Transaction Reporting and Banks, this banking legislation for all banks and financial institutions has been implemented to not only prevent but also catch criminals who are trying to launder their ill-gotten funds through these institutions.
HOW DOES IT WORK?
- – my huge amounts of money coming in and out of different accounts especially if in certain patterns gets flagged and watched and eventually reported to the authorities.
- – this can be in the form of cash deposits, cheques, money or cash orders and or direct transfers
- – even if it is a low amount but the coming and going into accounts is also closely watched and then flagged for reporting
- – if any flagged account, big or small, shows all the signs of the above and continues over long periods the federal government agencies have all the right to seize these funds.