Withdrawing cash from bank accounts and Revenue reporting

U

Up Rovers

Registered User
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Hi All,

Just looking to know if anyone can tell me if there are definitely reporting guidelines in place to inform Revenue if people withdraw large sums of cash (maybe €5,000 at a time) from bank accounts. Nothing underhand going on and definitely no avoidance of due taxes or money laundering. I don't need a lecture on the usual tax avoidance issues or the thread taken off track with questions as to why I need the cash, thanks :)

This previous thread (from 2010) refers to a figure of €13,000 - over one or a number of transactions to reach that figure - https://www.askaboutmoney.com/threads/is-taxman-informed-of-bank-withdrawal-of-5k.136175/

Post 6

From a tax perspective DIRT is deducted at source so the taxman gets his share before you do seeing as DIRT is deducted at source (
http://www.revenue.ie/en/tax/dirt/index.html).

There are money laundering considerations that may bring transactions to the attention of Revenue.
http://www.finance.gov.ie/viewdoc.asp?DocID=1210. Not sure if this is the current levels but it gives you some idea.
But I can't imagine its much of issue. I've never had any dealings with revenue and I regularly move money around.
 
There are no reporting requirements to Revenue for any specific withdrawals/thresholds. Some institutions do take a particularly rigid (mis)interpretation of Anti-Money Laundering requirements and ask all sorts of questions in relation to certain activity but generally withdrawals should none of their business - they may ask for source of funds for things like cash lodgements > €X,000. Large withdrawals can raise a flag if they are part of a wider pattern of activity that raise a suspicion of money laundering and could result in an institution submitting a suspicious transaction report to Revenue and the Gardaí.
 
Thanks very much for those informative replies.

In light of no reporting requirements to Revenue just wondering how/why the figure of €13,000 came from in Post 6 as quoted above in the thread of 2010.

Thanks.
 
Up Rovers said:
Thanks very much for those informative replies.

In light of no reporting requirements to Revenue just wondering how/why the figure of €13,000 came from in Post 6 as quoted above in the thread of 2010.

Thanks.
Click to expand...
For someone who claims that everything is legit you seem very perturbed on this matter. It's entirely possible you took out 20 k to go gambling on a horse, known as the Bertie defence. Or you could be buying a car fur cash, or going on an expensive cruise.
 
Up Rovers said:
In light of no reporting requirements to Revenue just wondering how/why the figure of €13,000 came from in Post 6 as quoted above in the thread of 2010.
Click to expand...
The context wasn't clear.
There was old EU legislation which set 13k as the absolute maximum cumulative level that could be transacted for a customer before identity & AML checks must be completed.
 
Lodged approx €10,000 to credit union recently and received a form to fill in asking where it came from and did I intend to make other large lodgements in the next few months. As it happens it was following the close of Rabo so was easy to explain.
 
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