This article [newyorker.com] in the New Yorker is depressing in third world corruption stench of the whole thing, but there is some silver lining: The fact that banks are submitting such detailed reports about possible fraudulent activities, and beyond just money movement they are paying attention to the context. This is heartening, if a bit Big Brother scary.
Banks are legally mandated to file suspicious-activity reports with the government in order to call attention to activity that resembles money laundering, fraud, and other criminal conductRonan Farrow, in Missing Files Motivated the Leak of Michael Cohen’s Financial Records [newyorker.com]
In paperwork filed with the bank, [Cohen] said that the company would be devoted to using “his experience in real estate to consult on commercial and residential” deals. Cohen told the bank that his transactions would be modest, and based within the United States. In fact, the compliance officers wrote, “a significant portion of the target account deposits continue to originate from entities that have no apparent connection to real estate or apparent need to engage Cohen as a real estate consultant.” Likewise, “a significant portion of the deposits continues to be derived from foreign entities.”