From reading a motoring publication a discovered a new law, the 2003 money laundering act that a car dealer should not accept more than £10,000 in cash. I'd never heard of this rule, had you? Don't suppose that many are in a position to be affected by it.Surprising how a lot of new laws now come into effect without you noticing it,
When I bought my car a year ago there were signs up saying they did not accept more than £8,000 in cash.
I would imagine cash purchases of this size would be relatively unusual?
Eddy S (eddy) gurgled happily, sounding much like they were saying :
It's not just car dealers, it's _any_ business in any EU country, after the Money Laundering Regs 2003 effective 1/4/04.
Any business in the EU CAN accept cash in excess of Eu15,000, but they must be registered, they must prove the identity of the purchaser, and they must report the transaction.
Have you tried opening a new bank account recently? Can't remember when I last did but not that long ago, and the questions had to answer from the guys was trusting to look after money were much more extensive than a few years ago.
It is 15,000 Euros so we say =A39,000. I could have registered but it is not worth the hassle.
We ask customers to pay by debit card wherever possible and this save the cost/hassle of transporting and banking cash as well as avoiding the risk of counterfeit notes and money laundering.
Alan
I work for a major bank and yes, money laundering rules have really tightened up over the last few years to the extent it sometimes feel like strangulation.
We all have to take a refresher course at least annually, and pass an anti-money-laundering test. Individual employees can be held liable if they put a foot wrong or are deemed to be helping money laundering, its quite frightening really.
Not very nice when the customer gets annoyed about all the questions, but if they are not asked then the employee gets it in the neck, and the company gets it in the neck from the authorities.
"Malcolm Stewart" wrote in message news:dptdt9$7dr$ snipped-for-privacy@newsg3.svr.pol.co.uk...
I find it best to pay with uncut diamonds. ;)
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