Lodging large amounts of cash

Sleeper12

The Act places obligations on designated persons to guard against their businesses being used for money laundering or terrorist financing purposes.

Section 25 of the 2010 Act defines the term ‘‘designated person’’ as any person working in Ireland in any of the following capacities:

A credit or a financial institution (this includes funds and fund service providers, money lenders, insurance companies, money transmission or bureaux de change businesses, An Post and virtual asset service providers) unless specifically excepted
An auditor, external accountant, tax adviser or any person who professionally provides assistance or advice on tax matters
A relevant independent legal professional
A trust or company service provider
A property service provider, where the monthly rent handled exceeds €10,000
A casino
A person who directs a private members club at which gambling activities are carried out
A person trading in goods in respect of transactions involving the receipt of cash of at least €10,000, whether in one transaction or in a series of transactions that are or appear to be linked to each other
A person trading in works of art involving more than €10,000 (or acting as an intermediary in such trading), whether in one transaction or in a series of transactions that are or appear to be linked to each other
A provider of gambling services, including bookmakers and online gambling companies
Any other person of a prescribed class

https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/money_laundering_in_ireland.html

joeguevara

Sleeper12 wrote: »

Banks, building societies, post office etc are legally required to report any lodgement over 10k. This is for personal accounts. There is no requirement for business accounts for several reasons. Large turnover, large transactions and the fact that the business bank accounts are filled as part of the business account to revenue each year

Banks are required to report suspicious activities below the 10k requirements too

Do you have any legislation for your incorrect requirement?

Sleeper12

joeguevara wrote: »

Do you have any legislation for your incorrect requirement?

I don't think so friend


https://revisedacts.lawreform.ie/eli/2010/act/6/revised/en/html


http://www.irishstatutebook.ie/eli/1994/act/15/enacted/en/html


https://www.centralbank.ie/consumer-hub/explainers/why-must-i-prove-my-identity-when-obtaining-a-financial-services-product

joeguevara

Sleeper12 wrote: »

I don't think so friend


https://revisedacts.lawreform.ie/eli/2010/act/6/revised/en/html


http://www.irishstatutebook.ie/eli/1994/act/15/enacted/en/html


https://www.centralbank.ie/consumer-hub/explainers/why-must-i-prove-my-identity-when-obtaining-a-financial-services-product

So you can’t?

Sleeper12

joeguevara wrote:

So you can’t?

You can't read it then?

By the way a very quick Google search shows plenty of information on it.

We have eu wide anti money laundering laws & have had for a long time.

You can ask your local post master or bank staff. In fact Bank Of Ireland have their own thread here on boards. Ask them now & you should have a reply by Monday evening or Tuesday morning.

joeguevara

Sleeper12 wrote: »

You can't read it then?

By the way a very quick Google search shows plenty of information on it.

We have eu wide anti money laundering laws & have had for a long time.

You can ask your local post master or bank staff. In fact Bank Of Ireland have their own thread here on boards. Ask them now & you should have a reply by Monday evening or Tuesday morning.

I’m asking you. Just to be clear where is the legal requirement to report lodgements over 10k

Jim2007

HBC08 wrote: »

Couldn't you just tell them any old sh1te?
I sold my car,musical equipment on Donedeal,an expensive watch?

athlone573 wrote: »

Bear in mind that at some point, an actual person in compliance, garda or revenue has to look at all these forms.

For several years I worked in the fraud and insolvency area and the one thing that never ceased to amaze me is how the amateur thinks he can better the professional.

If you get to the point where you are being interviewed about suspicious transactions you'll be interviewed by the professionals, people who have heard all the stories before and know all tricks. And most likely it will be under caution.

If you sell a car you must have had a car, there must be a log book, a change of ownership, a buyer etc... and when you can't produce any of them, you just depend the suspicions and that leads to an even deeper investigation.

Jim2007

sportsfan90 wrote: »

Yeah and a lot of people have significant amounts of mattress money built up over the years for a number of reasons (preference of having cash, distrust of banks, etc).

The money could be legitimate and in no way dodgy but they could find it difficult to convince a bank that when they've no real paper trail to prove it.

If the money came from a legitimate source there will be a paper trail or a course of behaviour which has led the accumulation of the wealth.

