>>31561340PkHex hasn't updated yet so bank mons still have an illegal flag however I just recently injected a level 100 Rhyperior (which is impossible pre-bank) so it showed a flag, however everything else about it was legal.
Since bank is already out the pokemon should be legal so I went on the GTS, and deposited it asking for a pokemon.
Within 10 minute it was traded just fine so I assume it still works. Unless GTS has no checks on it.