2000k + deposits

[pudds]

I was told today that deposits or transfers of 2k and over into an account have to be explained. This can't be right can it?

 

[Jim2007]

It is up to each bank how they check for money laundering. There are usually two rules - amounts above a certain level and frequent small deposit. Unless you're a farmer, having deposits of 2K or above coming into you account from a source other than payroll, pension or investment income would be worth at least an initial look from the bank's point of view.

 

[24601]

That threshold would be relatively low but as noted by Jim2007 each sets its own trigger. For that low a threshold it should really only be applied to cash lodgements.