CU reporting of deposits

mozattack

Hi, used to work in a CU and I remember someone had to be reported when they made a large cash lodgement - not sure if that still applies?

Anyway my question is if an account with savings in it has to be reported once it is over a certain amount? Anyone know anything on this?

chris85

mozattack wrote: »

Hi, used to work in a CU and I remember someone had to be reported when they made a large cash lodgement - not sure if that still applies?

Anyway my question is if an account with savings in it has to be reported once it is over a certain amount? Anyone know anything on this?

If large amounts are deposited into any account in any financial institutions the banks are obligated by law to seek to identify from the depositor the source of the funds to ensure there is no criminal aspect to the source. If there is suspicious activity on the account the bank is obligated to report it to the Revenue or to the Guards. It also doesnt have to be specifically be large amounts but this is generally where a lot of the questions will come from, or a series of transactions which add up to a large amount.

Some more info in links below.

http://www.centralbank.ie/regulation/processes/anti-money-laundering/Pages/default.aspx

http://www.citizensinformation.ie/en/money_and_tax/personal_finance/financial_institutions/money_laundering_in_ireland.html