Why do the bank want to know what I am withdrawing cash for?

[surveyor]

For those who believe the banks are being too demanding when they ask what is the cash for?

This is why.

http://www.bbc.co.uk/news/business-42323411

I think it's a great thing, and can't understand why anyone would think otherwise.

[anonymous-user]

Yeah but why is there no "coke and hookers" box on the form?

[berlintaxi]

Indeed, it does become a bit monotonous after a while but is understandable, some on here really need to get over themselves.

[anonymous-user]

I never find coke and hookers monotonous, but that's just me.

[Too Drunk to Funk]

Do we not think this story is likely to make other fraudsters target Barry Fox?

[C0ffin D0dger]

BBC said:

The seller had told him that they would pick him up from a railway station and then travel to a countryside location to pick up the car. He would pay £10,000 in cash.

Seems legit, what were they worried about

I did wonder how much confidentiality there is as we were drawing out decent sums of cash a while back to pay for some of the building work we were having done on our house (you know why ), I was open with them as to what it was for i.e. paying for some building work but is fraud and money laundering all they're interested in or does some of it get reported back to HMRC?

[KTF]

People really fall for scams like this?

"A man who was conned into thinking he was being contacted via Facebook by a long-lost girlfriend, who then asked him to turn up at the airport with a parcel of cash to help deal with formalities"

Nothing out of the ordinary there either...

[BlackLabel]

It's usually very difficult to see a police officer when it comes to internet fraud cases so this is quite impressive.

OP's link said:

Staff were concerned and used a new system to alert police to the case and, within 30 minutes, officers were there.
They made checks and alerted Mr Fox to the fact he was about to be scammed.
This was one of 1,262 calls made by bank staff to police or trading standards under the Banking Protocol system that should see an officer arrive to offer help within an hour.

[Red 4]

Breadvan72 said:

I never find coke and hookers monotonous, but that's just me.

You are Baron John Buttifant Sewel, CBE

Tell 'em the money is so you can update your wardrobe

Ladies' undergarments and leather.

Oh, hang on. You don't need your own money for that. Or Columbian marching powder.

[XM5ER]

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

[devnull]

Come on Pistonheads!!

Did none of you pick up on the fact that the guy said the Rolls has a 6200cc "V6" ???

[Shakermaker]

XM5ER said:

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

But how did this "legal obligation" come about?

Surely most of the time, nothing comes of them asking you - but every so often, as in this case, some good does come of it, which is why they ask it?

[XM5ER]

Shakermaker said:

XM5ER said:

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

But how did this "legal obligation" come about?

Surely most of the time, nothing comes of them asking you - but every so often, as in this case, some good does come of it, which is why they ask it?

It was legislation brought in in the mid 2000's IIRC, ostensibly to prevent money laundering and terrorism. But also it happens to be quite good at limiting black market workers from paying zero tax.

[V88Dicky]

devnull said:

Come on Pistonheads!!

Did none of you pick up on the fact that the guy said the Rolls has a 6200cc "V6" ???

I'd like to see him quote that when he renews his insurance, and they tell him it's a 6.75L V8

[Shakermaker]

XM5ER said:

Shakermaker said:

XM5ER said:

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

But how did this "legal obligation" come about?

Surely most of the time, nothing comes of them asking you - but every so often, as in this case, some good does come of it, which is why they ask it?

It was legislation brought in in the mid 2000's IIRC, ostensibly to prevent money laundering and terrorism. But also it happens to be quite good at limiting black market workers from paying zero tax.

sounds pretty reasonable to me.

It is good that this scam was averted - I am curious what exactly the bank worker was able to tell was "off" about the whole thing - how much information was proffered by the chap withdrawing the money etc.

[Dr Jekyll]

XM5ER said:

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

But do you have a legal obligation to answer? Or are you allowed to not say?

[jimbobs]

There’s also a new corporate offence of ‘failing to prevent the facilitation of tax evasion’ to worry about. So just be aware that if you say to the bank ‘I’m taking this cash out so that the builder can keep it off his books - wink, wink” the bank is now legally obliged to notify HMRC about it.

[Countdown]

KTF said:

People really fall for scams like this?

"A man who was conned into thinking he was being contacted via Facebook by a long-lost girlfriend, who then asked him to turn up at the airport with a parcel of cash to help deal with formalities"

Nothing out of the ordinary there either...

That pretty much describes all my ex-girlfriends.....

[roachcoach]

Dr Jekyll said:

XM5ER said:

This is patently rubbish, the banks ask the question because they have a legal obligation to do so. If something positive comes out of it then good, but it's not the reason.

But do you have a legal obligation to answer? Or are you allowed to not say?

Money laundering laws are absolutely ruthless. Wouldn't surprise me if they burn you at the stake for refusing.

[Terminator X]

Why are the Banks and / or the Police saving people from their own stupidity? Personally I'd be pretty hacked off if my Bank stopped me withdrawing my own cash on a whim.

TX.