mamoon2

How much cash can a person put into a bank account without having to explain/prove where its come from??

If a person needed say 10k to go into their account in cash, how would they go about that?

Hypethetically speaking of course

hail-hail

I just put 15k cash into my account, no probs.

mamoon2

Did they not ask where it come from?

Chris L

You can put as much in as you like. The banks have to adhere to very tight money laundering rules. It is not so much the amount, but the circumstances. If it was out of character and the bank thinks it is suspicious, then they have to report it. When I worked in a bank, many years ago, there was actually a personal duty of care and responsibility on the individual to report any movement of funds that could be deemed unusual. The rules have been tightened even further since 9/11.

mamoon2

Say if that persons account usualy contained about £1000-£2000 and then a deposit of £10,000 was made. Would that be reported? The person would be putting the money in for a deposit on a house

SJ_Skyline

It might, it might not - that's the whole point of the anti money-laundering rules, to prevent rather than cure. If you turned up sweating, with a bunch of £10 notes in a suitcase then I can tell you here and now you run a much bigger chance of it being reported!

Chris L

Exactly - even estate agents have to make anti money laundering checks now. Given the circumstances that you have described - it's not hard to check that it is legit.

hail-hail

Yes, I just sold a car, they asked, I answered, end of.

jonc

If you're worried about the banks, give it to me, I'll make sure it's well looked after

Huw Jorgan

There is no minimum amount of money below which the money laundering regualtions apply. If some one is suspicous they can you report you, no matter what some of money is involved.

Jerome

The money laundering rules uncovered people stealing old notes at the place that destroyed old notes (Royal Mint?). One of the women involved (who smuggled the notes out in her knickers...), tried to pay a large chunk of cash in her normal account. Police were called straight away because it was unusual for her account.

Even car dealers have been known to report people trying to pay for cars with large chunks of cash. Who would want to risk walking around with tens of thousands in cash anyway?