concentration account meaning

  "concentration account" in a sentence
A single centralized account into which funds collected at regional locations (lockboxes) are transferred.


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  1. The restrictions on concentration accounts were made because such accounts do not provide an effective audit trail for transactions, and this may be used to facilitate money laundering.
  2. The bill also gives the treasury secretary authority to establish regulations governing " concentration accounts " to make sure that they are not used to hide the identity of customers.
  3. The section requires financial institutions to document and follow methods of identifying where the funds are for each customer in a concentration account that comingles funds belonging to one or more customers.
  4. The city's payroll of about $ 60 million monthly goes through BofA, along with the " concentration account, " into which tax receipts and other payments are consolidated, Leal said.
  5. Sen . Debbie Stabenow, D-Mich ., urged the Treasury to look hard at banks that maintain " concentration accounts " _ accounts in which incoming resources are pooled before redistributed to other accounts.

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