1

In the UK banks routinely demand from their customers detailed statements about "source of funds" if the customer makes a large deposit (over $100,000). Here is an example:

https://retiready.co.uk/public/support/faq/understanding-our-products/retiready-pension/where-you-money-has-come-from.html

Will I face this same kind of interrogation in the United States if a large amount is wired into my account?

Please note that this is not a question about making a large cash deposit (which has been discussed, for example, in Would depositing large cash amounts cause problems) but about wire transfer of a large amount.

  • Seems a duplicate of money.stackexchange.com/questions/73926/… – RonJohn Jan 24 '17 at 11:22
  • @user209436 I see the similarities between the question OP asked and the question you linked to, but the latter doesn't seem to have a good answer – Nosrac Jan 24 '17 at 11:58
  • @user209436 Not only does the answer to the question you linked to not seem to be very satisfactory, but that answer was posted by Five Bagger who is asking the question here! – Dilip Sarwate Jan 24 '17 at 13:02
  • @DilipSarwate That question was about CASH deposits. This is about a wire or bank-to-bank transfer. Big difference. – Five Bagger Jan 24 '17 at 13:04
  • Yes indeed, and I have edited your question and its title to make this very clear. – Dilip Sarwate Jan 24 '17 at 13:14
2

I recently received a wire of more than $150K into one of my accounts. (Both sender and receiver accounts are US banking institutions.) My bank never contacted me to ask any questions. However, on my statement I noticed a charge called "Analysis Service Charge". I called the bank to ask them about this charge and was informed it was due to internal analysis for the wire transfer. They did this behind the scenes without needing to contact me. I can only assume that their "analysis" did not turn up anything suspicious, and if it had, perhaps they would have contacted me.

I wouldn't worry about it even if you do receive a phone call and they ask a few questions. I'd advise to be completely honest; if you aren't doing anything wrong, you shouldn't have anything to worry about. Most likely they'd be calling you just to make sure you actually know about it and were expecting the money.

  • If their analysis turned up something suspicious the bank would not be contacting you. "Unauthorized disclosure of a SAR filing is a federal criminal offense." en.wikipedia.org/wiki/… – Shannon Severance Mar 3 '17 at 20:51
  • @ShannonSeverance - Perhaps that is true if they already decided to file a SAR prior to speaking to me. I can imagine a scenario where they aren't sure, and contact me to ask for more info, and depending on my answer they may choose to file a SAR. Perhaps they say, "Great. Just wanted to make sure you knew about it. Have a great day!" and then they go file the SAR. I'm just guessing though- I have no idea what the actual protocol is. – TTT Mar 3 '17 at 23:33
0

Most definitely all wire transfer above a significant amount would be flagged as a suspicious transaction. Nevertheless, as long you provide the Final beneficiary information (name and account number), the bank will process the remittance.

  • Is "flagged" a synonym for "interrogated"? – DJohnM Jan 24 '17 at 14:45
-1

I won't think so. Too much trouble for the compliance and internal audit team. Unless you are moving money from Russia, Iran or those non-FATCA countries.

  • You can edit your original answer to expand upon it. – Chris W. Rea Jan 31 '17 at 18:11

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