Is it safe to accept a cash deposit direct into my bank account?

System

I tried to pay £26 cash into my 13 year old son's account the other week and they wouldn't accept it due to money laundering regulations. As we both use the same branch and the staff know us both by sight, they were very apologetic but I had to pay into my account and then transfer it over as I didn't have my son's card (and rightly so!!!).

I imagine that you are talking about more than £26!!!!!!!

jonnygee2

but would they require evidence from me, or the guy making the deposit!?

If they suspect the money is the proceeds of a crime, they will obviously freeze the account and investigate. If it's the proceeds of a crime, then you have committed a criminal offence, you will lose the money and you could be prosecuted.

They probably wouldn't actually 'require' evidence from either of you. The police don't commonly ask people under investigation to supply their own evidence.

jonesMUFCforever

OP answer just one question - how will you know that the cash deposited into your account is not as a result of criminal activity??

jaybeetoo

As this is an escrow transaction, is it possible they can pay suspect money into your account, back out of the bitcoin transaction and then get clean money from you?

callum9999

People seem to be acting very hysterically.... You can't know the cash isn't a proceed of crime, exactly how you can't know a bank transfer isn't a proceed of crime.

As to it being a criminal offense to unknowingly accept stolen money - how absurd. Can you back up that statement?

jonesMUFCforever

It does not look like the the OP is not coming back to this thread?

Robisere

callum9999 wrote: »

People seem to be acting very hysterically.... You can't know the cash isn't a proceed of crime, exactly how you can't know a bank transfer isn't a proceed of crime.

As to it being a criminal offense to unknowingly accept stolen money - how absurd. Can you back up that statement?

It's not hysteria: it's caution. Op would not know it is the proceeds of crime until that is proven by events. By which time it is too late.

Regarding your second paragraph: OP has retired by all appearances, so we may never know. I would have appreciated knowing the size of the cash amount. A sizeable sum would be a bit suspicious, a very large amount even more so. There are so many criminals about today, wanting to get hold of anyone's assets by any means.

eskbanker

Robisere wrote: »

I would have appreciated knowing the size of the cash amount.

OP did clarify this last week:

mcplums wrote: »

soulsaver wrote: »

And how much are talking about?

£6k.

B_G_B

Robisere wrote: »

I would have appreciated knowing the size of the cash amount.

mcplums wrote: »

£6k.

.....................................

Oops. Esk beat me to it.

18cc

I agree I don't think it is a criminal offence of itself to receive suspect cash into ones account however by doing so you risk the account being suspended or closed down and be risking having to answer some questions from the authorities about what you did or didn't know about the cash particularly if for example the serial numbers of the notes are on some watch list or if indeed the cash is counterfeit