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by hippich
2921 days ago
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From my understanding of how SWIFT works, USA should have logs of every transaction to/from these accounts. Should be pretty straightforward to calculate final balance, assuming that account info is known. Unless someone was just shipping containers of cash. I wonder if there is a way to get answer from USA authorities regarding that. |
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SWIFT is a member-owned co-operative headquartered in Belgium [1]. It "does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other."
For example, suppose you bank with Bank H and I bank with Bank J. You send me $100. Bank H will deduct $100 from your account (thereby increasing Bank H's reserves by $100) and send a message, via SWIFT, to Bank J. Bank J will then deduct $100 from Bank H's account with Bank J while simultaneously adding $100 into my account with Bank J.
The U.S. government does have the power to audit banks for a variety of reasons, but beneficial ownership records are ultimately held at the bank level. All that said, I am surprised that a bank handling U.S. dollars is willing to hold these balances given it is difficult to determine who beneficially owns Tethers.
[1] https://en.wikipedia.org/wiki/Society_for_Worldwide_Interban...