pounds going in and out, that if you received £100K from another personal account there is absolutely no danger of the bank picking up on that as an unusual transaction?

my understanding is that if money laundering is suspected then the a/c is frozen without consulting the a/c holder; indeed I was under the impresssion that warnign a suspect was a criminal offence (but not an area of any real expertise)


one of my a/cs was frozen transferring £3000 from one savings a/c in my name at halifax to another in my name at halifax so no, I can't say 'absolutely no danger' about money transfer but merely that moving relatively large sums of money is actually very common and frequent.

I'm also unconvinced that phoning your bank to tell them you are going to make a transfer would make any difference.

John_Pierpoint

When 50k went through my son's Sainsbury's account - I think they thought he was a drug dealer.

Perhaps that sort of money originating in Essex and going to Nottingham triggered off something in the bank's algorithm.

tyllwyd

CLAPTON wrote: »

... I'm also unconvinced that phoning your bank to tell them you are going to make a transfer would make any difference.

Yes, you are probably right about that.

When we did our house extension a while back, we received about £60K from a re-mortgage, which I moved into a savings account in a few chunks (because I was paranoid about it going missing) and then moved back to the current account when it was needed to pay the cheques to the builder as we went along. I did worry that it was very unusual activity for our account - at least we did have a full paper trail for the money and we didn't have any problems but I do wonder if they noticed somewhere behind the scenes.