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Deposits reported to revenue

AstonMartin · 2011-05-25 06:17:21

Is there a figure above which it is mandatory for a bank to report a deposit into a current account to the revenue?

25-05-2011 6:17am

#1

AstonMartin

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Is there a figure above which it is mandatory for a bank to report a deposit into a current account to the revenue?

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#2 25-05-2011 10:03am

maddogcollins

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I am open to correction on this but Banks automatically report Deposit Interest earned once it is over €625 per annum.

I do not beileve they report all deposits however, under money laundering regulations cash deposits of €10,000 or over will normally be reported. Although some institutions will have other methods of deciding how they will report deposits. i.e A number of large unexplained cash deposits over a period of time. Some cashiers will ask the source of the depoist to help decide on reporting etc..

Hope that helps (and is correct)

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