I am currently revising our BSA/AML policy and program and (it's old and outdated) and found a topic that I am not familiar with. The comment goes like this:

"It is our bank's intent to help the federal goverment in its anti-money laundering efforts by being aware of Parties to Large Value Funds Transfers."

I am not sure what this is in relation to and was wondering if anyone had any suggestions? Thanks for your help!

They are referring to money launderers purchasing items of large value - that is one of the reasons Art & Auctioneers and Motor Vehicles, Boat and AirPlane companies are on the list of high risk industries.

When I read that phrase, I thought of the KYCC concept in correspondent banking, and applied "large value funds transfers" to wire transfers and trade finance.

Hard to tell in retrospect what someone else meant when they wrote something, though.

They are talking about monitoring large wires and ACH transfers, but one of your predecessors copied it out of a government publication or seminar manual because they thought it sounded better.

Thank you very much!