cashing money

[mjandrews96]

a friend of mine is self-employed. He always takes his payments in cash. He will soon be emigrating to aussie. He told me he has most of cash in reddies. Will he have any problem in putting this into a build-soc or bank as so much is made of money laundering these days. My build-soc told me that they only give out cheques to the value of 10-thou and have other limitations. Does anybody know what they are

[david11]

I dont think there is a limit on what amount of money cash you deposit,but if there is the slightest suspicion the bank are duty bound to inform her majesty's customs,then social security,and if they dont find nothing,the Police will call.Keep payments under �1500,and then only two visits per week,maybe he has a couple of accounts,if not he has got a real headache

[Oneeyedvic]

There are money laundering regulations - and the amount is 15,000 Euros (approx �10,000)

The cashier taking the cash will be duty bound to report the amount if she feels there is any suspicion of money laundering.

If he is paying in several thousand pounds in a short time scale, then there would probably be suspicion.

One off payments (such as the sale of a car) can easily be explained, but it really depends on the amounts / frequency of payments.

[Hammer]

He may well get people sniffing around if it looks suspicious, but if it's all above board and he has invoices etc to back up why he has so much cash, there should be no problem explaining it away.