Question on solicitor anti money laundering checks

AdrianC

davidmcn said:
But £10k might be low enough for people not to be persuaded that your mum's a big-time crack dealer.

Or doing a favour to one...

MaryNB

DeletedUser said:

kazwookie said:

OP if your mother want to keep the money separate why did she not just open a saving type account, and transfer the money each week / month.

'Some banks allow you to 'rename' accounts, so she could have called it what ever she wanted, plus it would be traceable.

Umm, this is exactly what I just asked mum. Her answer was "I have my reasons" 
I hope the solicitor accepts them, whatever they are! 

Haha this sounds like my dad. I am very grateful to him for the money he's giving me towards my house purchase but we've had many arguments about how it will be transferred. 
He's old school, likes his cash transactions. Also, doesn't like the idea of a bank knowing what he's doing with his money.  Nothing is by direct debit. None of his accounts are online. It's been tricky trying to get clear proof of funds. I'm the exact opposite. Everything is online and all transactions have to be clearly documented. I never deal with cash unless I can't avoid it.

AskAsk

Comms69 said:

AskAsk said:

Comms69 said:

AskAsk said:

it is entirely up to the solicitor as to whether they want to investigate this further.  your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.

thats very unlikely 

i used to work in the finance sector and every year we had to sit a money laundering test.  in that course, we are expected under law to flag up any money laundering activities that we see to the money laundering officer, who then take the decision to report it to HMRC.  any comapny that are regulated by the FCA (FSA it was then) are obligated to have money laundering reporting in place.  that wasn't even a bank but an insurance company, so for a bank, i would expect the process to be very rigorous as that is where people put cash in.

No i know, but it's unlikely to apply to £10k. Which is a pretty small amount of money. 

it all depends on your banking pattern.  if you normally put a lot of cash into your account and you are legit, then although it may get flagged up, nothing will happen.  but if you never put much cash into your account and then suddenly you do, the system will flag this up as unusual, in the same way that the fraud system works where unsusual activity on your account is flagged up.

10k is a significant amount of cash if it is put into your account over a short time.  so this will more than likely be flagged up if the OP's mum has never put cash in.  don't mean anything will happen, but just that if you were a tax dodger or up to no good, you will start to get under the radar of HMRC.  this is how they catch the money launderers and tax evaders.