If we don’t use CDMs too often, we may never come across a prompt asking where the deposited funds came from. Some people wonder what the bank even cares about?
“Choose where your money comes from”
Some were very surprised when a discussion broke out on the Internet about whether the bank had any reason to ask its customers about the origin of the funds they want to put into the CDM. A warning light will come on immediately, urging you to be careful about disclosing this type of information. The question is, is it correct?
The recently publicized event of this nature concerns Santander Bank and its customers, who shared a photo of the CDM screen displaying a request for source of funds.
A post published on Twitter indicates that in such a situation the customer has several options to choose from:
- sales/profit from business activity,
- sale of real estate,
- withdrawal from the payment,
- others, including more than one source.
In addition, the request states that providing the response is tantamount to consenting to a possible contact by the bank for additional verification.
The question is, isn’t the bank crossing a line in this way and asking the customer for such information?
ATMs ask where the cash comes from
Business Insider decided to clarify the issue related to the additional filter on the part of the Santander CDMs. It turns out that not only this bank but also others are required to implement a similar type of security. For what?
The Anti-Money Laundering and Terrorist Financing Act imposes many obligations on banks, e.g. Checking the origin of funds paid by customers to the bank. This means that customers must be asked for it when depositing large amounts. In Santander Bank Polska branches, an advisor does this, while CDMs present a screen with options to choose from. If the customer does not indicate the source of the funds, the bank cannot accept the payment. We emphasize that this is a legal obligation pursuant to art. 34 of the law of March 1, 2018 on combating money laundering and the financing of terrorism.
Ewa Krawczyk, Media Communications Manager at Santander Bank
So, whether customers like it or not, as can be seen from the above basis, similar questions can be encountered at cash deposit machines as well as at the bank’s “window”.
It is quite difficult to get reliable information in this way, since you can be sure that someone who finances terrorism or money laundering will not admit it at the ATM. However, banks apparently want to hide from the possible consequences of non-compliance with the law.
Therefore, if our payments, their regularity or amount raise the bank’s suspicions, the cash deposit machine may refuse to accept cash and a bank representative will contact us regarding this.
That’s worth knowing. If it occurs to us to fund terrorism.