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Reliable reports from the English-speaking republics of the East Caribbean have confirmed that a number of East Caribbean financial institutions have very recently started refusing to accept customers' deposits of US one hundred dollar bills ($100), which are generally referred to as notes in the former British colonies. No reason has been given for this new policy.
It is not known whether this action is taking place due to fears of counterfeits (the North Korean-origin Series 2006 "Supernote") in the region, a reluctance to accept bulk cash received from CBI applicants, or increased anti-money laundering compliance procedures, but our Panamanian sources have reminded us that Panama's banks stopped accepting US hundreds, when Chinese business interests there, including the Canal projects, increased exponentially.
American bankers are warned to closely examine any import/export clients who are seeking to exchange large numbers of hundreds* for fifty dollar bills ($50), or twenty dollar bills ($20), for those denominations are still acceptable in the East Caribbean. When we have further information on this subject, we shall advise.
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*Such actions are generally regarded as unusual, as most requests are to change smaller denominations for larger ones. In this case, it is the smaller bills that are desired.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant
