Banks should do a better job collating end-of-day transaction data to determine if their clients are micro-structuring deposits across several branch locations, according Lisa Noller, a former assistant U.S. attorney in Chicago. Money launderers could be avoiding reporting thresholds by breaking up large deposits with different tellers or at different locations over the course of a single day, said Noller, now a lawyer at the Milwaukee, WI-based Foley & Lardner LLP. By better matching all of the transactions to the depositor, banks could more regularly report the suspicious activity, she said. Noller, a former lecturer at the University of Chicago,...
Federal officials shut down three Chicago auto dealerships, alleging the owners laundered $9.3 million in a scheme to outfit drug gangs with luxury cars in exchange for cash payments.
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