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The Justice Department this spring subpoenaed more than 50 financial companies, mainly banks and cash advance west st wichita ks payment processors that connect consumers to online lenders and other companies that Justice thinks may be operating fraudulently.
Banks that hold accounts for payment processors arent always blind to the fraud, said Bresnick, the fraud task force chief, in the March speech. He said they are ignoring red flags like large numbers of transactions by the processors being rejected by other banks.
These banks may be violating laws requiring them cash advance places in orlando report incidents of possible fraud to the Treasury Department - laws designed originally to prevent money laundering and later updated to combat financing of terrorist organizations. Those laws require them to know what kinds of businesses their depositors are operating or affiliated with - a duty known as "know your customer.
" A spokeswoman for the Justice Department declined to comment. The approach has proven effective. In November, a Delaware bank paid a 15 million penalty to settle charges that it worked with payment companies to make fraudulent withdrawals from consumers accounts.