I have bee told that any movement of large sums of money like 10k upwards and the banks automatically stick their nose in and shop you to inland revenue/customs etc so they can try and find out why you have that money.

Is this true?

I think they are allowed to ask where it's from to prevent fraud and money laundering but that's about it.

They're not supposed too but some do. As your banking is private and confidenuial. They are only supposed to relieve your details of transactions under a court order.

 

They are supposed to ring you and ask where it came from.

 

We had that problem once the inland revenue tried to tax us on an mount that HSBC had in formed them about and we kicked up a right fuss the money came from a Solictors firm and we got an apology. They are not too keen on large amounts being tranferred between bank accounts without some referrence to what they are. Barclays ring you up and ask a few questions first.

what sort of sums set them poking their noses in do you think, after all you could spend 15k on a second hand car these days.

They look at your normal banking habits before they start ringing you to check up. They are looking out for abnormal transactions in the mains.

I was transferring mortgage sized lumps of cash around (which definitely isn't normal!) and I never heard from anyone.

I was transferring mortgage sized lumps of cash around (which definitely isn't normal!) and I never heard from anyone.

and whats your address again andy :)

and whats your address again andy :)

 

Too late, it was for the mortgage, therefore I'm now penniless (again)

I have bee told that any movement of large sums of money like 10k upwards and the banks automatically stick their nose in and shop you to inland revenue/customs etc so they can try and find out why you have that money.

Is this true?

 

if its abnormal to your usual "banking habits" then the bank has to report it m8

but its usually if you deposit a large amount in one or two lots

if you usually pay in 2-3 hundred a week then suddenly 8k + alarm bells ring

and they DO NOT have to have your permission to disclose it

even at out local import auction they have notices everywhere that anything over 9k and they have a duty to report it to c+e

a couple of months ago we bought 3 cars and were paying cash and a new girl was filling the c+e forms in until the head honcho said it was ok as we were registered, (c+e STILL have access to all auction transactions:( )

mortage money and transfers don't come under the same checks, unless again it starts to look suspicious, ie you can get a loan of many k that is paid into your account and thats ok

the same way opening a bank account started to get stricter after 9/11

movement of cash is the same, if you can explain the cash then you have nothing to worry about, if your on the nat king cole and paying large amounts in to your bank, be afraid :eek:

just a case of common sense m8;)

yea allso iff you buy a house through your brief then he is duty bound not to accept any deposits in cash over £3k, true ive had the warning twice

All down to money laundering regs mate. :rolleyes:

 

Personally I think it is the government trying to spy on everyone - the money laundering regs appear fine in principle (In principle, communism works. In principle - Homer Simpson :bow: ) but in reality it is using a sledge hammer to crack a nut. The real villains have found ways to avoid detection long ago :rolleyes:

 

Transferring large sums between bank accounts will probably be OK, banks etc are more concerned with irregular transactions or large dealings in cash.

 

Richard :)

i suppose the only way to keep people from knowing your buisness is to keep large amounts of cash and stash it under the floorboards, or a safety deposit box might be a bit safer LOL

yes, they can its for any amount over 5K thats abnormal to your regular banking.