Your cash deposits stinks of money laundering

found this an interesting read the other day

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How did they get all that information?

Not read it yet (I couldn’t, the page displayed horrendously) so here’s a non-AMP version:

Sounds like it’s gone to court and the records have been released to the public? Reads that way at least.

Can’t think how else he knows of it.

Next question - why post this? What purpose does it serve? Clickbait!


because some people always say bank close their accounts for no good reason and this is an example of it, not saying all are the same



But those people who are money laundering are clearly ‘playing dumb’, and those who aren’t, are perplexed and this article doesn’t help them at all. No lessons learned, no, if this happens to you… just a replaying and some accusatory text.

Oh well. It’s gotten a few more clicks if nothing else, eh! :smiley:

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I genuinely think a lot of people don’t even realise that they are money mules. Would have been nice to know what those deposits were apparently claimed to be.

I mean for a relatively naive student/young person the idea of depositing some money and transferring it for a cut doesn’t even sound like it’s risky/illegal.

Exactly. There’s no conclusion :man_shrugging:

I have to agree it sounds dodgy but it’s a shame the article stops short of being complete for anyone to take anything away.

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It’s the Daily Mail.

Quite probably it’s a made-up letter/case they invented to demonstrate the perils of money muling. The level of detail they claim to have didn’t really jibe with the fact that banks don’t tell people these things.


Is this why Monzo has a puny £2000 a year limit?

Edit sorry but what was this objected to? Is £1000 every 6 months not £2000? And is a limit of £2000 a year deposits into a bank not Puny?

Or have i missed something?

Is it a ‘puny’ limit for cash deposits? For an app based bank, it’s surely to be expected, they have no branches to process this stuff after all.

And remember, your ‘puny’ is my ‘never in a year’…

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So use the post office like a proper Fintech - they can’t be that skint they make enough money holding all of ours in their system. I guess the bottom line is switch to Starling when I can - Unless Monzo have this in place at the time.

I am switching to Monzo anyway so will have to switch away again in the future - fair enough

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I’m sure there are stats somewhere that show that the use of cash is on the decline. But if you need it so badly, then like you say there are other alternatives. Why did you choose Monzo in the first place, this limit has changed.

Because as you just said - the limit has changed - and cash might be on the decline but people still buy and sell in cash - there are more sites that facilite this now than there was then.

Yes there are other alternatives - I can’t stop my account switch now so I will just have to wait and see if that changes - as I said before.

Ha, typo, meant to say the limit HASN’T changed (AFAIK).

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Original article is terrifying. Following proper procedure NCA should have a lot more evidence than seems to be the case in this letter. But then it’s the Heil so I guess we can never know how accurate the reporting is.

Point is this criminalises perfectly legit deposit patterns and seemingly pretty much before they don’t conform to western banking norms.

Not really because other cash based banks have no comparable limits at all.

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I wouldn’t expect a cash based bank to have a similar limit at all as it’s based on … cash… am I missing something?

My mistake, I meant app based banks. Particularly Starling - they don’t have limits.

Just because it’s ‘app based’ really doesn’t make a difference. First Direct is always web/phone based but you have the option of the PO or HSBC for unlimited cash deposits.

It’s just Monzo chose PayPoint and that’s why limits are in place and for no other reason.


even with paypoint they can have higher limit deposits because monese uses paypoint to deposit money and it’s free and the money loads to your account instantly and they do post office deposits as well but limit is only £500 max at a time in one go