4 ms·
Maybe the piece of software your friend worked on did nothing but flag the transactions. But I suspect a different piece of software (or manual process) prepare
by rahimnathwani 6y ago
Maybe the piece of software your friend worked on did nothing but flag the transactions. But I suspect a different piece of software (or manual process) prepared a Suspicious Activity Report (SAR) and submitted it to the relevant regulator(s) (UKFIU in the UK, FinCEN in the US, ...).
- worik 6y agoHow sweet! I, too am sure, they obeyed the spirit and letter of the law. Even when the opportunity cost of doing so was in the billions...
- jandrese 6y agoAnd honestly, what is a LEO going to do with a multi-million line report every day? About the only thing you can do is lobby parliament to have the laws changed citing these reports as evidence of a problem. Enforcement on foreign nationals is extremely difficult and expensive and the outcomes are very much in question, especially as the people doing very large scale money laundering are usually well connected with their local governments.
- JoeSmithson 6y agoThere aren't that many, only about 500k a year [0]. The software OP mentions probably flagged transactions internally to another team to review, any genuinely suspicious ones would have then had a SAR submitted. [0] https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-terrorist-financing/suspicious-activity-reports https://www.nationalcrimeagency.gov.uk/what-we-do/crime-thre...
- sprafa 6y agoHe quit exactly because it did nothing else but flag them.