ISA RATES DIPPED & Money Laundering Regulations? How much declaration?

iAMaLONDONER

juanmanuelmarquez wrote: »

The likelihood that we will see any new ISA rates above 4% this year is remote, IMHO. Whether there will be any better rates in April than we have now - who knows. But I wouldn't hold my breath.


Well, im sure the rates rise a little when their is a new tax year, easy access may go to about 3% maximum and fixed term should be around 3.5%...4%...it usually starts off high then lowers down!

looks like you were very wrong!

Rates have dropped and aren't likely to rise to the BoE raises it base rate!

iAMaLONDONER

juanmanuelmarquez wrote: »

Hi all,
Im shocked to see that the CASH ISAs have gone soo low! I was wondering how much is the limit before it breaches the Money Laundering Regulations...i mean when the banks etc... can question you of where you got the money from?

I was told it was 8k, then 9k, and now im getting told around 8-10k or more you can get questioned?

Does anyone know the exact figure and any evidence to prove this?

Thanks in advance?

Just make several smaller deposits - in different bank accounts ??


I guess i.e 1k a day for 9 days or something

MoneySaverLog

iAMaLONDONER wrote: »

Just make several smaller deposits - in different bank accounts ??


I guess i.e 1k a day for 9 days or something

That would be even more suspicious if one of them reported it to SOCA then they'd investigate all your accounts and seeing this would ring alarm bells if there was no clear paper trail to where the cash originated from.

iAMaLONDONER

MoneySaverLog wrote: »

That would be even more suspicious if one of them reported it to SOCA then they'd investigate all your accounts and seeing this would ring alarm bells if there was no clear paper trail to where the cash originated from.

Oh, well I don't handle cash much so it doesn't matter to me, but it's good to know!

pqrdef

Sometimes on a form you have to say where the money came from, and there's a menu of silly options like "Savings" or "Gift". But there's never a "Proceeds of crime" option.

I always have to lie.

stinktankcynic

westy22 wrote: »

If you transfer money from one institution to another then there are no questions at all because they know exactly where it has come from.

I sometimes pay in cheques for between £10k and £40k into my account and have never been asked why or where it came from.

If you were to try and pay in £10k to £40k in cash however, then I suspect that the bank may ask you to sign a declaration of source.

Wrong in part.

I've been asked to provide evidence ref money laundering on a number of occasions. Opening a new account, activating an old account, paying money into a new account etc. It annoys me when all of a sudden you cannot move money, or invest more, they don't tell you sometimes unless you ask.
I can understand being asked for details when opening an account for security, or if you take £5000 to the bank in cash, but it's going to be a joke if each year your bank asks you where you got your cash from when you try to open a new isa sub. I can see banks putting a block on peoples accounts in future and you having to prove where the money comes from, if you don't meet their criteria the government will get it's hands on it. Everything seems to be being screwed down tight.

jimjames

I've paid in those sorts of amounts from selling a car and never had any questions about where it came from.

I wonder if it is also the age of the account and other factors as well as the amounts that trigger questions.

dunstonh

The same transaction from different people can create different responses.

I am in financial services. I would not be expected to handle any cash. Yet, if I was paying in cash frequently to the bank, they would be on guard. Yet a shopkeeper paying in the same amounts in cash wouldnt really bat an eyelid unless the figures didnt tie in with his accounts. A retail consumer paying in lots of cash frequently would be enough to ask questions. A retail consumer paying in cheques where the company is a car dealer wouldnt really cause any raised eyebrows unless their account shows a number of these going through.

A lot of it is about expected behaviour and what is considered normal/abnormal. There is very much a human aspect to it was well. You could have a staff member that can handle questions well that you dont even notice them. Another staff member could be uncomfortable at asking questions and it shows.