New York City is no stranger to money laundering activities. A seedy underbelly has been part of the New York culture from the moment thousands of immigrants came over from Europe in droves. It’s precisely why there’s an anti money laundering program in NY to curb illegally funded activities. If you operate any sort of financial institution, then you know exactly what these programs are about.
What an Anti Money Laundering Program in NY Does
An anti-money laundering program is part of every financial institution, banking institution, and investments and brokering institution. At any time, when customers come into these businesses and want to process large amounts of cash through a specific channel, they are flagged by the institution. The institution doesn’t report the customer right away to a governing body.
Instead, it tracks the customer’s financial activity to see if any additional large sums of cash are funneled the same way. If it happens often enough, the institution reports the customer as a potential money launderer and lets the government sort it out.
The Smarter Way to Invest and Bank
If you get a windfall of any kind, it’s smarter to invest smaller amounts and deposit smaller amounts whenever you can. You can avoid being designated a potential money launderer. Your investment banker or personal banker can show you how to do this so that you can eventually put your windfall somewhere safe. To find out more and learn how to protect your money and yourself, contact Quadrant Regulatory Group via their website.
