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Withdrawing money from bank

  • 21-08-2018 5:22pm
    #1
    kitchendresser
    Registered Users, Registered Users 2 Posts: 9 ✭


    A while back I withdrew a large number of thousands Euro from a bank. They said that because of the size of the withdrawal I had to tell them what it was being used for.
    What is the maximum size of withdrawal that wouldn't lead me to being questioned in this manner?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    AML controls vary from bank to bank. Amount is not the only criteria.

    Provided you have a valid reason you have nothing to be worried about.


  • #3
    Yester
    Registered Users, Registered Users 2 Posts: 1,499 ✭✭✭Yester


    Really? I never heard of this. It seems strange that I would have to explain why I want my own money.


  • #4
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    Its due to the new anti money Laundering Law


  • #5
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,762 ✭✭✭✭Atlantic Dawn
    M


    A shade under €10k shouldn't raise questions.


  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    Atlantic Dawn wrote: »
    A shade under €10k shouldn't raise questions.

    Multiple withdrawals under the limit over a period will also cause an investigation.


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  • #7
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    kitchendresser wrote: »
    A while back I withdrew a large number of thousands Euro from a bank. They said that because of the size of the withdrawal I had to tell them what it was being used for.
    What is the maximum size of withdrawal that wouldn't lead me to being questioned in this manner?

    As others have said, bank is under an obligation to ask. If you refuse to give a reason and they are any way suspicious as to where the funds are going (not giving a reason would make me suspicious, so would looking to find out what the max amount you wont be asked for) they are obliged to submit a suspicious activity report which will be reviewed by the AML team and could ultimately be reported to gardai. These obligations arent only in contracts of employment, theyre required by law and bank employees can be held personally responsible for failure to report.


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