banking cash deposits

[tigerjeaux]

Why do banks need personal employee information such as ss#, driver licence #, home address etc. when that employee makes a cash deposit for the corporate business that he or she works for? Also what is the minimum cash deposit that this information is required? Does each bank have it's own limit? Does this violate privacy for the employee?

[dzug]

They don't - not in the UK anyway.

[johnny37]

Ive never heard of this but I wonder what is the size of the deposits? Banks are required by law to ensure that any deposits, cash or otherwise are come by legally to prevent money laundering. They are committing a criminal offence themselves if they do not. (dont ask me to quote Acts Of Parliament!) Obviously there are individual 'floor limits' otherwise the system would be unworkable. They probably would not worry too much if the business has traded legally and had its account with the bank fo a long time