I am a 14 year old boy living in the uk. I live with my dad and stepmom and we are middle class. However I have stepdad who is pretty wealthy and 2 months ago he sent 300 pounds which i deposited in my HSBC bank account. Recently he sent me 500 pounds but my real dad told me not to deposit so much money at once
I am a 14 year old boy living in the uk. I live with my dad and stepmom and we are middle class. However I have stepdad who is pretty wealthy and 2 months ago he sent 300 pounds which i deposited in my HSBC bank account. Recently he sent me 500 pounds but my real dad told me not to deposit so much money at once because they will think im money laundering. Do you think I would get into trouble for depositing so much money or do you think it will be okay? Please help.
My stepdad lives in another country
azfar.cts: Not for that much! After all, this is a normal amount for a child to get as a very generous present. It's when it's thousands that they might start asking questions.
As an accountant I had to study the Money Laundering Regulations so I know it's a matter of if HSBC get concerned about where the money is coming from. If they are, they'll ask you, and all you have to do is explain. So go ahead and deposit it.
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That is not much money. It won't be an issue.
not likely, in the US transactions of $10,000 are reported by banks to the IRS, I don't think your amounts are anywhere near that figure, and will also depend on the laws of the UK for large deposits
LOL… A couple of hundred pounds is NOTHING in the scheme of things. People earn more than that in a week.
One time last year I paid over £240,000 in my account – NOTHING was said, other than would you like that money transferred to your savings account or left in your current account
not accused, just a fearful fathers comments…..JUST think about it, you got a check, there is a name on it, and it is being deposited in an account with your name on it…..the amounts are nice but not unusually high, it is mostly self explanitory and nothing to fear
This will flag up with your bank, But, it is easy for you and your Dad to talk to the bank and tell them who the money is from.
Your dad is just teasing you. To a bank £500 is loose change.
If the amounts were ten times or more. Those are not extreme amounts of money.
It should be ok. Keep hold of the money and open a savings account too. That way they won't be suspicious. They will give you advice even at 14 if you make an appointment.