How much do you think of as money laundering?

OceanSound

jeanmd wrote: »

...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....

Who does your ex-husband bank with?
If you open a Barclays account, and have a pre-printed paying in slip, your ex-husband can deposit in to your Barclays account (if you give him the pre-printed slip), even if he's not a customer with Barclays.
This is according to the Barclays website:
https://www.barclays.co.uk/help/payments/how-do-i-pay-cash-in-at-branches/
It says non-customers with pre-printed slip - Yes! to paying in at Counter.

Edit: your ex-huband can also setup a standing order at his bank. Can't get more old school than that!. Perhaps he can visit the branch to set it up nearing the son's birthday, once the money is received at your account, go in again to cancel it. That way he has two interections with bank staff each year (for this task). It'll probably turn out to be more work for any bank than accepting 100 pounds cash though.

Schoolworker

I found from my building society about this new rule in April. I deal with the finances in our house so when paying money into hubbie ISA I have to write a cheque and they will accept this. If this stops then hubbie will not go to the branch once a month to put in cash so would need to consider money transfer which is not set up in this savings account.

RG2015

brianposter wrote: »

Refusing to accept cash deposits is a pretty stupid way to try to stop money laundering. Far more effective to ensure that accounts which look as though they might be being used for ML get investigated.
It looks like it is a regulation which has been invented on the continent to deal with problems in some latin countries.

I agree that this rule is unlikely to do much to combat money laundering and I imagine that banks already target suspicious accounts for investigation.

I am though interested in your latin countries suggestion. Are you referring to the Cosa Nostra or is it something else that has prompted the comment.