Page 1 of 1
Is that money legit?
Posted: June 18th, 2021, 9:35 pm
by scottnsilky
In the next week or so, I will be making quite a large purchase, what I will need to do is sell about £40,000 worth of investments held by HL, and transfer the money into my bank account. Will this cause any raised eyebrows, vis a vis money laundering or other nefarious activities?
I think I remember a threshold of £9000 below which no investigations are thought necessary, or maybe I dreamed that?
Am I being over-cautious?
Thanks for any insight.
Re: Is that money legit?
Posted: June 18th, 2021, 9:38 pm
by AleisterCrowley
You could ask your bank? They may appreciate the advance warning
Re: Is that money legit?
Posted: June 18th, 2021, 9:48 pm
by stevensfo
scottnsilky wrote:In the next week or so, I will be making quite a large purchase, what I will need to do is sell about £40,000 worth of investments held by HL, and transfer the money into my bank account. Will this cause any raised eyebrows, vis a vis money laundering or other nefarious activities?
I think I remember a threshold of £9000 below which no investigations are thought necessary, or maybe I dreamed that?
Am I being over-cautious?
Thanks for any insight.
Isn't the £9000 threshold the amount of cash you can withdraw or pay in without giving a reason?
Large amounts of money are being transferred all the time for car and house purchases. If it's being transferred from another financial institution - i.e. HL - then surely there shouldn't be a problem.
Steve
Re: Is that money legit?
Posted: June 18th, 2021, 9:53 pm
by pje16
Re: Is that money legit?
Posted: June 19th, 2021, 3:54 pm
by scottnsilky
Thanks for you replies, I log on to the internet bank every Saturday, just to check all is well, so I sent them a message to ask if its going to cause a problem. I've also found a Freephone number to call, I'll do that on Monday.
As has already been said, that amount of money must be transferred lots of times every day.
Thanks again.