The banking giant wants to prevent money laundering at its branches
Barclays' banking customers will see a major change to one of their main services at their high street branches this summer, as the banking giant tries to clamp down on 'suspicious activity'.
A new limit on cash deposits of £20,000 per year will be imposed from July 1, affecting all personal accounts, children's savings accounts and joint accounts. This affects all in-person deposits over the counter and through self-service systems, but will not affect Barclays' business customers. The rule change will make it harder for criminals to launder money and make it easier for the bank to detect suspicious activity at its branches. It follows criticism from the Financial Conduct Authority that financial services firms in Britain were not doing enough to identify and tackle illegal activity.Barclays has explained that the new measures are designed to strengthen their ability to identify criminal activity.
"We have contacted customers to let them know that from July we are making some changes to the amount of cash customers can deposit into their Barclays accounts. We have set the limit at an amount that will allow us to better identify suspicious activity, while still ensuring our customers have access to cash.”
The new cash deposit limit is the lowest of any high street bank, with many having no limit on in-person cash deposits. The only other banks with an annual limit at their branches are Santander and Natwest.
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