“As We Move Towards the Cashless System”

 Some of you know I’ve been a financial consultant these past 35 years and with that profession come continuing education that has to be done every so often to keep your licenses.  I’m doing some online classes right now and one of them is on money laundering.  Check out these 2 paragraphs I plucked out of this class.  Look for the sentence that has the phrase “cashless system”.  It’s coming and everyone in the financial world knows it!  It’s just a matter of when.  Because we know that cash is dirty and spreads Covid.  We know that cash is pretty much only used by criminals who sell drugs and traffic humans.  And we know that cash is expensive to print and coin, expensive to transport and expensive to safeguard.  Who needs it?  Nobody!!  

The Mark of the Beast is right around the corner!  The awesome news is that we won’t be here to see it!

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In order to facilitate the placement of cash into the financial system, criminals often purchase or establish what appears to be a legitimate business. These enterprises are usually cash-intensive and may actually generate revenue from the operation itself. But most of the “revenue” comes from illegal sources. The proprietors then have a legal cover in the community for their real business and a “front” for making substantial cash deposits at a bank.

While the occupation of a depositor is of primary concern to the bank, insurance professionals should also be aware of their clients’ sources of income. As we move toward a cashless economy, the flow of physical currency has greatly diminished. Still, there are a multitude of businesses that continue to exchange goods and services for cash. Most of these enterprises are legitimate, but when the owner of a cash-intensive business purchases a covered insurance product with a cashier’s check, traveler’s check, or money order, it should raise suspicion.