Anti-Financial Crime & Financial Crime Compliance
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AML, Financial Crime, UK

NEWS: Barclays implements £20,000 annual cash deposit limit to combat money laundering

RULING: Judge George Leggatt said the idea that banks owe a contractual duty to its customers to not carry out payment instructions if they suspect fraud is "inconsistent with first principles of banking law".

By Paul O’Donoghue

Barclays is introducing an annual limit of £20,000 to the amount of cash customers can pay into personal accounts in an effort to crack down on money laundering.

Announcing the change, the UK bank said the limit will apply even if customers have more than one personal account with the lender.

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