What.the.hell. 9.8 billion in cash? Dafuq is that? Who takes cash?
Unbelievable. And I have to spend half my documenting and on systems to assure fintrak that someone isnt smurfing on a 1mm term 20.
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can you translate that to American please
FINTRAK is our regulatory authority that tracks money laundering. They require all sorts of client ID and record keeping requirements to the point of being onerous. For what? Nobody ever money laundered throough a life insurance policy.
Yet here’s the real estate business taking almost 10 billion dollars in cash. Who takes cash to buy a house, and that doesn’t raise red flags.
Worse, the article says there’s no indication of beneficial ownership in a lot of those transactions - and the fintrack requirements are real clear, you have to know who the beneficial owner is.
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Money can be exchanged for goods and services.
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