# how much cash raises suspicion?



## colmcure (30 Aug 2010)

If I use the cash i have at home to clear my credit union loan will the revenue want to know where I got it? It is pure legit money that I have put away down through the years.I am talking about 11 grand. thanks.


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## Gervan (30 Aug 2010)

I recently transferred €12K from one bank to another. Even though this was by way of bank draft, and the source of the money clear, I was still asked by the bank into which I was depositing, to declare where the money came from. 
I don't know if the request comes from Revenue, or is an internal bank procedure (EU regulations?).


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## Murfnm (31 Aug 2010)

All banks have anti-money laundering procedures - this is most likely why you were asked to declare. They are suspicious of large cash transactions - but as a once off you will be ok - if you were making this transaction every week, more questions would be asked, and your account probably flagged for monitoring.


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## Yeager (31 Aug 2010)

If asked say its from the sale of a car or if married anytime recently say its wedding gifts.


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## truthseeker (31 Aug 2010)

Yeager said:


> If asked say its from the sale of a car or if married anytime recently say its wedding gifts.


 
Why not just say its from a number of years of saving at home?


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## truthseeker (31 Aug 2010)

Gervan said:


> I recently transferred €12K from one bank to another. Even though this was by way of bank draft, and the source of the money clear, I was still asked by the bank into which I was depositing, to declare where the money came from.
> I don't know if the request comes from Revenue, or is an internal bank procedure (EU regulations?).


 

Where you asked to produce paperwork to back it up?


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## Yeager (31 Aug 2010)

Gervan said:


> I recently transferred €12K from one bank to another. Even though this was by way of bank draft, and the source of the money clear, I was still asked by the bank into which I was depositing, to declare where the money came from.
> I don't know if the request comes from Revenue, or is an internal bank procedure (EU regulations?).


 

Revenue I think. I was of the impression that cash transaction >5K were meant to be flagged?


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## PaddyBloggit (31 Aug 2010)

Any amount that raises suspicion can be flagged.


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## dacoon (6 Sep 2010)

colmcure, any "unusual" transactions on all accounts are flagged under the Money Laundering Act. Unusual = Large one off transactions, Multi transactions on accounts, Recently re activated dormant accounts.  The person who accepts your money to lodge to your account may "innocently" enquire how you got it, and then when you have left will complete a form for the Money Laundering Officer. Depending on whether this person can  (through local enquiries) verify where you got the money,  ie (if you got married/sold property) then a form is completed and sent to Harcourt St Gardai (as far as I can remember). What happens after I dont know, but I assume the Gardai make enquiries, and if you arent a criminal then you should be ok. If I was you I would tell it as it is, you saved it over the years and now you want  to be rid of the loan.     Dacoon


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## Crugers (14 Sep 2010)

PaddyBloggit said:


> Any amount that raises suspicion can be flagged.


Any amount that raises suspicion *MUST* be flagged according to Money Laundering legislation...


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## csirl (14 Sep 2010)

Yeager said:


> If asked say its from the sale of a car or if married anytime recently say its wedding gifts.


 
Dont agree with not telling the truth - could possibly get you into more trouble e.g. selling a car - Revenue has car tax and vehicle registration details, so if you say you sold a car and Revenue has no record of you transferring ownership of a car to another person, then it will raise flags.

If the money is legit, then there is no reason to lie. Just say that you've been saving for several years and you should be ok.


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