It's not the bank you have to convince, once a transaction or pattern of transactions have been identified it becomes a matter for the central bank, the revenue and the Garda.

Sleeper12

joeguevara wrote:

I’m asking you. Just to be clear where is the legal requirement to report lodgements over 10k

I've already posted 4 or 5 links. If you are unable to read them then I can't help you.

joeguevara

Sleeper12 wrote: »

I've already posted 4 or 5 links. If you are unable to read them then I can't help you.

Just to be clear there is no legal requirement in any of your links to automatically report any lodgement over 10k in personal accounts.

jhegarty

14 years later, I wounder if op got caught on skipping cgt.

Jim2007

joeguevara wrote: »

I’m asking you. Just to be clear where is the legal requirement to report lodgements over 10k

If they published what limits the are working with at any given time, it would be very easy for the money launderers to fly under the radar, so anyone currently involved in this area are not going to tell you what parameters they are working with.

I don't know where the 10k comes from, but in a society where cash passed transactions are less and less common, I expect you'll get looked at long before you reach 10k.

joeguevara

Jim2007 wrote: »

If they published what limits the are working with at any given time, it would be very easy for the money launderers to fly under the radar, so anyone currently involved in this area are not going to tell you what parameters they are working with.

Exactly. Depends on the customer. Not 10k as per post.

Jim2007

I'm not going to let this thread run much longer, it has run it's course and we are not in the business of helping people avoid their obligations.

bcklschaps

One of the most informative threads on Boards.ie. Thanks to everyone.

sportsfan90

Jim2007 wrote: »

If the money came from a legitimate source there will be a paper trail or a course of behaviour which has led the accumulation of the wealth.

It's not the bank you have to convince, once a transaction or pattern of transactions have been identified it becomes a matter for the central bank, the revenue and the Garda.

Point taken. I guess what I meant was if you had a significant amount built up over the years from several ATM withdrawals of a few hundred euro at a time, it would be harder to convince any of those bodies as opposed to if it was one larger transaction. But maybe I’m wrong.

Stihl waters

I have a coin bottle at home that I save only 1s 2s and notes in, the last time I emptied it there was over 12 k in it in 2013, can I go in and lodge it in coins as its nearly full again and will it raise suspicion

Sleeper12

Stihl waters wrote:

I have a coin bottle at home that I save only 1s 2s and notes in, the last time I emptied it there was over 12 k in it in 2013, can I go in and lodge it in coins as its nearly full again and will it raise suspicion

You'll pay a hefty fee for 12k in coins. I think its 2 or 3 percent

bcklschaps

Sleeper12 wrote: »

You'll pay a hefty fee for 12k in coins. I think its 2 or 3 percent

10% in Tesco coin machines

The J Stands for Jay

sportsfan90 wrote: »

Point taken. I guess what I meant was if you had a significant amount built up over the years from several ATM withdrawals of a few hundred euro at a time, it would be harder to convince any of those bodies as opposed to if it was one larger transaction. But maybe I’m wrong.

There's be a paper trail from the ATM withdrawals.

Sleeper12

bcklschaps wrote:

10% in Tesco coin machines

Wow!
If the money went to charity I'd get it but 10 percent for coins that they will use in the tills saving them 3 percent.

I'm stunned

Collie D

Interesting thread.

Hypothetical - You lodge 15k in cash, it gets investigated and you can prove you sold your car or as per earlier example your high end drum kit so you’re all good. Would they then investigate the person who paid you 15k in cash? And if he couldn’t prove the source or it was proven to be dodgy would you be in any danger of losing the 15k you legitimately earned?

Sleeper12

Collie D wrote:

Hypothetical - You lodge 15k in cash, it gets investigated and you can prove you sold your car or as per earlier example your high end drum kit so you’re all good. Would they then investigate the person who paid you 15k in cash? And if he couldn’t prove the source or it was proven to be dodgy would you be in any danger of losing the 15k you legitimately earned?

This is just what the banks have to report. It does not automatically mean that revenue will investigate. It goes into their computer system and if you had regular large cash lodgements then they might get interested. Maybe cross check against your declared income. You can be sure Ben Dunne lodging 10s of thousands into his personal account every few weeks won't raise eyebrows

GreeBo

https://boards.ie/discussion/comment/117577604#Comment_117577604

Nope, Meep Meep! 🤐