Lodging large cash then transfer to another persons account

mordeith

Looking for advice here. A friend has asked me to transfer 15,000 into his account and is giving me the cash (in cash) which I can lodge to my own account. Is there anything dodgy in this? I never lodge cash so would the bank question this transaction?
The reason is he says the bank won't give him a loan without a savings account.

Conall Cernach

Sounds very dodgy to me. He has an account but can't get a loan even though he has 15k in cash? Why can't he just open a savings account with this cash? This seriously looks like money laundering.

victor8600

mordeith wrote: »

Is there anything dodgy in this?

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

A conviction on charges of money laundering carries a maximum penalty of 14 years imprisonment and or an unlimited fine.

Is your friend a tradesman working for cash? You do understand that he can just put cash into his own account without you being involved. So the scheme looks like he wants to claim that you have given him "clean" money as a gift or something, while he gives you cash which he haven't paid tax on.

Fracture

mordeith wrote: »

Looking for advice here. A friend has asked me to transfer 15,000 into his account and is giving me the cash (in cash) which I can lodge to my own account. Is there anything dodgy in this? I never lodge cash so would the bank question this transaction?
The reason is he says the bank won't give him a loan without a savings account.

A transaction like this will automatically be flagged to Revenue for possible money laundering, if you go ahead with this i hope you have a very good excuse ready to give to the tax man or else you could find yourself in court. Have you asked your "friend" why he/she wants you to do this? I'd seriously keep clear of this if i were you.

munchkin_utd

heres useful info on money laundering , the important thing to note is that banks have an obligation to monitor and report any transactions over 10,000 euro
https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/money_laundering_in_ireland.html

Aparantly 24,000 large transactions reported to the guards in 2017, you'd presume thats an ongoing thing and thats quite a high figure for such a small country.
https://www.irishtimes.com/news/crime-and-law/massive-increase-in-reports-of-money-laundering-1.3603635

The transactions ranged from the proceeds of suspected social welfare fraud and minor drug dealing being lodged into credit union accounts to suspected cases of terrorism financing and money laundering by major drug gangs.

and of course, being stupid or ignorant is no defence in court.
If the lad in question has 15k knocking about randomly, not in a savings account, then where does it come from?

Actually, sure go on. Play along with your friend, lodge the money and let the bank report it to the authorities, and when the guards investigate it then you will find out the mystery of where that cash came from.

mordeith

Thanks for all the advice. He wants to buy a house. He already has a mortgage on another house he is living in. He said something about saying the money was gift from his mother and /or telling the bank he got the money from selling his car. He rang me on the phone and caught me on the hop. I'll be telling him I can't so it (for both our sake!)

emeldc

mordeith wrote: »

Looking for advice here. A friend has asked me to transfer 15,000 into his account and is giving me the cash (in cash) which I can lodge to my own account. Is there anything dodgy in this? I never lodge cash so would the bank question this transaction?
The reason is he says the bank won't give him a loan without a savings account.

I think the banks are obliged to report any cash lodgement they think might be suspicious. If you suddenly lodge €15k when you rarely lodge cash at all, then it's bound to raise a red flag. The bank will be only worried about their own ass, not yours. Don't do it.

mordeith

I've told him I can't do it.
Thanks all.

Jim2007

mordeith wrote: »

Looking for advice here. A friend has asked me to transfer 15,000 into his account and is giving me the cash (in cash) which I can lodge to my own account. Is there anything dodgy in this? I never lodge cash so would the bank question this transaction?
The reason is he says the bank won't give him a loan without a savings account.

Do you think that helping deceive a bank into granting a loan is not serious?? Walk away now, because to be blunt about it you are not smart enough to carry this off.

mordeith

Jim2007 wrote: »

Walk away now, because to be blunt about it you are not smart enough to carry this off.

I'm not trying to carry off anything. As I posted above I'm not doing it.

To clarify it now appears he took the money as a personal loan from another bank to use as a deposit with the bank he is presumably trying to get a second mortgage on. He wanted me to transfer the money electronically into his account where he could pass it as money from a sale of assets and then offer that as the deposit.
I'm actually flabbergasted that he even asked.

Fracture

Jim2007 wrote: »

Do you think that helping deceive a bank into granting a loan is not serious?? Walk away now, because to be blunt about it you are not smart enough to carry this off.

Did you not look at the OP's post saying that he wasn't going to do it before posting.

killbillvol2

Fracture wrote: »

Did you not look at the OP's post saying that he wasn't going to do it before going off on a rant?

That's hardly a rant and the fact that the OP even asked the question in the first place is a red flag.

Fracture

killbillvol2 wrote: »

That's hardly a rant and the fact that the OP even asked the question in the first place is a red flag.

Edited.

adam88

I withdrew 10500 cash to buy a car. She kept asking me to get a draft ( security reasons) and asked me twice the purpose of it. I didn’t want to ask the lad his full name for the draft cause he’d have known well I was interested in the car.

Fright to god I worked long and hard and I’ve to answer about what I’m doing with my money.

Atlantic Dawn

adam88 wrote: »

I withdrew 10500 cash to buy a car. She kept asking me to get a draft ( security reasons) and asked me twice the purpose of it. I didn’t want to ask the lad his full name for the draft cause he’d have known well I was interested in the car.

Fright to god I worked long and hard and I’ve to answer about what I’m doing with my money.

Yes it's a hard one but she probably was looking out for your own interests too, lots of people taken in by scams, pay in cash and zero comeback or traceability later.

Jim2007

adam88 wrote: »

Fright to god I worked long and hard and I’ve to answer about what I’m doing with my money.

Unlike you, she was probably well aware of the risk you were taking.... there could have been a spotter watching you and you could have been hit after leaving the bank...

I don't know the operations of the bank you were using. But when I worked in a bank we were given regular suspect lists - people who had been sighted on CCTV entering bank branches without any business to be there. You could not accuse them of anything, but you were required to suggest customer take security measures if you noticed one of the hit list in your branch, like take a bank draft rather than cash for instance.

GerardKeating

adam88 wrote: »

I didn’t want to ask the lad his full name for the draft cause he’d have known well I was interested in the car.

You were spending 10 grand on a car, and you don't know the sellers full name ???

adam88 wrote: »

Fright to god I worked long and hard and I’ve to answer about what I’m doing with my money.

Once, i was in a branch, getting some foreign cash, and (as you you) they grilled me, wanted loads of ID and the like, and appoligies for all the questions and delay in getting the cash, I thanked her for all the questions, and said I would be more upset if I was able to take the cash out with out all this "hastle". She is only protecting my money, and this is GOOD.