An elderly relative has been hoarding cash for many years, due to a distrust of financial institutions. Whenever his (multiple) pensions have been paid in, he withdraws most of it in cash and stores it in envelopes in a safe.
As a result, he now has around £30,000 in cash stored in this way. The cash is almost entirely in £20 notes — the older version which has been replaced and will be going out of circulation in the next year or two.
If we can convince him to pay the cash (at least temporarily) into his bank account, is there a danger of the family getting embroiled in a money laundering investigation? If so, what is the best way of minimising this risk?
The relative in question also does not believe in online or telephone banking, if this makes a difference to suggested possibilities. He is infirm but not housebound; and eccentric but mentally and legally competent.