Have the lunatics taken over the Alliance & Leicester?

interesting sign in the car showroom I visited today. They won't accept any more than 7,500 pounds in cash for payments due to money laundering regs.
mrcheerful
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any

I suspect this is to makes sure that they don't have to comply with High Value Dealer proceedures for anyone taking the floating equivilant of 15,000 euros cash for a single or series of connected payments, technically their limit could be about 10,366 (mid-market rates at 17.02.05 13:18 GMT). HMC&E recommend HVD proceedures for anyone accepting more than 9000 at present. If are able to accept such cash payments then you have to have basically register and appoint a Nominated Officer who you employees have to report such transactions and it is then the NO's role to access the report where appropiate forward it onto NCIS. This involves having to train your staff in anti money laundering procedures and put in place internal reporting proceedures etc which are a pain so it is easier to refuse to take such payments.
To be honest I wouldn't too keen to accept that sort of amount of cash anyway and I can't imagine that their is that larger demand for paying that amount of cash other than laundering money.
if you want to know more then read http://www.hmce.gov.uk/channelsPortalWebApp/downloadFile?contentID=HMCE_PROD_008086
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On Fri, 11 Feb 2005 11:16:29 +0000, SidB

Loonies have been in control in banks for a long time.
--
Peter Saxton from London
snipped-for-privacy@petersaxton.co.uk
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