AML REFORM LAW PROPOSED TO US SENATE THAT WILL PREVENT SMURFING ABUSE OF USD10,000 TRANSACTION THRESHOLD
June 1st, 2017
LEGISLATION has been proposed in the USA Senate designed to prevent money launderers evade anti-money laundering controls by making a series of transactions each under the USD10,000 threshold sparking regulatory reports by financial institutions. The rule has been abused by launderers and a law proposed by Iowa Republican Senator Chuck Grassley and California Democrat Dianne Feinstein clarifies that USA AML controls should apply to a series of such payments. Factors that to be taken into account when deciding these were essentially one transaction split into ...
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