Of the transactions reported, by the far the largest number relates to possible insider trading by customers.

However, an independent report noted last year that of 300,000 suspicious transactions reported to the authorities in 2014 by legions of accountants, lawyers and bankers, only seven were blocked.

There are certain exceptions on transaction reporting for usual and customary transactions: such as an airline purchasing planes and certain real estate purchases.

In place of the passbook the bank sends transaction reports monthly by post, as well as providing online banking services.

Printers were developed to print receipts and transaction reports.