Moving monies from Bank - revenue notified ??

S

shipibo

Registered User
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951
A Chairde,


I was told banks inform revenue-tax dept. when you transfer a certain sum of money between bank accounts, or make a withdrawal.

If this is true, what is the sum that triggers bank to contact revenue ?
 
The Revenue are informed about some but not all activity.

I think I read that all banks in Ireland were asked to pass on details of all interest earned by their customers of 500 EUR or more in a year.
 
Certainly if you were lodging or withdrawing large volumes of cash, then a bank would be obliged to report it under money laundering legislation.
 
Mpsox said:
Certainly if you were lodging or withdrawing large volumes of cash, then a bank would be obliged to report it under money laundering legislation.
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Why? Say I take 20g from TSB and want to put it in Ulster Bank. Its my money, its legit, so why do they need to tell revenue? Revenue know from the DIRT anyway?
 
Banks, building societys, credit unions etc are required to notify revenue of transactions in particular situations. May transactions can be traced back and there is no investigation performed. This requirement came from anti money laundering requirements and any ordinary person has nothing to fear.
Regards
Mike
 
Thanks Lads for the feedback,


A figure I heard years ago was 10K ...


Happy New Year
 
JamesGG said:
Why? Say I take 20g from TSB and want to put it in Ulster Bank. Its my money, its legit, so why do they need to tell revenue? Revenue know from the DIRT anyway?
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Its not for senarios like that.... but more to do with money coming from unexplained sources or traces especially cash lodgements.




Then again some individuals have gotten away with it my just saying I won it on the horses.




 

Would it not be the gardai that this gets reported as opposed to revenue?
 
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