# Lodging cash into Bank Account - Legal requirements



## boris (14 Mar 2007)

I am lodging an amount of cash to my account today (2K) which has been given to me for paying other persons bills on my credit card as they don't have one.

Someone has told me that the banks are required to report on lodgements over 3K to Revenue presumably.  Is this true?


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## Welfarite (14 Mar 2007)

Your lodgement is only 2K so no worries. The reason banks link to rvenue is to counteract moneylaundering. Don't think alarm bells would ring on any of your transactions.


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## brodiebabe (14 Mar 2007)

I think it is much larger amounts, maybe 10,000 euro


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## boris (14 Mar 2007)

My other half does voluntary work for the local credit which is a substantial size.  The manager there told here that it was €3k.  Seems a ridiculously low amount as €3k would be easy for some people in business or privately to gather up.

Really is starting to smell of Orwell's 1984..............


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## KalEl (14 Mar 2007)

boris said:


> My other half does voluntary work for the local credit which is a substantial size. The manager there told here that it was €3k. Seems a ridiculously low amount as €3k would be easy for some people in business or privately to gather up.
> 
> Really is starting to smell of Orwell's 1984..............


 
Pretty unbelievable alright...I've done that plenty of times (never for any sinister reasons I hasten to add!). I've never been queried on it-seems like a very low amount.


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## Welfarite (14 Mar 2007)

Get real here, folks.... The whole point of this reporting to Revenue was to stop the scams and moving of money. (rememebr a certain tribunal?). also to stop criminals laundering robbery assets. It is doubtful that Revenue have the time, the resources, the energy or the inclination to chase up every Tom, Dick and Harry who lodges over a certain amount to ask them where they got the money. I would say suspicious actions on accounts draw the attention of the banks, who then report them on to revenue in case of illegal money-moving.


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## boris (14 Mar 2007)

Basically what they do is keep a ledger of all lodgements over that amount and the Revenue periodically audit it.  However this might be a credit union requirement.  Might be different for the banks.

Big Brother is definitely watching.............


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## KalEl (14 Mar 2007)

Welfarite said:


> Get real here, folks.... The whole point of this reporting to Revenue was to stop the scams and moving of money. (rememebr a certain tribunal?). also to stop criminals laundering robbery assets. It is doubtful that Revenue have the time, the resources, the energy or the inclination to chase up every Tom, Dick and Harry who lodges over a certain amount to ask them where they got the money. I would say suspicious actions on accounts draw the attention of the banks, who then report them on to revenue in case of illegal money-moving.


 
I think you're right...it's probably more of a request from the Revenue rather than an obligation. And I'm sure common sense is applied


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## Welfarite (14 Mar 2007)

But then again, just because you're paranoid doesn't mean they're not watching you!!!


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## DublinTexas (14 Mar 2007)

Actualy it's worse than a simple fixed figure of money (beside the Know Your Customer Rule once you hit 13,000€), it depends on what the bank might see as "suspicious behaviour".

I.e. usualy you get in 2,000€ a month, now you suddenly get 2,000€ every other week. Usualy you get only bank transfers in, now you get a lot of cash in.

Have a look here to get some ideas how far big brother is:
http://www.finance.gov.ie/viewdoc.asp?DocID=1210


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## KalEl (14 Mar 2007)

That makes a lot more sense. Flagging unusual behaviour rather than a fixed amount of cash is pretty reasonable.


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## mmalaka (14 Mar 2007)

I thought they r  doing this for Taxes reasons also

So it is ok that If I have a bank account aboard and I transfered some $$$ to my Irish account??!!!

How this would be taxed??


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## HotdogsFolks (14 Mar 2007)

I worked in the bank for about three months (24 hour banking call centre type of job.)

The job was so boring and (dare I say it) degrading that my colleagues wasted most of their energy watching the clock. No one gave a damn about money laundering.

It's kind of like McDonalds (another place I worked.) They say all staff use the "active hand sanitiser" to keep their hands germ free - in my few months I worked there, never once did I see someone use the sanitiser.

I wouldn't worry about the bank reporting you for money laundering.

Edit: Before someone asks - by degrading I mean things like having to ask permission to go to the toilet.


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## Gulliver (15 Mar 2007)

Following is an extract from OECD in respect of Ireland.  The CJA mentioned is the Criminal Justice Act

"
15. The requirements to conduct Customer Due Diligence (CDD) are met in part from the CJA
(1994). Designated bodies are required to take reasonable measures to identify customers when
establishing business relationships or when performing transactions over €13,000."​


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## KalEl (15 Mar 2007)

Gulliver said:


> Following is an extract from OECD in respect of Ireland. The CJA mentioned is the Criminal Justice Act
> 
> "
> 15. The requirements to conduct Customer Due Diligence (CDD) are met in part from the CJA
> ...


 
A typically useless piece of wooly legislation with almost limitless scope for interpretation.


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## Bronte (20 Mar 2007)

I always wondered why my Ulster bank a/c had a limit of 13K and now I know why.  Recently I loaned my sister in Ireland 28K but had to transfer it to her in 3 amounts over 3 days using internet banking directly from my account to hers.  Don't know how money laundering comes in here or the revenue.  It's just a temporary loan for no sinister purpose.  
As for the banks checking amount of 3K and reporting them - makes no sense to me.  Furthermore I needed money here in Belgium where I'm based so I transferred the money directly to my sister's account, again using internet banking and she went into the bank and transferred the money to my Belgium bank, no questions asked and it cost less than a fiver I think.   I cannot see how the banks nor the revenue would have the time to go checking people's transactions on amount of 3K or 30 K. People in business must be transferring these amounts all the time.


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