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These individual transactions may then be batched in order to form larger wholesale transfers, which are the focus of this section.The following are examples of potentially suspicious activities, or "red flags" for both money laundering and terrorist financing.British banks were also expanding overseas, London was the world centre for insurance and commodity markets and British capital was the leading source of foreign investment around the world; sterling soon became the standard currency used for international commercial transactions. For example, suppose an American company sells electrical equipment to a buyer in France for one million euros.The equipment is to be delivered 90 days before the payment is made.
At that point the UK was the primary exporter of manufactured goods and services and over 60% of world trade was invoiced in pound sterling.
There will be the same number of exchange rates to calculate as there were exchange transactions. dollar payments, or transfers, in the United States is ultimately processed through wholesale payment systems, which generally handle large-value transactions between banks.
If money is changed five times, there will be five resulting exchange rates to be used in the advance reconciliation. Banks conduct these transfers on their own behalf as well as for the benefit of other financial service providers and bank customers, both corporate and consumer.
In order to assist law enforcement in its efforts to target these activities, Fin CEN requests that banks check the appropriate box(es) in the Suspicious Activity Information section and include certain key terms in the narrative section of the SAR.
The advisories and guidance can be found on Fin CEN's website.302 Management’s primary focus should be on reporting suspicious activities, rather than on determining whether the transactions are in fact linked to money laundering, terrorist financing, or a particular crime.