I have been given a cash gift of £10,000 from a family member. My bank would not except the cash into my account without an explanation, which I thought was intrusive. Can you explain?
You are feeling the effects of a global law enforcement crackdown on money laundering. One of the almost universal regulatory requirements of the nations that are cooperating in the anti-money laundering effort is the filing of currency transaction reports for cash transactions above a trigger amount (in the U.S., it's $10,000). Another requirement is that banks need to understand the nature of unexpected cash transactions, those not fitting a depositor's expected or perceived pattern of activity, and to report suspicious activity if they can't develop a reasonable explanation.
It's likely that your bank found a deposit of such a sum out of the ordinary for you, and wanted to understand the transaction rather than report as suspect, what turned out to be a perfectly innocent financial transaction. Your banker was probably every bit as uncomfortable in the asking as you were in being asked.
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You are feeling the effects of a global law enforcement crackdown on money laundering. One of the almost universal regulatory requirements of the nations that are cooperating in the anti-money laundering effort is the filing of currency transaction reports for cash transactions above a trigger amount (in the U.S., it's $10,000). Another requirement is that banks need to understand the nature of unexpected cash transactions, those not fitting a depositor's expected or perceived pattern of activity, and to report suspicious activity if they can't develop a reasonable explanation.