The following is my answer to a Quora
question: “If,
for example, a bank was robbed of $5 million, and the robbers were caught and
sentenced, what happens to the money if it is recovered?”
Retail banks have insurance against theft.
Once a robbery has taken place, the bank
will file a claim. Once that claim is
approved, the amount will be paid out by the insurer. This may take several months, since there is
an ongoing investigation, and a report and investigation findings is required.
In the interim, should the funds be
recovered, the money will go through processing under the prevailing evidence
management legislation and procedure. That
money is evidence in a criminal trial, and will be kept by the police. Once that trial is over, the funds are given
back to the owner, or the insurer if the policy had paid out to the bank.
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