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30+ years ago banks would transfer money for anyone that wanted it. Then regulations clamped down and enforcement was lax - as a result banks were fined. Now ba

by u678u 6y ago

30+ years ago banks would transfer money for anyone that wanted it. Then regulations clamped down and enforcement was lax - as a result banks were fined. Now banks including non-US banks like DB and HSBC are strict and the US government will see exactly what you're doing esp in USD. Maybe some big exchanges like Coinbase follow the US laws closely but mostly crypto is like the old days where most people in the world can do what they want. Its in no way like these big global banks.

malikNF 6y ago
Yes regulations and fines will have an impact on crime prevention, but not when those fines have any impact on the ones doing the crime. Also, I agree with the OP, I feel HSBC is a criminal organization because there is so many ethically questionable actions taken by this org[1] and even after getting caught and being fined for aiding criminals they still repeated it. [2] [1]https://en.wikipedia.org/wiki/HSBC#Controversies https://en.wikipedia.org/wiki/HSBC#Controversies [2]https://www.icij.org/investigations/fincen-files/hsbc-moved-vast-sums-of-dirty-money-after-paying-record-laundering-fine/ https://www.icij.org/investigations/fincen-files/hsbc-moved-...
- jimz 6y ago
  Well, in part, it's not a good idea to throw stones at glass houses and if you are a regular reader of Inspectors General's reports on various agencies it quickly becomes evident that the agencies tasked with stopping said crime are just trying their hardest not to do that. A few that just involve the improper handling or oversight in conducting money laundering operations that came out this past year, which, because of the pandemic and politics, have seen fewer IG reports than usual: https://oig.justice.gov/reports/audit-drug-enforcement-administrations-income-generating-undercover-operations https://oig.justice.gov/reports/audit-drug-enforcement-admin... https://www.oig.dhs.gov/sites/default/files/assets/2020-09/OIG-20-66-Aug20.pdf https://www.oig.dhs.gov/sites/default/files/assets/2020-09/O...
- u678u 6y ago
  That's great, now do how much reporting was done by crypto exchanges globally.
anm89 6y ago
Their track record's suggests these incentives are not sufficient to stop them from laundering money.

by u678u 6y ago

malikNF 6y ago

Yes regulations and fines will have an impact on crime prevention, but not when those fines have any impact on the ones doing the crime. Also, I agree with the OP, I feel HSBC is a criminal organization because there is so many ethically questionable actions taken by this org[1] and even after getting caught and being fined for aiding criminals they still repeated it. [2] [1]https://en.wikipedia.org/wiki/HSBC#Controversies https://en.wikipedia.org/wiki/HSBC#Controversies [2]https://www.icij.org/investigations/fincen-files/hsbc-moved-vast-sums-of-dirty-money-after-paying-record-laundering-fine/ https://www.icij.org/investigations/fincen-files/hsbc-moved-...

jimz 6y ago
Well, in part, it's not a good idea to throw stones at glass houses and if you are a regular reader of Inspectors General's reports on various agencies it quickly becomes evident that the agencies tasked with stopping said crime are just trying their hardest not to do that. A few that just involve the improper handling or oversight in conducting money laundering operations that came out this past year, which, because of the pandemic and politics, have seen fewer IG reports than usual: https://oig.justice.gov/reports/audit-drug-enforcement-administrations-income-generating-undercover-operations https://oig.justice.gov/reports/audit-drug-enforcement-admin... https://www.oig.dhs.gov/sites/default/files/assets/2020-09/OIG-20-66-Aug20.pdf https://www.oig.dhs.gov/sites/default/files/assets/2020-09/O...
u678u 6y ago
That's great, now do how much reporting was done by crypto exchanges globally.

anm89 6y ago

Their track record's suggests these incentives are not sufficient to stop them from laundering money.