FinCEN Reports Huge Rise in Funnel Accounts

According to FinCEN, the standout trend in 2014 SAR filings was the large increase in the use of funnel accounts for money laundering purposes.  A funnel account is an account that receives multiple cash deposits, often in amounts below the cash-reporting threshold, and from which funds are withdrawn in a different geographic area with little time between deposits and withdrawals. [10/15/15]