Recently I sold my car and lodged the draft into my NIB account, next day I get a call from the bank asking the nature of the funds ie where did the money come from. Guy told me it was standard procedure for money laundering regulations to ask the source of lodgments over a certain amount.
Does this sound strange, I mean does the bank phone everyone who deposits larger than normal sums into their accounts. I don't get it...
sherib said:Correct me if I'm wrong but I don't think the Prize Bond people ask that question when large investments are made.
12 In accordance with the anti-money laundering
provisions of the Criminal Justice Act, 1994,
purchasers must provide their date of birth and
may be required to provide proof of (1) name and
(2) address. In accordance with the provisions of
the Finance Act, 2004 relating to interest paid to
non-residents, purchasers who do not already hold
Prize Bonds will be asked to provide proof of (1)
name, (2) address, (3) country of residence and (4)
tax reference number (or place and date of birth if
proof of a tax reference number is not available) in
the event of winning a prize.
sherib said:Does that mean if someone buys an expensive car, painting, jewellery etc, the retailer will ask the source of the cash?
sherib said:Even if an item is paid for by cheque, how does that prove tax has been paid? Is there any limit to the number of different bank accounts an individual can have? I'm just curious.
CCOVICH said:I don't think that retailers are obliged (by law) to ask the question.
From 15th September 2003, other designated professions will be required to use the same measures as financial institutions to combat money laundering. These professions include:
- accountants
- auctioneers
- auditors
- estate agents
- tax advisors
- solicitors
- investment business firms
- agencies that provide money remittance services (i.e., those that 'wire' money from one place to another)
- dealers in high value goods (i.e., precious stones, metals, works of art where payment is made in cash for a sum of 15,000 euro or more)
- casinos*
- administration companies providing services to collective investment schemes
ClubMan said:According to only certain professions are obliged to comply with the relevant money laundering legislation and, for example, ask questions about the original and use of large sums:
[/list]
If you follow the link provided, a full explanation is given.Zapatista said:Clubman,
What does the star after Casino refer to ?
does anyone know what the limit is that the banks are oblidged to ask the source of the fund? İ couldn't find anythıng solıd onlıne. TİA
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