Strange question about lodging money to my account...

AARRRGH

Does anyone know what's the maximium amount I can lodge to my bank account without my bank informing the revenue office?

I know it's a strange question...

Any links to the relevant legal document appreciated.

Thank you!

Our man in Havana

I think it is 10K. There is no hard and fast rule on this.

Zaph0d

€13,000 is the guideline, however they are meant to report any suspicious transaction regardless of the amount.

The banks also use automated systems to track patterns of suspicious transactions such as multiple cash lodgements below the reporting limit. They are required to do this under IFSRA regulations.

http://www.antimoneylaundering.ie/GNDownload.html

vector

Zaph0d wrote:

€13,000 is the guideline, however they are meant to report any suspicious transaction regardless of the amount.

The banks also use automated systems to track patterns of suspicious transactions such as multiple cash lodgements below the reporting limit. They are required to do this under IFSRA regulations.

http://www.antimoneylaundering.ie/GNDownload.html

Re Money Laundering, while I cannot condone such activity, surely if you have hot money you'll just keep it as cash, why would you even give the bank a sniff of it, because everything you lodge can be recorded on your statement which can be used as evidence.

But returning to your question I would imagine that any single lodgement in excess of EUR 1270 in cash would attract attention on a personal account.

Our man in Havana

vector wrote:

Re Money Laundering, while I cannot condone such activity, surely if you have hot money you'll just keep it as cash, why would you even give the bank a sniff of it, because everything you lodge can be recorded on your statement which can be used as evidence.

But returning to your question I would imagine that any single lodgement in excess of EUR 1270 in cash would attract attention on a personal account.

nope, I often lodge cash in excess of 1270 and never heard a thing.

vector

Bond-007 wrote:

nope, I often lodge cash in excess of 1270 and never heard a thing.

Perhaps then, the fugure is not a static but a dynamic one, being an rolling average, on a given account.

Thus a wealthy individual may enjoy lodging 5000 a month without question, but an average individual with a more modest average would attract attention doing the same.

Such conjecture is however on the policy of the financial institution, and it likely that the relevant authorities have set static figures eith as guidelines or in law above which attention is attracted.

Blackjack

I recall reading something about 12,700 Euro from a couple of years ago, but I'm not certain on that.
I don't believe that they inform the revenue unless they believe it to be suspicious.
Secondly, I don't believe that they have any duty to inform the revenue if they believe it to be evasion of Tax- only where they believe it to be the proceeds of Crime or Money Laundering, however can't be sure on that either.