Nationwide next to go?

[LN1]

Tell them you made it on 'too good to be true' crypto deals posted on the BBS!

[Stockport_Eagle]

Pay in at a machine?

[Socrates]

Originally Posted by CT_Palace

I moved a very considerable sum from my US bank account to my Chilean bank account to buy our property in Chile.
I really expected the authorities to be all over the transactions - I had to do it in instalments due to a daily transfer limit set by the US bank. I put the reason as “personal reasons” - I had nothing to hide but wasn’t happy about telling them exactly what I was spending my cash on.
I really expected some sort of further follow up or questions, but there was nothing at all.

Chile has a good record on AML and if both accounts were in your name it wouldn’t look like ‘layering’, the process of moving dirty money around the system to obscure its origins and ultimate beneficiary.

[DANGERMOUSE]

Originally Posted by gold76

Just a quick question (I bank with Nationwide)

i'm not a money launderer or a drug dealer or anything!

My partner, had an aunt, who recently passed away, who didn't like banks, so there was quite a lot of money in cash left.

I've got 4k, which I don't particularly want stuck in the house

I don't particularly want some pointdexter behind the jump asking me questions though..

Looking at rules, it seems that you should be able to put 5k in no questions asked.

So anyone had any issues when trying to deposit say, a legit, one off wodge?

Is the money still legal tender? If it's not the plastic variety your only option might be the Bank of England!

[DANGERMOUSE]

Originally Posted by adrenalin john

Which is bollox. Nosey *****

It's the law forcing them to query suspicious transactions - anti-money laundering, fraud and the like.

[Neil 154]

Originally Posted by Eaglesforever

Not true banks have the right to ask where the funds have come from

It's not a 'right'. They only do it because they have to comply with AML rules which they break continuously themselves. Banks around the world were hit with $5bl. worth of AML fines last year (up 50% on previous year).

[Dorking .Eagle]

Originally Posted by DANGERMOUSE

Is the money still legal tender? If it's not the plastic variety your only option might be the Bank of England!

Good point - and whatever way you decide to go, do it before the pound notes with the Queen on them are phased out!

[Chillo]

Originally Posted by LN1

Tell them you made it on 'too good to be true' crypto deals posted on the BBS!

Or tell them you're name is Russ.

[Penstone Eagle]

Originally Posted by Eaglesforever

Not true banks have the right to ask where the funds have come from

They can ask and did me with a deposit for a property, they asked again after I didn't give them enough info, ignored them and it went through.

[Eagles9]

I maybe 20 years out of date but when I worked for a bank it was illegal not to report your suspicions.

So if someone came in with a load of cash if I didn't ask any questions I was breaking the law even if the cash was legal. Not surprisingly therefore staff will probably ask questions just to protect themselves they may even report it to the AML unit in their bank for the same reason all to CYA.

I think I did on several occasions and nothing came of it for example a customer says my aunt left me 4k in cash now maybe I believe them or maybe I don't but to protect me I would complete an AML form and then leave it up to them to decide.

I would love to know how many bank staff have been prosecuted for having suspicions and not reporting it, my guess is none because how do you prove it?

[Ryan_the_eagle]

Originally Posted by DANGERMOUSE

Is the money still legal tender? If it's not the plastic variety your only option might be the Bank of England!

Banks still have to accept money that is out of circulation. I had a couple of hundred quid that I paid into my savings earlier this year. Bit more difficult if you want to change it for cash I think.

[gold76]

Cheers for the advice all.

I might do as some have suggested, do little bits at a time..

[OldPeanutSeller]

Originally Posted by Eagles9

I maybe 20 years out of date but when I worked for a bank it was illegal not to report your suspicions.

So if someone came in with a load of cash if I didn't ask any questions I was breaking the law even if the cash was legal. Not surprisingly therefore staff will probably ask questions just to protect themselves they may even report it to the AML unit in their bank for the same reason all to CYA.

I think I did on several occasions and nothing came of it for example a customer says my aunt left me 4k in cash now maybe I believe them or maybe I don't but to protect me I would complete an AML form and then leave it up to them to decide.

I would love to know how many bank staff have been prosecuted for having suspicions and not reporting it, my guess is none because how do you prove it?

That was my understanding too. If you did not challenge something that was suspicious or that you ought to have realised was suspicious then you personally were breaking the law. The law could come after you rather than your employer.

[Paulinmorden]

If the cash was accounted for in the Aunt's estate you should have something from the solicitor or a copy of the will to show it's provenance. If not then maybe bit at a time.

[Smithers-Jones]

Pat in at post office

[Smithers-Jones]

Pay in

[gold76]

Originally Posted by Eagle's Nest

4k is nothing. Just say it's savings.

As a postscript this was kinda the answer

I just rocked up, bit of banter and they didn't bat an eyelid..

They did say if it was say 20k they would ask questions, but the main message was there more concerned with people withdrawing than putting in.

I'm a lot happier as I've not got a lot of dough laying around.

Thank you auntie Chris and sleep well