Cheque Lodgment and Revenue Office.

E

eeks2006

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Is there a limit to the amount of money you can lodge by cheque before the bank is obliged to notify the revenue office or is there specific rules around this?

Thanks.
 
Banks are obliged to inform the relevant authorities of ANY transaction that they consider "suspicious". I believe that as a matter of course they may (will?) seek to verify identity and maybe further info (e.g. reason for transaction) for amounts of c. €13K+ - at least for cash deposits/withdrawals. Not sure about cheques though. Maybe not since there is an implicit paper trail with such transactions?
 
Under Anti-Money Laundering Legislation (Criminal Justice Act 2010, I think) all transactions over €15k must be reported (whether cheque or otherwise) to the Gardaí and the Revenue Commissioners.
 
I recently lodged 6 figures worth of cheques to my current a/c and subsequently wrote a cheque to clear mortgage with the funds (short term family loan as have just sold house but sale funds wouldn't be available for use until after the closing date on PTSB tracker bonus offer). Asked when lodging cheque for €15k would there be questions asked when others come in and told once it was clear where they were from it would be fine. Nothing was mentioned when lodging the others and all were cleared no problem, including the one we wrote.
 
Contactless said:
Under Anti-Money Laundering Legislation (Criminal Justice Act 2010, I think) all transactions over €15k must be reported (whether cheque or otherwise) to the Gardaí and the Revenue Commissioners.
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Every financial body has a Reporting Officer. If a staff member is suspicious about a transaction they report it to the Reporting Officer first, who will pass on the info to Revenue and the Gardai if there is something suspicious about it. If the money is legit and has a proper paper trail that makes sense ie. nothing illegal about it there is no need for it to go further.

There are lots of large cheque transactions when people are paying off mortgages, selling houses etc. Large amounts of cash however do look suspicious. Remember it's illegal to pay or be paid in cash in order to evade tax.
 
I stand corrected Crugers. The point I was making is that some people think that cash is untraceable therefore they think it's a good way to evade tax. This is one of the reasons why large amounts of cash have to be reported if believed to be suspicious.
 
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