Safest way to withdraw large sum of cash in respect of AML precautions

cx6

Going back to your original question - 'is there a safe way to take out a large quantity of cash without triggering AML' - then the answer is No.

You probably know that already - the landscape has changed since a few years ago.

If you proceed you are at risk of having your account frozen, maybe for weeks, while they investigate.

Your relative can certainly access the money in cash - once the cheque has cleared she can pop down to her bank and ask to withdraw it. The risk is then hers.

soulsaver

Open a current ac with another bank for the conveyance. 
Then worry about how you handle picky relative.

BooJewels

@eskbanker - it's fractionally more complicated by the fact that I asked my husband to return this money before he died, as I knew this would happen.  He told me what the result of that conversation was and now one of them is dead and the other one is starting to get confused, shall we say, to be kind.  So I'm left clearing up the mess.  Which is why I want it sorted ASAP.  I'm already very unhappy about the situation, you don't really need to point out the stupidity and potential danger of it, I'm accutely aware of it.

@cx6 - I'm well aware of the changing landscape - even in the last 12 months.  Add to that the changing family dynamic - even more dramatic and indecently swift - and it became complicated when it didn't need to be.  

@soulsaver - not an option, for a multitude of reasons - I think that might actually complicate things even further.

jimjames

BooJewels said:

But I'm starting to think there is more merit in the cheque idea.   It also gives me a paper trail for her having the money back.  

I think that is a really key point. If you hand over a bunch of cash there is absolutely no audit trail that proves that is what you have done should anyone query it at a later date. If the person you're giving it to spends it or loses it then you could be blamed. At least the cheque will have proof where it was paid into and that it was no longer your responsibility.

BooJewels

@jimjames - I had already drafted a letter for her to sign when I gave her the funds, to say that she had received it back, not only in full, but with the added interest it had earned.  I was worried that she might tell family members that we'd had (the suspect relative I mentioned is now the current golden boy) this cash, but fail to mention, or simply forget, that it had been returned.

An actual bank trail on top of that would be good.

[Deleted User]

If you can't get her bank details, I'd get her a cashier/counter cheque (free or around £10) and tell her she has six months to bank it. This has the advantage that the funds are debited at the point of issue - one and done. 

xylophone

We paid the initial amount of cash in at that appointment and asked for a note to be put on the account that it wasn't our money and we were holding it in trust for this family member and we would be adding to it over time and we showed them the LPA documents - 

What evidence do you have that this was done?

BooJewels

Deleted User said:

If you can't get her bank details, I'd get her a cashier/counter cheque (free or around £10) and tell her she has six months to bank it. This has the advantage that the funds are debited at the point of issue - one and done. 

I'll look into it, but I suspect that it might just be an additional step that doesn't gain me any advantage and part of me also thinks it's another potential risk.

BooJewels

xylophone said:

We paid the initial amount of cash in at that appointment and asked for a note to be put on the account that it wasn't our money and we were holding it in trust for this family member and we would be adding to it over time and we showed them the LPA documents - 

What evidence do you have that this was done?

As I'm sure you're already aware, absolutely none.  I don't work for the bank, so am not party to such records.

xylophone

Do you still have LPA for your relative?