I can’t understand how the banks don’t report multiple cash withdrawals at or around the reporting limit as suspicious activity. They have the predictive software to enable this. If there is suspicious activity on your credit card, that is immediately stopped and you have to speak to the fraud department to get it released. If there are a significant number of cash transactions at or just under the limit this should raise an alert and should be reported by the bank and investigated by the police.
It is similar to the conveyancing frauds where fraudsters hijack a solicitors account and divert significant sums of money into their own account.
Surely the fact that a new bank account is opened and a significant sum of money deposited and immediately withdrawn should raise red flag alerts that the bank should report. The banks should be held liable if they don’t report such activity.
An Irish traveller woman deposited $200,000 (€180,000) in a US bank in lots of $10,000 to avoid triggering a federal investigation, prosecutors have claimed.