Sanitised case 16
A local bank submitted a SAR as they were concerned that funds held in a recently opened account were not from a legitimate source.
The account holder opened the account in 2009, with the intention of paying in savings and income from part time work. The account holder was a student and explained that the income would be £50.00 weekly from family.
The SAR was submitted due to a higher number of cash deposits into the account than expected. In a short space of time following the opening of the account, in excess of £7,000.00 had been paid in.
The cash transactions were clearly not in line with the intended account activity given at the time of the account being opened. The account holder was unable to provide a satisfactory explanation for the source of the cash and was clearly not happy to be asked questions about it.
The information was submitted by SAR and the details of the account holder tied up with a person currently under investigation for drugs trafficking offences.
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