Do transactions over a certain limit or of a certain frequency trigger an alert?

[Orga]

Hey folks,

I posted something similar elsewhere but didn't get any feedback on it - I know that in the US that transactions over a certain limit or of a certain frequency alert Homeland Security and the IRS. I'm wondering if anyone knows of a similar "trigger" in Ireland and if so what it is?

Thanks in advance

 

[mo3art]

Re: Legal help

I know that in some banks all cash transactions over €1K require prior notice if you are withdrawing and if you're lodging you need to provide evidence of where it came from.....

 

[davidoco]

[broken link removed]

If there is nothing to hide there is nothing to fear about any transaction however large.

IDENTIFICATION OF CUSTOMERS
18. A credit institution is obliged by the Act (Section 32(3)) to take reasonable measures to establish the identity of any person for whom it proposes to provide any of the financial services set out in Appendix D to these Guidance Notes:-
(a) on a continuing basis, or
(b) in respect of individual transactions amounting to at least €13,000 1 or in respect of a series of apparently linked transactions which amount in the aggregate to at least €13,000 or
(c) in any situation where it suspects that the service is connected with money
laundering.
If, at the time of the transaction, the sum involved is not known, then the obligation to establish identity applies as soon as it becomes known that the sums involved amount to at least €13,000 (Section 32(4)).

 

[dodo]

Re: Legal help

What bank does that, I jsut took 10K today AIB not my own branch no problem so if your bank wants a letter from your mama I suggest try an other bank

I know that in some banks all cash transactions over €1K require prior notice if you are withdrawing and if you're lodging you need to provide evidence of where it came from.....

 

[ClubMan]

Re: Legal help

I know that in some banks all cash transactions over €1K require prior notice if you are withdrawing and if you're lodging you need to provide evidence of where it came from.....

I've never come across that either.

 

[cosmo]

That €1,000 limit sounds like an individual bank's policy rather than Financial Regulator requirements.

It's worth noting that the responsibility rests firmly with the staff in any bank or other financial institution that if they suspect money laundering or any other suspicious activity they must report that through their designated channels, or THEY themselves could face a nice fine and jail time.