Cycling the same £1,000 through 9 accounts each month

liamcov

Will it raise any concern with the banks?

Wheres_My_Cashback

No, mine passes through 22pm !!

Goldiegirl

It might do, it could look like the 'layering' stage of money laundering.

Layering is moving money round multiple accounts to disguise it's origins.

Although that's probably not what you are doing, it could look as if you are

matttye

Maybe but I would imagine it can be sorted out so long as you have an innocent explanation. Presumably you just want all of the interest and rewards available for each account?

If so, the banks actually encourage such behaviour if you ask me

Wheres_My_Cashback

Goldiegirl wrote: »

It might do, it could look like the 'layering' stage of money laundering.

Layering is moving money round multiple accounts to disguise it's origins.

Although that's probably not what you are doing, it could look as if you are

I don't think so.

Goldiegirl

Well, all I can say is that I've undergone annual money laundering training for many many years, and the practice of moving money round multiple accounts could look like layering.

For all you know, while you've been transferring your money through 22 accounts, you could have had a report put in about you and have already been looked at - you'd never know, because 'tipping off' is an offence!

In reality, it's unlikely a bank employee would notice if everything is done by standing orders and online transfers ............. But it still looks a bit like layering!

Wheres_My_Cashback

Could, but doesn't. Pure scaremongering to suggest that moving £1k is going to flag up layering.

On £1k no, on £10K+ yes (ever so slightly possible, but in reality probably not)

zerog

Wheres_My_Cashback wrote: »

Could, but doesn't. Pure scaremongering to suggest that moving £1k is going to flag up layering.

On £1k no, on £10K+ yes (ever so slightly possible, but in reality probably not)

Well the guys on stoozing.com move 10K+ per day, and those who follow the advice seem to be doing ok. Those who are too greedy or do things too fast will experience problems

Goldiegirl

Wheres_My_Cashback wrote: »

Could, but doesn't. Pure scaremongering to suggest that moving £1k is going to flag up layering.

On £1k no, on £10K+ yes (ever so slightly possible, but in reality probably not)

Incendently, lots of small transactions can be layered too.

If somebody is moving around money for innocent purposes they have have nothing to worry about.

But their activity has certain characteristics in common with layering.

If the activity was noticed, for example, if bank statements were needed for a mortgage application, and the clerk noticed all the transfers going in and out left right and centre and they couldn't see a reasonable explanation for it, they might think it looks sufficiently unusual to put in a report to their organisations Money Laundering Reporting Officer.

That clerk would then have done their duty (failure to report a rereasonable suspicion is also an offence) and the MLRO would look into it.

The innocent have nothing to fear.

But if there was something untoward going on, like money laundering or terrorism, the simple report could be the first stage in putting a stop to it.

The OP asked a question, I answered it. People get defensive if they think their actions might be questioned, but it's an unpleasant world and bank staff have to remain vigilant.

John1993_2

Goldiegirl wrote: »

Incendently, lots of small transactions can be layered too.

And often are, especially as it's so easy to have everything done electronically nowadays. As you say, shifting money multiple times, possibly for no obvious reason, could well trigger money laundering alarms, as it is textbook layering.

The claim that it needs to be tend of thousands is not right, it's the activity itself which looks suspicious.

It's not scare-mongering to point out that it's a risk, even if it's hopefully not a major one.

Prothet_of_Doom

If there is an audit trail, which shows where the original money came from, ie via a BACS payroll, then it matters not whether someone in a secret office is wasting time watching your movements.

The fact that they should be watching the tanning salons of merseyside should not be disputed however.