Funds Transfers Monitored By State And Federal Governments

  • 2 min read

Did you check if the government is monitoring your money transfer platform, whether it’s domestic or international? The federal government has announced guidelines to track fund transfers. And now some states are getting in on the action. An article from Arizona, where they’re AIG, says that they’re starting to keep records on the money transfers right now; right now it’s international, but they’re also talking about doing domestic, and Arizona is not the only state. Many states have a function to monitor and record fund transfers.

So even if you did a transfer one, two, three, or four years ago, they may have that information on file that can help them with things like state income tax, government resources or programs, or things like child support. They can also make sure that if you have debts or obligations, those are being handled properly. Sometimes, if you have liens against you for tax law, they can use your money transfer history. To enforce those, or if you have certain types of professional licenses, sometimes those are required to disclose certain types of money transfers.

So anytime you’re transferring funds, you want to make sure that you’re recognizing how that platform that you’re using is accounting for that money, how they’re reporting that money, and how they’re recording your activity. And whether or not there’s a government agency, whether at the state level or the federal level, that’s keeping track of that money transfer or that freight transfer, determine if that’s going to be a record that will affect you in other ways. Maybe your business filing or your franchise tax might be affected by the records for fund transfers.

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