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Hmm, that looks odd

By Alison Jimenez

Here are a couple of red-flag bank account transactions for a minority front company.  If you are a person responsible for certifying WMBEs or a banker working with corporate client, be on the look-out for these signs of a possible fraudulent WMBE: 1) High velocity in the movement of funds but low daily balance 2) Business financial statements noticeably different from those of a similar business 3) Corporate accounts that show little or no regular activity tags | money laundering | MWBE certification | minority business fraud | woman owned business fraud

Full post as published by Tanjeble on November 06, 2007 (boomark / email).