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Help with deposit - Bank of Mum & Dad v Money Laundering

2

Comments

  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    edited 9 August 2018 at 3:01PM
    getmore4less wrote: »
    There should be no need for AML checks between UK banks as the source bank should have done the necessary checks on the money going in.

    We've been over this before on this forum, and this contention was as much b*llocks then as it is now.

    Were what you were saying correct, that would mean that no money could ever be laundered, ever, in the United Kingdom. That's nonsense. Not least because banks do not check literally every single transaction going into a bank account, and the whole point of money laundering is to try and make transactions with illegitimate origins look normal and thus not suspicious. Were what you saying even remotely true, it would demand that banks be far, far, far more intrusive and overbearing than they currently are.

    I would strongly suggest you do some research into the concept of placement, layering and integration because you don't seem to understand what money laundering is.
    urs sinserly,
    ~~joosy jeezus~~
  • Marvel1
    Marvel1 Posts: 7,171 Forumite
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    If you don't like it don't gift it!!
  • mrginge
    mrginge Posts: 4,843 Forumite
    I would rather we try and catch money launderers rather than not bother because we don!!!8217;t want to upset a few people.
  • lisyloo
    lisyloo Posts: 29,609 Forumite
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    I agree with you but aren't they looking in the wrong place?
    Criminals launder money through cash based business e.g. take aways



    Hassling people using high st bank accounts seems to be strange as drug dealers aren't going to use their local branch of nat west.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    lisyloo wrote: »
    I agree with you but aren't they looking in the wrong place?
    Criminals launder money through cash based business e.g. take aways

    Hassling people using high st bank accounts seems to be strange as drug dealers aren't going to use their local branch of nat west.
    No, but they might give their cash to someone with a cleaner reputation, who deposits it into their bank, and then sends it to their solicitors, who then use it to buy a house in their child's name, etc etc. All the layers help to hide where the funds really came from.

    Yes, it's all extra hassle for the rest of us, but there is logic in why these checks are being made.
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    First Anniversary Combo Breaker
    lisyloo wrote: »
    Hassling people using high st bank accounts seems to be strange as drug dealers aren't going to use their local branch of nat west.
    Well maybe not Nat West... https://www.independent.co.uk/news/business/news/uk-banks-russia-money-laundering-hsbc-barclays-coutts-65-billion-rbs-royal-bank-of-scotland-queen-a7640861.html
  • mrginge
    mrginge Posts: 4,843 Forumite
    lisyloo wrote: »
    I agree with you but aren't they looking in the wrong place?
    Criminals launder money through cash based business e.g. take aways



    Hassling people using high st bank accounts seems to be strange as drug dealers aren't going to use their local branch of nat west.

    Life would be a lot easier if the money launderers agreed to just launder money through cash based businesses.
  • steampowered
    steampowered Posts: 6,176 Forumite
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    getmore4less wrote: »
    There should be no need for AML checks between UK banks as the source bank should have done the necessary checks on the money going in.

    If you get it far enough in advance, spend it, convert earnings to savings no need for checks on a chunk of the money.

    Imagine if every time you transferred money into a bank account, AML checks were required ...

    It makes perfect sense to do AML checks at the point of large purchases.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    steampowered wrote: »
    Imagine if every time you transferred money into a bank account, AML checks were required ...

    It makes perfect sense to do AML checks at the point of large purchases.

    How far back do the checks on money source have to go?
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    getmore4less wrote: »
    How far back do the checks on money source have to go?

    I'm not an AML expert.

    But far enough back to demonstrate that the money hasn't come from criminal activities, I suppose.
This discussion has been closed.
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