Bank Secrecy Act for Managers: 03. Wire Transfers and Money Laundering

Just as personal checks replaced the use of cash, debit cards have replaced personal checks. Debit cards are beginning to be replaced by smartphone applications that securely enable cash-less transactions with a tap of the phone. Hard currency is playing a diminishing role in our modern economy. The ways in which money is exchanged in modern society depends upon a complex system of electronic fund transfers. For the sake of simplicity, we're going to refer to all of these electronic transactions simply as "wire transfers."