Paying in large amounts of cash into a bank account

Naf

Anything over 5k could well be reported to the suspicious activity department, and even regular deposits totalling a large amount, if it's not in line with the usual throughput of the account.
It's the cashier's job and legal responsibility to ask where the money has come from (if they didn't, it would raise serious questions as to whether they're doing their job properly), so do be considerate because its not the easiest thing to ask when you know that most people probably don't really want to discuss it with a stranger over the public counter.
They don't have to think that there is anything specifically suspicious about you personally, or about your response to their question to make a SAR report - I suspect one would be made regardless; its what I would have done when I was a cashier, just to cover my own !!! just in case.
I personally think responding that 'its personal', or 'I'd rather not discuss it' is even more likely to raise suspicion.
Remember, though, the SAR is just a tip to the team who could actually investigate, it is in no way the suggestion that you are doing anything wrong, just to alert the relevant people that the type of activity that could indicate that some people were doing wrong has taken place.
Just be prepared, if necessary, to show the relevant people proof of the funds' origin.

iluvsaving

If you have nothing to hide then there is absolutely no problem.

Bosniavet96

opinions4u wrote: »

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".

Well, you can refuse to give details of your source of funds, but then the bank can (I am not saying will) refuse to accept the deposit. If you have nothing to hide, then there is nothing to fear, as you will be able to give details of the source of funds.

MoneySaverLog

I can imagine a conversation going like this...

Teller: So where did you come by this cash sir?

Customer: Oh it's my bit of money on the side I'm hiding from the tax man cause it's the money i've made out of running drugs, firearms, terrorists stuff you know.

Teller: That's fine sir, takes cash, fills in report. (They cannot tip off, but the guy was just being honest lol)

Dr_Cuckoo3

Joe_Bloggs wrote: »

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

http://www.soca.gov.uk/about-soca/the-uk-financial-intelligence-unit/what-happens-to-your-reports

"There have been approximately 230,000 SARs in 2009 that have accrued into a database of some 1.5 million reports."


"Due to the diversity of interest, there are very few SARs that do not add value." :eek: