How much do you think of as money laundering?

jeanmd

My EX husband has just tried to put £100 into my Santander bank account so I can send it along with my money to our son in America for his birthday. Only to be told that they can't accept the cash from him (he's old school and prefers to pay things in cash) unless he has an account with them. They said this is to stop money laundering. Really £100?
This is going to cause problems as we occasionally lend to a relative who isn't good with money, so we draw out, give them cash and tell to put it back in our bank rather than us having to make the journey seeing as the nearest bank closed.

soulsaver

I don't think it's Santander - it's new regulations. And I think he can pay cash into his own account only ie he can't pay cash into your ac even if he had a Sant ac.

Have you got a joint ac? That'd get over the 1st bit of your problem.

Has relative got a bank ac with cheque book?

Jox

My husband and I transfer cash to each other's banks via online banking, he's with Barclays and I'm with Santander.

eskbanker

jeanmd wrote: »

How much do you think of as money laundering?

[...]

They said this is to stop money laundering. Really £100?

You may be missing the point here - they're not saying that £100 is likely to be money laundering as such, they're saying that as a result of anti money laundering regulations, they (in common with other banks) won't accept cash deposits into someone else's account full stop, whether it's a penny or a million pounds, i.e. it's nothing to do with the amount.

bhjm

Cash - Online Transfer?

pochisoldi

jeanmd wrote: »

My ex husband has just tried to put £100 into my Santander bank account so I can send it along with my money to our son in America for his birthday. Only to be told that they can't accept the cash from him (he's old school and prefers to pay things in cash) unless he has an account with them. They said this is to stop money laundering. Really £100?
This is going to cause problems as we occasionally lend to a relative who isn't good with money, so we draw out, give them cash and tell to put it back in our bank rather than us having to make the journey seeing as the nearest bank closed.

Get a paying in book, and use that.

A Santander branch isn't going to refuse a Santander paying in slip + cash.

PRAISETHESUN

You are right in suggesting it's not an issue with Santander - ML regulations have changed and most banks will only accept cash paid into an account in your own name now. I agree £100 isn't much, but if I got 10 people to each deposit £100, then suddenly it adds up to a sizeable amount.

The solution would be to deposit the cash into an account in his name, and then arrange for it to be sent to you. If he has your account details, he should be able to do this over the counter at his local branch (ie. the bank he holds an account with, not the bank you hold an account with).

Ballard

As has already been pointed out it’s to stop dozens of people paying small amounts into a third party account on a regular basis. At first glance it does seem petty but there is logic behind it.

jeanmd

soulsaver wrote: »

I don't think it's Santander - it's new regulations. And I think he can pay cash into his own account only ie he can't pay cash into your ac even if he had a Sant ac.

Have you got a joint ac? That'd get over the 1st bit of your problem.

Has relative got a bank ac with cheque book?

I've just been down to the closest bank to pay the money in and the bank manager was talking to me and he says Santander are the last bank to do this. Was just surprised as they've never had a problem before.

Ex-husband so no to a joint account. He's the old fashioned type who draws out a weekly some to pay everything and extra when needed for things like this. I have just managed to talk him into doing a balance transfer in future, but he wasn't happy. As he's well into retirement and lives on his own this was his way of going out and about and talking to people.

No cheque book.

jeanmd

PRAISETHESUN wrote: »

You are right in suggesting it's not an issue with Santander - ML regulations have changed and most banks will only accept cash paid into an account in your own name now. I agree £100 isn't much, but if I got 10 people to each deposit £100, then suddenly it adds up to a sizeable amount.

The solution would be to deposit the cash into an account in his name, and then arrange for it to be sent to you. If he has your account details, he should be able to do this over the counter at his local branch (ie. the bank he holds an account with, not the bank you hold an account with).

I understand what you are saying, I was just surprised as we've never had a problem before and I must have missed the news about this so it was unexpected.
Unfortunately, there's not many banks left around here. Santander has left our two nearest towns. One now has no banks at all and the other just TSB/Lloyds and Halifax and neither of us bank with them.
I have managed to talk him into doing online transfer in future.

soulsaver

I saw he's your ex - assuming you're happy to be financially connected, it doesn't stop you from having a joint ac so he can pay cash into it, even if that's all you use it for...

You can then transfer it anywhere you like.