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SARs are no additional help in this situation as they would only report the fraudulently given information, and there is no aspect to this crime that would part
by 1123581321 5y ago
SARs are no additional help in this situation as they would only report the fraudulently given information, and there is no aspect to this crime that would particularly interest the Treasury department.
- coderintherye 5y agoIt's not so much about helping the situation as it is identifying whether or not the bank is actively monitoring and mitigating money laundering (which this situation would technically fall under as the mule is laundering the money through the bank). If they are failing to identify and report these then it could face regulatory action.
- 1123581321 5y agoI see. I’d be very surprised if those amounts didn’t generate the required SARs. KYC is also not foolproof.