what happens after bank report you for paying in large cash sum ?

catskennel

My 86 yr old dad has early dementia and had a cash stash (doesn't trust banks) but he forgot where it was hidden and although we did find it he realised needed to be put somewhere safe. We brought the money home (do not live close) there was 18K about half in old £20's. Took to our bank who know us well as we also have a business a/c with them. Paid cash into our current a/c and transferred same amount immediately to mums bank a/c. The bank said they they had to fill in a money laundering report as it was over 5K. although we haven't done anything wrong now worried what will happen next, are we in any trouble ?

opinions4u

Unless you're a money laundering drug dealing terrorist absolutely nothing more is going to happen.

The bank said they they had to fill in a money laundering report as it was over 5K

The bank have tipped you off. The staff member concerned has acted criminally. While nothing will come of it, if they did the same to a real money launderer they could face upto five years in prison.

They should have said nothing!

MoneySaverLog

How do they know it's not money laundering drug dealing terrorist activity? How'd you prove where the money has come from?

opinions4u

MoneySaverLog wrote: »

How do they know it's not money laundering drug dealing terrorist activity? How'd you prove where the money has come from?

That's one for our law enforcers to establish if they see fit.

catskennel

Although there are a few cash withdrawal slips not enough to cover whole amount, his 'stashing' has been going on for years. I want to know what happens when the report is received by 'the authorities' (whoever that might be) will they contact us to investigate ?

antrobus

catskennel wrote: »

.. The bank said they they had to fill in a money laundering report as it was over 5K. although we haven't done anything wrong now worried what will happen next, are we in any trouble ?

What they mean is that your local branch has to fill in an internal report detailing the 'suspicious activity' which they will send to head office where someone will decide whether or no to report it to SOCA.

If you think about it, paying £18k in cash into a bank account and then immediately transferring £18k into someone else's bank account looks just like money laundering.

opinions4u

catskennel wrote: »

Although there are a few cash withdrawal slips not enough to cover whole amount, his 'stashing' has been going on for years. I want to know what happens when the report is received by 'the authorities' (whoever that might be) will they contact us to investigate ?

Are you expecting somebody to give you a step by step breakdown of how a money laundering investigation is undertaken?

Because you're not going to get it!

Which bank had this ridiculous conversation with you?

withabix

If your 86yr old dad is in a care home, you aren't guilty of money laundering, but you could be guilty of DEPRIVATION OF ASSETS.

catskennel

no he's not in a care home just getting a bit forgetful but my mum is with him so they are fine. just thought someone on here might know if we're likely to be contacted - it's not a problem really - was just a bit worried by what the cashier in bank said (I am a worrier !) The money is back where it belongs with my parents nothing to hide but could really do without the hassle at the moment

System

I would imagine that regular payments of 18k in cash would flag something up but as a one off I would not lose any sleep about it. You could have been saving it up over a while for a new car etc or be giving your mother a gift etc

withabix wrote: »

If your 86yr old dad is in a care home, you aren't guilty of money laundering, but you could be guilty of DEPRIVATION OF ASSETS.

If his dementia is in the early stages then a care home is unlikely, particularly since he has a partner.

MoneySaverLog

catskennel wrote: »

Paid cash into our current a/c and transferred same amount immediately to mums bank a/c.

Why was the money paid into your account first? Could it not have been paid straight into your moms account for some reason given her sort code and account number?