Banks Intensify โคScrutiny of Funds, Even Small Deposits
Prague,โฃ Czechโ Republic – Banks โขare increasing monitoring of client accounts, examining the โคsource of funds deposited even in amounts as low as a few thousand Czech crowns, according to recentโค guidance.This heightened vigilance aims to โdetect potential money laundering and other illicit financial activity.
Financialโข institutions are now flagging transactions that deviate from established client patterns, irrespective of size. Suspicious activity โขincludes sudden large cash deposits โขinconsistent with a client’sโค income, repeated deposits just below reporting thresholds, transfers to foreign accounts without clear justification, and significant income from previously unknown sources.
“If the client โฃinserts more cash on his โaccount, it may arouse suspicion of the origin of the money,” explains data provided by one financial institution. “Cash is oftenโข used by various illegal organizationsโฆ unlike banking transactionsโฆ cash is not done for cash.” Banks also monitor the frequency ofโ smaller deposits; numerous transactions of several โthousand crowns occurring regularly can also trigger scrutiny.
If a bank deems a โคdeposit suspicious,clients may be asked to provide proof of funds origin – documentation such โคas payment records,purchase contracts,or donationโข agreements. Authorities emphasize that receiving such a request โis not necessarily cause for alarm.
“If youโฃ have been invited to proof of the origin of the funds, definitely noโค need to panic (if you have a clear conscience),” the guidance states. “Sufficient toโ work with the bank and provide it with the required information or documents.”
