How much coinage will banks accept?

gogo

MYOB wrote: »

...except for the fact that it exists. How much more of a breach of confidentiality is it than automatically notifying them of an account being opened or closed, as has been required for decades at this stage?

The revenue are not notified of anything - suspicious tranaction report's are sent to each banks fraud department who then keep an eye on the account in question.
If a branch feels that a new account is in any way suspicious then the account will not be opened in the first place, it is entirely a branch decision. If you feel thatsomething is'nt right when opening an account, I have a obligation to trust my judgement and not open it, not an obligation to open it and notify the revenue.

And on a closing note the revenue deal with tax, which is a very small part of money laundering issues, so if an account had suspicious tranactions we would notify the fraud dept who in turn might or might not call the guards, who in turn would notify the revenue.

gogo

nlgbbbblth wrote: »

all banks have their own internal money laundering procedures

Mr X, working as supermarket cashier, lodging €2,500 cash a week into his account = suspicious

XYZ Limited, holding company for a busy pub and restaurant, lodging €25,000 cash a week into their account = normal transaction

a system that would automatically notify the Revenue Commissioners of amounts above a certain level would be disastrous and a serious breach of confidentiality.

To summarise^^^what he said.;)

L1011

gogo wrote: »

The revenue are not notified of anything - suspicious tranaction report's are sent to each banks fraud department who then keep an eye on the account in question.
If a branch feels that a new account is in any way suspicious then the account will not be opened in the first place, it is entirely a branch decision. If you feel thatsomething is'nt right when opening an account, I have a obligation to trust my judgement and not open it, not an obligation to open it and notify the revenue.

And on a closing note the revenue deal with tax, which is a very small part of money laundering issues, so if an account had suspicious tranactions we would notify the fraud dept who in turn might or might not call the guards, who in turn would notify the revenue.

Read the documents on suspicious transaction reports on the Revenue website - your fraud department would be handing them on. Revenue *are* notified of all large cash transactions and have been for 5 years now, simple as.

I never mentioned anything about whether accounts get opened or not - I said they are notified of all account openings and closures, also detailed on their website (http://www.revenue.ie/pdf/rev_powers.pdf)

Toots

The girl sitting in your local branch is not going to tell the Revenue. It is only in certain circumstances that the Revenue will be notified of these transactions, after the bank has sufficient reason to suspect that the customer may be dodging tax (ie every week Jimmy comes in to the bank and lodges 1000e into his account, this could indicate that he is being paid in cash and may not be paying tax/his employer may not have him on the books/he may be doing nixers and not declaring it) and it is the bank's Money Laundering Reporting Officer who decides whether or not to contact the Gardai/Revenue, not the branches. You may be questioned on the source of the funds (unusually large amounts being lodged into personal current accounts will prompt this) but the cashier isn't supposed to make you aware if he or she is suspicious:rolleyes:

OP, nobody will bat an eyelid if you come in with 2k in coin. I'd be seriously surprised if you are even questioned about it.:cool:

Lazare

Trine wrote: »

:rolleyes:

Intentional spelling mistake dumbo.

:rolleyes:

Giblet

Stop posting in this thread Lazare.