Practical Finance. Smarter Decisions.
What makes a bank transaction look suspicious is usually not the transaction amount alone. A transaction may attract attention when it does not appear consistent with the customer’s known profile, normal account activity, stated source of funds or expected business purpose. This does not mean that an unusual transaction automatically means money laundering or financial … Read more
If a bank asks you about the source of funds in your account, it does not necessarily mean that the bank considers you suspicious. In many situations, the question is part of the bank’s customer due diligence and ongoing transaction-monitoring responsibilities. Banks need to understand their customers, the nature and purpose of their accounts, their … Read more
Learn practical fraud detection tests for purchasing, suppliers, invoices, approvals and payments, and how to investigate suspicious patterns
Fraud warning signs can help organizations identify unusual activity, control weaknesses and potential areas of fraud risk. Fraud can occur in almost any organization, regardless of its size, industry or financial position. It may involve employees, management, customers, suppliers, contractors or other parties connected with the organization. In many cases, fraud does not begin with … Read more