depositing money

[okenemem]

last year I took out 20 k from my bank in cash . the money was all legal with a proof of where it was from . I only spent 6k of it and now I want to put it back .

Do you think i will be okay to put it back in the same account I got it from without causing any problems

[red_slr]

£14k will trigger anti money laundering but nothing to stop you paying it in. In this day and age I think that kind of sum is considered fairly small so unless you have been taking flights to Columbia in the meantime etc I suspect you will not have any issues.

[okenemem]

so what is the result of triggering anti money laundering??

[red_slr]

okenemem said:

so what is the result of triggering anti money laundering??

Generally nothing, NCA would review it. But part 7 of the proceeds of crime act requires any financial institution to submit a suspicious activity report to the NCA if they suspect there "may" be anything to the transaction.

There is no lower limit. Could be £1. But in reality most banks use the EU limit which is 15k euros. Some have lower limits.

However, the SAR only needs to be submitted if the transaction is out of the ordinary. So John Smith the self employed landscaper who pays in £10000 a month cash into his account wont need one. Because he is known to the bank, he is known to be handling that level of cash. However Chris Smith, unemployed with NFA turns up with £10000 having paid in £23 in the last 2 years and it probably will trigger a SAR.

IYSWIM.

[okenemem]

interesting thanks