Posted by: Margaret Rouse
when relevant content is
added and updated.
A little more info about how AML software accidently caught a big fish.
By law in Canada and the U.S., banks are obligated to report cash transactions of more than $10,000. According to U.S. federal officials, Mr. Spitzer’s transactions were flagged because it appeared as though he was trying to evade notice by moving several smaller amounts, which is known as “structuring.” In Mr. Spitzer’s case, three cash transactions amounting to more than $10,000 within a relatively short time frame set off alarms.