I love the idea.
Why don't you know how the community should benefit?I think it's very simple:(Potential) Cheaters, wo think about cheating in the future will scared off, so they don't gonna cheat.Players who cheat currently, will also scared about it, so they stop maybe before they caught. So I think it makes the game more fair in total :)
Every report is read and review. If nothing happens, it's because GM think there is nothing wrong.
I think it will ruin some managers reputation and drive them off the game if they were fined a smaller amount of money for a transfer. There surely would be a witch-hunt every now and then - I think that would do more damage than improve the game.