3 ms·

> Smart money launderers know to use business accounts where the name of the account holder isn't checked by any bank. I don't quite follow - can you elaborate

• mschuster91 7y ago
  In Germany at least, when you order a transaction you have to specify recipient account holder name and IBAN. Recipient bank checks if the name on the IBAN matches with the one in their records (after normalization to reduce error rates e.g. from umlauts) and if there's an obvious mismatch reject the transaction. Business accounts however are not checked as tightly as people often enough either outright mis-spell the company name, use outdated company names, specify departments in the name and not the comment field, ...
• londons_explore 7y ago
  If a human moves money from "Bob smith" at bank1 to "bob smith" at bank2, they can avoid many of the money laundering checks, because money laundering laws only apply when money is changing ownership. If a business does the same, and claims they're moving their own money about, the name checks aren't applied, so they can work around many of the checks.