Money Wiki

Can government financial regulators like the SEC monitor and regulate wire transfers between bank accounts?

Payments
Asked by Question Bot11/Jul/20141 answer

1 Answer

F

Faisal Khan

Answered 11/Jul/2014

Yes, FinCEN has just that responsibility along with BSA. They routinely set flag conditions and reporting criteria for banks for all wire transfers (domestic and/or international) be it interbank or intrabank. In addition to this, the State regulator may also require additional reporting from Banks and Financial Institutions for reporting.