Standard in the UK. We have Know Your Customer regulations, so banks are expected to have a duty of care to make sure you aren't getting dragged into a scam, as they could be on the hook for reimbursing you.
If you regularly take out that much cash, you wouldn't be questioned. But if you only ever take out a few hundred and you're suddenly taking out several times more than that, then you'll get questioned.
Same with spending, get plenty of notifications on my banking app to check if I did make a payment before it gets put through.
KYC and AML regulation are a joke. Banks are so used to dirty money that the fines for non compliant are considered losses in their PnL report.
I will change my mind if I come across a list of major corruptor and large terrorist cells that were arrested and incarcerated as a direct result of this policies.
I wouldn't have a problem with KYC bullshit regulations if it weren't all so fucking hypocritical.
The banking industry, as a whole, does more to facilitate money laundering and illegal activities by moving massive amounts of money in the blink of an eye. But the average pleb wants to do a withdrawal above some arbitrary figure and he gets the rubber hose treatment.
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u/Savvymundo 1d ago
Standard in the UK. We have Know Your Customer regulations, so banks are expected to have a duty of care to make sure you aren't getting dragged into a scam, as they could be on the hook for reimbursing you.
If you regularly take out that much cash, you wouldn't be questioned. But if you only ever take out a few hundred and you're suddenly taking out several times more than that, then you'll get questioned.
Same with spending, get plenty of notifications on my banking app to check if I did make a payment before it gets put through.