Criminal Justice Act 2021 question re loan payoff

giddyup

Registered User
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50
This is being cited by an institution in reference to my attempt to pay off a portion of a loan. In brief, I am trying to pay down 25k. They are looking for proof of funds for my money so that I can payoff a loan.

1. Does anyone have a reference to part of the legislation or any resource that explains this? I have looked through the act but it has been a needle/haystack experience.
2. They mention a 5k credit amount for disclosure. If I just do 6 payments below 5k am I in the clear or does that payment pattern which presumably goes against the spirit of the legislation something that would also trigger the paperwork requirement.

Would appreciate any thoughts or resources.
 

Monbretia

Registered User
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2,089
You're effectively making a lodgment of 25k, this would trigger a money laundering query in any financial institution, doing 6 payments probably won't improve the situation. They are just looking for an explanation they can tick their box with to comply with MLA, if they don't get one then they refer to ML officer in the company and they decide if it needs to go further.
 

giddyup

Registered User
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50
Thanks both. I find the overreach hard to take. It seems the approach is, everyone's a criminal. Now, prove you are not.
 

Johnno75

Registered User
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371
Thanks both. I find the overreach hard to take. It seems the approach is, everyone's a criminal. Now, prove you are not.
AML (Anti-money laundering) processes have been in place for years. For good reason.

I sold a car and went to deposit €10k in cash about 20 years ago and was asked where the monies came from. I said I’d sold a car. Box ticked.

Separately, in a previous life I was the money laundering reporting officer for the outfit I was working in. If I didn’t do my job, it was my head on the block.
 

Northie

Registered User
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95
I have looked through the act but it has been a needle/haystack experience.

Irish legislation is not always the easiest to read as in most cases "new" acts such as this one are modifying existing Acts. In this case the Criminal Justice (Money laundering and Terrorist) Financing Act 2010.

If you really want to read it, the best place to that is here and more specifically Chapter 4 (Sections 44-47) which puts the onus on the bank to report suspicious transactions. Them asking you the question they are is to ensure your transaction is not considered "suspicious".
 
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