Banks and money laundering

colsten

planteria wrote: »

never £10k admittedly, but i'd be interested to know if that is considered a threshold.

It would be a money launderer's paradise if sites like the MSE Forum would publish limits for cash deposits, and/or other AML checks that may be in force at any given time in any given bank.

People whose financial conduct is legit won't have to worry about money laundering, and won't mind to be asked questions about the origins and the destinations of their cash deposits.

jonesMUFCforever

planteria wrote: »

interesting, as i say, i have banked a few thousand here & there, and never been asked.

never £10k admittedly, but i'd be interested to know if that is considered a threshold.

i wonder whether have a 'premium' account may make a quizzing less likely.

we agreed to take over a business today, and if all goes to plan i will be banking cash on a weekly basis. will all be entirely legit, and i suppose a retail business owner will be expected to do so.

If you are taking over a business you will need a business bank account.You cannot run a business through a personal account (cue; posters who will now say they have been doing it for years).
Your business manager may ask for audited accounts - even if you do not want to borrow - they will check that the figures add up ie turnover figure and compare to amount of cash paid in. I would suggest it is easier to hide cash through a business than a personal account.

planteria

yes, we will have a business account for the business.

i have 3 business accounts already, but have never deposited cash into any of them, but this one will be different.

al25

planteria wrote: »

yes, we will have a business account for the business.

i have 3 business accounts already, but have never deposited cash into any of them, but this one will be different.

Business accounts shouldn't ask anything. End of the day all the income will be accounted for and will have to pay Corporation tax, VAT (If your turnover is more than 77K)

PeacefulWaters

al25 wrote: »

Business accounts shouldn't ask anything. End of the day all the income will be accounted for and will have to pay Corporation tax, VAT (If your turnover is more than 77K)

Are you suggesting businesses don't ever launder money?

al25

PeacefulWaters wrote: »

Are you suggesting businesses don't ever launder money?

Not a clue, Did I sound like that? or are you implying that you know how to launder money via business accounts?

PeacefulWaters

al25 wrote: »

Not a clue, Did I sound like that?

Yes.

or are you implying that you know how to launder money via business accounts?

I wasn't implying anything with regards to my own knowledge.

colsten

PeacefulWaters wrote: »

I want implying anything with regards to my own knowledge.

Someone stole a "wasn't" from you and gave you a "want" for it. Damned technology.

PeacefulWaters

colsten wrote: »

Someone stole a "wasn't" from you and gave you a "want" for it. Damned technology.

I was speaking with a northern accent.

Honest.

al25

PeacefulWaters wrote: »

Yes.
My Apologies for that

I wasn't implying anything with regards to my own knowledge.

I know, don't take that sentence seriously:)