"They'll ask questions..."

Gers

Sensory wrote: »

I've been brought up to believe transferring large sums of money will raise questions, and/or institutions will become suspicious of money laundering.

If my relatives gift me about £50K in total, will that raise alarm bells (with anyone)? What would actually happen? I'm getting married soon and my husband-to-be and I are essentially getting a nice push out of the door.

I'm thinking of opening a Santander 123 account and dunking £20K straight into it, plus a FlexDirect with another immediate £5K. I already have a Vantage account with Lloyds.

When in a similar situation last year I went into the bank and spoke to an 'advisor' (?) and she suggested that I bring the cheque into her and she would pay it in, with me present. She did ask where the money was coming from and I explained.... result - no hassle.

I wasn't offered any advice, apart from not paying it into my current account. She even told me that all the financial advisers had been made redundant because of the new regulations. However I do have the 'no marketing' marker and it's been in place for years and years and years.

Good luck for your future together.

giblet10

But isn't it also true that some banks (Natwest and Barclays appear worst for it on here) close accounts where they suspect money laundering and customers are then met with a brick wall of silence?

pinkdalek

If you have nothing to hide then what is there to worry about?

They may ask you questions e.g. source of funds, what you using it for etc. Standard money laundering requirements, but also asked to see if there may be other options better for you that you'd not considered.

Just because you are depositing £50k in to a bank doesn't mean you are money laundering. It would be more suspicious if you rolled up with it all in cash.

It's not just large amounts that trigger money laundering alerts, smaller amounts, irregular deposits/withdrawals done all over the UK, short address histories etc.

You'll be fine.

Goldiegirl

Just because they might ask a few questions about the origins of the money doesn't mean they are suspecting that you are up to anything dodgy. It's perfectly standard practice to ask where funds have come from.

Just tell the truth, you have nothing to hide and they are just doing their job.