Bank Disclosure Responsibilities

weshtawake

If a large sum is tarnsferred from the UK to a bank account here - perfectly legitimate transaction I might add, is there an onus/requirement on the bank to report this to the Revenue?

Little Miss Cutie

I don't see why? Why would the bank be involved?

Victor

They normally would. However, that doesn't mean there are repercussions.

I get the impression if its out of the ordinary (of your normal transactions) or over €10,000 they must report it. Less than that, thay can report it.

I'm not sure, there may be a field on the bank's computer system for such events where you can put in "Inheritance" or "Sale of house" or the like.

mickbyrne

The bank are required to report suspicious transactions. Assuming that the amount is transferred from a uk bank where money laundering procedures are in place to an Irish bank where money laundering procedures are also in place, I wouldn't see the need for it to be reported. If however you walk in off the street to lodge a large some of money in sterling to an Irish bank, well then yes, it would be suspicious.

weshtawake

Mick, the 2 banks involved are very reputable "high street banks". The amount would be higher than the normal amounts going through the Irish bank account but entirely legitimate. From what you are saying then I assume there would not be automatic disclosure.

Victor

Realise that €700 bn+ goes through the banking system every day, becuase of the IFSC. Yours probably isn't significant.