Money Laundering Search

tenchy

StopIt wrote: »

Totally normal checks, they happen from time to time.


Unless if you're actually money laundering, you don't need to worry.

Well as long as these folks know what they are doing, and don't make mistakes and wrongly label you a money launderer. I'm sure that will never happen because they probably take it all very seriously. :rotfl:

StopIt

tenchy wrote: »

I don't understand how this works. You set up a balance transfer so you have to identify the source card that presumably has a balance on it. Other than checking that the source card and the new destination card are the same person (and in the past I've done BTs from my son's card to mine, as it happens), how does this check identify money laundering? Methinks it's a load of old cobblers and people that work in this part of the financial sector are not very bright.

First, at this level it's a computer check.


Second, it'll be looking for suspicious patterns when it comes to monetary flow.


1 balance transfer is indeed nothing to really care about, and thus the check will throw up nothing.


However, what if the money has been transferred more than once, in a short space of time, potentially splitting a balance, then along to money transfer cards, then out of the account entirely for example. Why is that? That's when these checks actually serve their purpose.


Remember, that the banks have no idea where this money has originated. You're literally giving them an account number to take the balance from and to. They don't know why the balance exists, and where the money can go after that, if indeed it does. That's why they check. It doesn't take much resources other than a computer system so it's of minimal cost.


As the checks are indeed computer based and automatic, throwing up any suspicion will cause people to get involved. Only if someone investigates and finds potential wrongdoing is that then sent for further investigation. I'm sure innocent people have had their transactions flagged, but that's what investigations are to do, otherwise the threshold for action would be too low and criminal activity would be missed.