Quote:
Originally Posted by Heisenboom
thanks a lot for the replies, really appreciate them [...] my bank will prob think I'm money laundering if i withdraw most of my account lol. prob gonna do so though after reading the responses so ty again.
From the HMRC website giving advice to businesses on their "Money Laundering Regulations: risk assessments" page:
Quote:
...You should check the source of funds on any cash transaction for £5,000 or more and any non-cash transaction for £10,000 or more.
I haven't bothered to check what the £ figure is for British banks having to report to the HMRC & other more secretive agencies [they do exist now due to terrorism, trafficking, drugs etc.], but I suppose you might want to withdraw in £5k amounts or less just to avoid delays/hassle
Not quite related since you have a clear money trail, but I hope of interest: Late in 2015 my bank of many years wouldn't accept £7k cash from me over the counter in the branch because I didn't have a receipt on me to indicate where I got it from. Had to go home & dig the receipt out.
Never happened to me before although I've made many similarly sized deposits. It was explained to me that banks in the UK [& presumably elsewhere] are skittish now regarding the money trail because heavy fines they've been hit with for laundering Mexican cartel drug monies & similar.