Paying in a large amount of money, who does the bank tell?

smjxm09

I have a sale of a house going through so around £170,000 will be paid into a couple of accounts next month. I was just wondering in this world of money laundering and tax avoidance does the bank inform anyone if a threshold is reached or is it left to me to inform the tax man?

Andystriker

The Bank will probably ask you where the money has come from. All you need to do is tell them the truth and keep your completion statement from your solicitors so that you can show them if they need it.

As I understand it, they will only report you if they think it is suspicious, so when they ask, don't tell them to mind thir own business or you may then get hassle.

maninthestreet

If the bank suspects money laundering, they can close the accouts down without giving any reason.

SailorSam

If the money is going in from the sale of a house i presume it will be in the form of a cheque or draft from the Solicitors so the bank would more than likely just accept it. There's more suspicion of laundering if you walk in with a Tesco carrier full of £notes.

talexuser

I had a larger amount going through Halifax current as half a house purchase cash purchase this year. The cashier just asked "buying a house?" in a nonchalant way (perhaps it could have been a required response or he was a very good actor!) I just said yes.

Partner had the other half go through Nat West, again no problem.