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

antrobus

MoneySaverLog wrote: »

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?

Well yes, but I doubt it would have made a difference. Someone other than the account holder depositing £18k in cash into an account looks like money laundering too. In fact, simply paying £18k in cash into a personal bank account would almost certainly trigger a report to compliance in any bank.

But, as has been said, there isn't anything to get too worked up about. It's not uncommon for OAPs to go a bit doolally and start hoarding cash in their sock drawers or whatever. The bank cashier concerned will write it all down in his report, customer well known, transferring cash hoarded by aged P suffering from early dementia, etc etc. Report will probably just be filed away together with the half a dozen or so similar reports received that week.

MoneyMagic01273

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 ?

The bank broke the law here, advising you of this - so they should be the ones worried, not you..

pinkdalek

If you have nothing to hide then what are you getting worried about?

A financial organisation has a legal obligation to report anything they may feel is suspicious or appear to money laundering. Failing to do so can have repercussions on the bank and the staff member involved.

Lith

And yet... this is why having more than 1 account is good,

18K you say ?

then should of added 5k and another 5k to different accounts 'to avoid the form'

then the rest to a savings account multiple accounts

(spread even on them)

It's what i've done for years and no hassle.

(and before any good citizen b!tches no im not money laundering or drug dealing etc) lol

JuicyJesus

Lith wrote: »

then should of added 5k and another 5k to different accounts 'to avoid the form

First of all, it's "should have" not "should of".

Secondly, are you seriously suggesting a member of bank staff should have assisted their customer in evading money laundering checks?

Lith

JuicyJesus wrote: »

First of all, it's "should have" not "should of".

Secondly, are you seriously suggesting a member of bank staff should have assisted their customer in evading money laundering checks?

should have should of would of ? :rotfl:

meh im only human after all.. simple type mistake.. but thank's for pointing that out 'Teacher' love you loads ok?

Am i seriously suggesting? well no... but im saying what i've done for YEARS no hassle nothing wrong its your money just best to avoid that silly form you know?


such a good citizen you are really GOD BLESS YOU

jamesd

Expect that nothing at all will happen. It's extremely unlikely that the Serious Organised Crime Agency will contact you about this. SOCA has more significant things to worry about than an occasional payment with ample reason behind the payment. If you were to establish a pattern of doing it then that might get more interesting.

Gromitt

I remember doing this with 10K a few years back. Bank staff didn't say anything, but we were asked to visit the bank some weeks later in which they wanted to know where the money came from and the receipts from anything sold. Explained the situation (OAP which collected their pension from the post office each week and kept what they didn't spend under the floor boards), they wanted to know who paid the pension, how much, typical spending patterns, etc. It felt like we were being investigated for fraud!

Never heard anything else after that 'interview'.

MoneySaverLog

I always thought the "alarm bells" started ringing at paying in 10K in cash. It must have been lowered to 5K now then. I have to admit I am surprised they told you that and tipped you off.

Was the teller filling in the SOCA form as the money was being counted by any chance?

Anthorn

You're more likely to be the subject of a probe by HMRC before the police are involved because it's HMRC who decide that a crime could have been committed.

I don't think that there is a figure which rings the alarm bells. Money paid into a bank account or indeed any financial institution must be seen to come from somewhere such as the DWP or salary from an employer or credits into the account have a historical pattern relating to activity such as a business. Otherwise you will be ask to prove where it came from. That's where the money laundering report comes in.

At its best you won't hear anything more. At its worst you may be under suspicion of theft and your dad may receive a demand from DWP if his savings have been over the allowed threshold if he has been receiving state means-tested benefits.

Hmmm I might move my stash