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  • FIRST POST
    • jeanmd
    • By jeanmd 11th Oct 18, 11:26 AM
    • 2,241Posts
    • 25,038Thanks
    jeanmd
    How much do you think of as money laundering?
    • #1
    • 11th Oct 18, 11:26 AM
    How much do you think of as money laundering? 11th Oct 18 at 11:26 AM
    My EX husband has just tried to put 100 into my Santander bank account so I can send it along with my money to our son in America for his birthday. 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. They said this is to stop money laundering. Really 100?
    This is going to cause problems as we occasionally lend to a relative who isn't good with money, so we draw out, give them cash and tell to put it back in our bank rather than us having to make the journey seeing as the nearest bank closed.
    Last edited by jeanmd; 12-10-2018 at 4:51 PM.
    Thank you to everyone who contributes to mse.

    "Discipline is just choosing between what you want now and what you want most" - Unknown Author
Page 2
    • colsten
    • By colsten 11th Oct 18, 11:29 PM
    • 9,432 Posts
    • 8,388 Thanks
    colsten
    Never thought about it that way. Just makes it harder for genuine people I guess as is the way of the world nowadays.
    Originally posted by jeanmd
    Yet again the law-abiding majority suffers because of some scumbag criminal minority. A bit akin of millions of peaceful people having to live with restrictions (e.g. airport security checks, road barriers, metal detectors in public buildings etc) so we can protect ourselves from raving lunatic terrorists and other madmen.
    • karlie88
    • By karlie88 12th Oct 18, 9:16 AM
    • 8,714 Posts
    • 107,911 Thanks
    karlie88
    In answer to OP's question, I'd consider anything above 34.78 as laundered money.



    In future, ask your husband to do this with the 100 before depositing it:


    Official MSE canny forumite and HUKD VIP badge member
    • stehouk
    • By stehouk 12th Oct 18, 9:30 AM
    • 193 Posts
    • 78 Thanks
    stehouk
    I use the ATM machine's when depositing into another person's account, in fact counter staff will tell you that you can do it that way.
    • brianposter
    • By brianposter 12th Oct 18, 3:19 PM
    • 246 Posts
    • 67 Thanks
    brianposter
    Is this one of those daft regulations which we will be able to get rid of after Brexit ?
    • RG2015
    • By RG2015 12th Oct 18, 4:38 PM
    • 1,470 Posts
    • 920 Thanks
    RG2015
    Is this one of those daft regulations which we will be able to get rid of after Brexit ?
    Originally posted by brianposter
    Yes, of course. Money laundering in the UK will cease as soon as we are out!
    • jeanmd
    • By jeanmd 12th Oct 18, 4:50 PM
    • 2,241 Posts
    • 25,038 Thanks
    jeanmd
    I use the ATM machine's when depositing into another person's account, in fact counter staff will tell you that you can do it that way.
    Originally posted by stehouk
    Not possible without a bank card and he's not having my bank card or if it is then it's something he wouldn't do.
    Last edited by jeanmd; 12-10-2018 at 4:53 PM.
    Thank you to everyone who contributes to mse.

    "Discipline is just choosing between what you want now and what you want most" - Unknown Author
    • Uxb
    • By Uxb 12th Oct 18, 5:40 PM
    • 1,266 Posts
    • 1,411 Thanks
    Uxb
    If you run a business community/social account (where there will be no bank card usually) then I've had letters from different banks saying no cash deposits are permitted without the accompanying pre-printed paying in slips for the account.
    • brianposter
    • By brianposter 12th Oct 18, 7:51 PM
    • 246 Posts
    • 67 Thanks
    brianposter
    Yes, of course. Money laundering in the UK will cease as soon as we are out!
    Originally posted by RG2015
    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.
    • RG2015
    • By RG2015 12th Oct 18, 8:23 PM
    • 1,470 Posts
    • 920 Thanks
    RG2015
    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.
    Originally posted by brianposter
    I am pretty sure that the EU doesn't have the monopoly on insane rules and regulations. Even after Brexit I am sure we will still be producing ridiculous home grown rules that can compete with anything outside of the UK.
    • OceanSound
    • By OceanSound 13th Oct 18, 7:54 AM
    • 506 Posts
    • 93 Thanks
    OceanSound
    One of the techniques used in money laundering is to break the laundered money up into lots of little bits and spread it around.

    Womeone walking into a bank with a 50,000 in used notes looks a lot more suspicious than a bunch of different people (or the same person over several days) walking in with 100.
    Originally posted by Ergates
    I always wondered how come there are such huge queues at bank branches. Must have been all these people laundering money paying in 100 at a time.
    Since these new rules came in to place, the queues have disappeared, but so have the bank branches. Good heavens, couldn't make it up.
    Last edited by OceanSound; 13-10-2018 at 8:25 AM.
    • OceanSound
    • By OceanSound 13th Oct 18, 8:02 AM
    • 506 Posts
    • 93 Thanks
    OceanSound
    Yet again the law-abiding majority suffers because of some scumbag criminal minority. A bit akin of millions of peaceful people having to live with restrictions (e.g. airport security checks, road barriers, metal detectors in public buildings etc) so we can protect ourselves from raving lunatic terrorists and other madmen.
    Originally posted by colsten
    An elderly person going in to a bank to deposit 100 pounds to his wife's account is clearly laundering money (nothing to do with banks not wanting to handle cash)
    • OceanSound
    • By OceanSound 13th Oct 18, 8:09 AM
    • 506 Posts
    • 93 Thanks
    OceanSound
    ...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....
    Originally posted by jeanmd
    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.
    Last edited by OceanSound; 13-10-2018 at 8:48 AM.
    • Schoolworker
    • By Schoolworker 13th Oct 18, 8:34 AM
    • 302 Posts
    • 646 Thanks
    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
    • By RG2015 13th Oct 18, 9:10 AM
    • 1,470 Posts
    • 920 Thanks
    RG2015
    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.
    Originally posted by brianposter
    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.
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