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Bank statement omissions= Big loophole in anti-$$$-laundering laws???!!!

bic_cherry

bic_cherry

Alfrescian
Loyal
Bank statement omissions= Big loophole in anti-$$$-laundering laws???!!!
Either the Name/ Initials of the $$$ depositor account number (at least last 6 digits) should be stated or else the bank account number from where the transfer originated should be stated in the recipient's bank account statement. This will also give the CID/IRAS/ CPIB/ etc crime investigators much less trouble in tracing the source of funds and reduce the number of blog shop owners being scammed by tricksters who demand refunds for phantom $ transfers to blog-shop account, leveraging upon the lack of transparency, to scam blog-shop owners into granting refunds when no $ transfer for any payment had been originally made in the first place.

My Point
The Straits Times, Published on Aug 26, 2014
My Point
Show payers' names in bank statements
MANY people now make electronic payments via the Internet or ATM transfers.
However, bank statements do not show the name of the payer. As a result, the party receiving the payment has a hard time tracing the payer's identity.
Because of this, many companies discourage their customers from paying via electronic transfers. Instead, they ask customers to pay via cheques.
I urge the Monetary Authority of Singapore to encourage banks to show the names of payers in bank statements when money is transferred electronically.
The payers' names can be taken from the bank accounts from which the funds are drawn.
This will encourage the use of electronic payments and reduce the cost of making payments in Singapore.
Tan Kin Lian
Copyright © 2014 Singapore Press Holdings. All rights reserved.
My Point
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