3 ms·
A lot of HSBC's "interaction" with criminal elements south of the border was detected via analysis of CTRs. And don't most banking systems automatically genera
by FireBeyond 4y ago
A lot of HSBC's "interaction" with criminal elements south of the border was detected via analysis of CTRs.
And don't most banking systems automatically generate a CTR based on the transaction ledger? It's not like a teller is filling out a form and faxing it.
- yieldcrv 4y ago> And don't most banking systems automatically generate a CTR based on the transaction ledger? It's not like a teller is filling out a form and faxing it. Getting to that point took a very long time. But its not that much more efficient on the FinCEN side. The HSBC thing is also another example of how the rest of AML/KYC is not the best implementation. It is only as strong as its weakest link, while burdening all links in this fairly pointless exercise of whitelisting transactions, instead of tackling the actual regressive behaviors that are illegal.
- FireBeyond 4y agoI appreciate your response here - and I agree, it's the regressive behavior and condoning/blind eyes that are the root of the issue.