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https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx https://www.investopedia

https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx https://www.investopedia.com/stock-analysis/2013/investing-n... My point being, this went on for a long time before they got "busted" and the bank people knew who they were dealing with. They didn't have to use crypto or tor or whatever to stay anonymous. They just used cash, everyone knew each other. They probably had dinners with coke and champagne. And when they did get "busted", somehow no one goes to prison, there's a small fine (relatively speaking), and everyone walks. My guess is they're all still in business doing the same thing. The bankers, the regulators, the cartel people...

Thorrez 5y ago
Some of the actual drug lords did get arrested: >Since 2009, the investigation has resulted in the arrest, extradition, and conviction of numerous individuals illegally using HSBC Mexico accounts in furtherance of BMPE activity. https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-bank-usa-na-admit-anti-money-laundering-and-sanctions-violations https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-ba...
lmm 5y ago
I've never seen any evidence that that's how it went. All the reporting is long on rhetoric and short on evidence; the only things that actually, provably happened is that HSBC used their judgement in a way that the law said they were supposed to use their judgement, and did not automatically assume the most suspicious possible interpretation of payment flow that was happening. Having worked in banks, you absolutely don't need to assume moustache-twirling villains to explain what happened; ordinary people doing the best they could to help out small businesses and families doing remittances would have had exactly the same outcome. Having spent a couple of months getting access to my own savings after moving overseas, the AML rules are plenty rigid enough already. Bankers are never going to be 100% perfect judges of whether someone is selling drugs and we shouldn't expect them to be.

Thorrez 5y ago

Some of the actual drug lords did get arrested: >Since 2009, the investigation has resulted in the arrest, extradition, and conviction of numerous individuals illegally using HSBC Mexico accounts in furtherance of BMPE activity. https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-bank-usa-na-admit-anti-money-laundering-and-sanctions-violations https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-ba...

lmm 5y ago

I've never seen any evidence that that's how it went. All the reporting is long on rhetoric and short on evidence; the only things that actually, provably happened is that HSBC used their judgement in a way that the law said they were supposed to use their judgement, and did not automatically assume the most suspicious possible interpretation of payment flow that was happening. Having worked in banks, you absolutely don't need to assume moustache-twirling villains to explain what happened; ordinary people doing the best they could to help out small businesses and families doing remittances would have had exactly the same outcome. Having spent a couple of months getting access to my own savings after moving overseas, the AML rules are plenty rigid enough already. Bankers are never going to be 100% perfect judges of whether someone is selling drugs and we shouldn't expect them to be.