U.S. banks flagged over 150 suspicious financial transactions from Hunter and James Biden, according to CBS News on Wednesday.
The great number of wire transfers included “large” amounts of money tripped for further review by American banks, CBS News reported about the Biden family business operations.
For years, wire transfers have been the tool of choice for money launderers. To mitigate the risks to the financial institutions, suspicious wire transfers over $10,000 are flagged for review. Wire transactions involving more than $10,000 are also to be reported to the Internal Revenue Service.
Moreover, international wire payments, such as those to James and Hunter, are monitored by the Office of Foreign Assets Control to ensure the money is not a part of corrupt business schemes.