Money-Laundering Alert: Watch for $100 Bills
June 1, 2010
Total Loss:
Unknown
In Feb. 2011, there will be a new $100 bill introduced in the U.S. Recently, the Treasury Department announced the new bill will arrive at financial institutions with improved anti-counterfeiting additions.
Before the new $100 bill arrives, be mindful that criminals will look to launder their old caches of $100 bills, says anti-money laundering expert Ken Rijock, financial crime consultant for World-Check, an international risk intelligence firm.
Narcotics traffickers keep a percentage of their money in large denomination bills, he explains. "When they see that a new bill is coming out, I expect that they will begin converting their large cash holdings into bank deposits."
Source:
Bank Info Security; By Linda McGlasson
Posted in:
Collusive Networks