GDPR madness

Guest2

Guest2

Guest2

Soldato
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I am in the process of purchasing a house and due to new GDPR laws, I have to show 3 months accounts history for the person I am receiving a gift from.

To me (and person gifting money) this seems very invasive and the complete opposite of data protection laws. 3 months of bank statement will provide a LOT of data about what a person does and how they spend their money - How do I know the company / companies this data goes to is protected?
 
I don't get it who do yo need to show bank statements to?

Say I bank transfer my sister or someone £30,000 they're going to pester HER for MY personal bank statements? That seems like a breach right there lmao.

Why, and who, is asking you to provide private bank statements for a conpletely different person?
 
asim18 said:
I don't get it who do yo need to show bank statements to?

Say I bank transfer my sister or someone £30,000 they're going to pester HER for MY personal bank statements? That seems like a breach right there lmao.

Why, and who, is asking you to provide private bank statements for a conpletely different person?
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The mortgage company presumably, to help prove the money was acquired legitimately.
 
I can understand if you were depositing 30,000 cash notes into a bank yeah sure you would probably be scrutinized and rightfully so. But bank statements? I see absolutely no point or how they could be used to prove the cash is from a clean/taxed source?
 
Amp34 said:
The mortgage company presumably, to help prove the money was acquired legitimately.
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Three months of bank statements does not prove any money was acquired legitimately.

Say someone's been laundering money into their account all their life, and stop 3 months before gifting it to someone.

What will they see? They will see an opening statement of 50,000 and 3 months worth of normal PAYE income. It proves nothing lol.
 
asim18 said:
Three months of bank statements does not prove any money was acquired legitimately.

Say someone's been laundering money into their account all their life, and stop 3 months before gifting it to someone.

What will they see? They will see an opening statement of 50,000 and 3 months worth of normal PAYE income. It proves nothing lol.
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No, but three months of bank statements is the standard way companies get “proof” of income/legitimate funds. It’s certainly not an unusual request, even if it’s not foolproof.

Presumably if there’s something suspicious then they’ll ask for even more, but generally if you have £50k lying around in a bank account you’ve either got the income/expenses coming in and out that justify it or a legitimate reason for having it - house sale, inheritance, shares etc.

I doubt the banks even really care, they probably just want to make sure they don’t get fined/reprimanded by the authorities for not doing “due diligence”.
 
asim18 said:
I can understand if you were depositing 30,000 cash notes into a bank yeah sure you would probably be scrutinized and rightfully so. But bank statements? I see absolutely no point or how they could be used to prove the cash is from a clean/taxed source?
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Because the bank statements show where the money came from.


Ie cash deposits, transfers (in which case you'll need those account details too) or wage slips.


Otherwise I pay the 30k in untaxed cash into my bank account transfer it to you and bingo bongo we've just laundered 30k and you can buy our nice new bmw
 
Tefal said:
Because the bank statements show where th

e money came from.
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No, they don't show where "that money" came from. They only show up to three months of transactions. Any money which came more than three months ago is not shown.

Tefal said:
Ie cash deposits, transfers (in which case you'll need those account details too) or wage slips.


Otherwise I pay the 30k in untaxed cash into my bank account transfer it to you and bingo bongo we've just laundered 30k and you can buy our nice new bmw
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That's not what is happening here. As I've already said, if you're depositing cash into an account then you should be scrutinised at that point.

If you pay 30k in untaxed cash 4 months ago, then it's pointless in this example.

If you pay 30K in untaxed cash 4 months ago then you will be flagged up 4 months ago and dealt with then in line with anti-money laundering procedures.

Paying shedloads of cash notes into a bank has got nothing to do with someone gifting someone 30k several months later, they are two separate events.

I'm assuming the OP is legit, and has received funds digitally from another account so there is already a trail, if it's new cash that's been deposited directly into his account without a trail then that is of course a different matter. But I'm pretty sure that's not what OP is doing.


