Use of threshold variations when seeking a defence against money laundering

Steve Smith (+44 20 7919 0616, SteveSmith@eversheds-sutherland.com) is a partner and Ruth Paley (+44 207 919 0527, RuthPaley@eversheds-sutherland.com) is of counsel at Eversheds Sutherland.

Under the UK Proceeds of Crime Act 2002 it is possible to make payments, each up to UK£250, for normal lifestyle expenses from an account which is subject to suspicion of money laundering but this threshold may be adjusted on application by the deposit-taking institution. Steve Smith and Ruth Paley of Eversheds Sutherland look at how to go about securing such variation and evidence of its use.