Paying in large amounts of cash into a bank account

gandrusz

Hi,

I might need to pay a larger amounts of cash into my bank account at Barclays (something between £5k and £10k). Should I expect any issues with that (anti money laundering, etc.)? Or is it the same process as paying in £500?

Joe_Bloggs

This is what SOCA say.
J_B.

MoneySaverLog

I believe the law of the land is "innocent until proven guilty" so the enthesis will be on them to prove money laundering. The worst that could possibly happen if the money is legit is they freeze it whilst they investigate.

opinions4u

The process is the same.

Go in, make a deposit, get receipt.

You may be asked a question around where the money came from. Simply answer it honestly or smile and say something along the lines of "that's a private matter".

BugsyBrowne

If its on a regular basis I suppose it could look in their eyes as maybe Tax avasion, I would personally do it in stages if it's a regular thing and split it up.

If you are worried and have nothing to hide go in branch and speak to the branch manager.

MoneySaverLog

BugsyBrowne wrote: »

I would personally do it in stages if it's a regular thing and split it up.

That may look even more suspicious, I'd do what Opinions has said.

BugsyBrowne

MoneySaverLog wrote: »

That may look even more suspicious, I'd do what Opinions has said.

I was thinking the same when I wrote it, but suspicious of what?

MoneySaverLog

Hiding the source of the money perhaps, they'd have records of all the cash deposits across all the banks.

Joe_Bloggs

250,000 SAR requests can't be all wrong, can they ?
J_B.

MoneySaverLog

Joe_Bloggs wrote: »

250,000 SAR requests can't be all wrong, can they ?
J_B.

Banks don't have to disclose everything on a SAR. There are exclusions.

If it's investigating a crime or money laundering they wont reveal anything and the DPA / ICO is on their side on this.

Joe_Bloggs

I never mentioned disclosure just a disclosed number from SOCA . If all suspicions could be proved then the prison population would increase by at least 250000 every year.
J_B.