Man no wonder these gangs are getting away with laundering shedloads of cash they know exactly how to play the system, and it's honest folk like the OP who need to jump through hoops :/
 
It could be worse, you could've been stopped by the police for a random check on the way back from drawing out a rather sizeable lump of cash and then have them 'steal' it because they didn't believe you'd be able to withdraw that amount, despite you having a receipt from the bank in the same bag and on top of the cash. So rather than simply believing him and phoning the bank in question to sort it out in minutes, they decide to 'steal' the money under the proceeds of crime act and then arrest you on suspicion of money laundering.

Happened to the Father of friend of mine. He'd arranged with the bank beforehand to withdraw such a hefty sum (£75k) and had to travel to a large branch to actually pick the money up, it was on his way back from that branch that the fun started. Even when it was finally sorted out the next day it took him ages to get the cash back.
 
You do get questions when you stick a load of cash in an account. I got the 3rd degree for 2k once. I was moving it between 2 accounts and I just wanted to have a fat was for an hour. It was a ton of aggro withdrawing and a ton at the receiving end too.

I understand the 3 month rule but it's not really gonna cat h anyone but small time amatures. The money should have previously been scrutinized as Asim points out.

It's inconvenient but it's 2 seconds downloading a pdf.
 
"I pay the 30k in untaxed cash into my bank account transfer it to you and bingo bongo we've just laundered 30k"


That's not how it works. You transferring to me is meaningless because the initial entry point was your cash deposit. If you enter 30k into the bank then you will need to prove that the cash was legally obtained, then the following transaction from you to me should be free of any suspicion.
 
asim18 said:
No, they don't show where "that money" came from. They only show up to three months of transactions. Any money which came more than three months ago is not shown.



That's not what is happening here. As I've already said, if you're depositing cash into an account then you should be scrutinised at that point.

If you pay 30k in untaxed cash 4 months ago, then it's pointless in this example.

If you pay 30K in untaxed cash 4 months ago then you will be flagged up 4 months ago and dealt with then in line with anti-money laundering procedures.

Paying shedloads of cash notes into a bank has got nothing to do with someone gifting someone 30k several months later, they are two separate events.

I'm assuming the OP is legit, and has received funds digitally from another account so there is already a trail, if it's new cash that's been deposited directly into his account without a trail then that is of course a different matter. But I'm pretty sure that's not what OP is doing.


Man no wonder these gangs are getting away with laundering shedloads of cash they know exactly how to play the system, and it's honest folk like the OP who need to jump through hoops :/
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They just ask for more statements or for where the money is from in that case.

The thing is from 3 months worth of statements you know thier typical income and outgoings and that can flag up if there's anything suspicious.

You are right on the cash deposits though iirc most banks flag it up around the 8k per annum mark.

Laundering reasonable amounts of money is pretty easy though if you just want to convert it to legit cash in a bank and dont mind the 30-40% loss.
 
asim18 said:
"I pay the 30k in untaxed cash into my bank account transfer it to you and bingo bongo we've just laundered 30k"


That's not how it works. You transferring to me is meaningless because the initial entry point was your cash deposit. If you enter 30k into the bank then you will need to prove that the cash was legally obtained, then the following transaction from you to me should be free of any suspicion.
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But that following transaction could still be laundering or illegal. Ie its my legit 30k that I'm using to buy your pos not worth a tenner old car that may or may not have a brick of soemthing in it :p


So it jist gets checked repeatedpy
 
What actual good did GDPR do at the end of the day? I was inundated with hundreds of emails up until around May time which I think was the deadline. Then after that deadline, I still get hounded by emails and a small portion of the internet is no longer accessible.
 
Liquid_Entity said:
I stuck £3k of cash in to my account a month ago after our wedding, guests gave us it as honeymoon fund. Not a brow raised or asked where it came from.
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I lodged £2600 last month in cash (money owed to me from a friend, I imagine quite hard to "prove" if asked) and not a single **** was given. Couple years ago I tried to lodge just over £1000 and got the third degree, same branch. That was cash in hand work money though :p
 
Reading the OP, it seems as though he is fully aware of the reasons for the checks. But is just asking that how is the data they're collecting for the checks protected.

OP - IIRC they should tell you how they're protected if you ask. You have a right to now how such data is collected, stored and used.
 
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