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That is even worse that the regulators knew about the fraud that the banks have allowed and by someone reporting about it can land them in a prison cell.
by rvz 3y ago
That is even worse that the regulators knew about the fraud that the banks have allowed and by someone reporting about it can land them in a prison cell.
- JumpCrisscross 3y ago> even worse that the regulators knew about the fraud What fraud do you think they were covering up? SARs are filed when money laundering is suspected. To the extent something was being covered up, it was money laundering. Not fraud.
- rvz 3y ago> What fraud do you think they were covering up? The fact that banks such as HSBC failed to flag and stop transactions to a ponzi scheme that they knew about with their 'AML' systems and processed it anyway. [0] This would never have been known before the leak and even worse that the regulators did nothing until the leak. > SARs are filed when money laundering is suspected. To the extent something was being covered up, it was money laundering. Not fraud. So not only just fraud that was covered up but money laundering and processing payments for mobsters and drug cartels which the banks allowed and failed to stop it. This is getting even worse than imagined. [0] https://www.bbc.com/news/uk-54225572 https://www.bbc.com/news/uk-54225572