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Your link says that the bank had lax controls in 2008 which allowed bad actors to move money through HSBC. Your link did not say anything about crypto, it didn

Your link says that the bank had lax controls in 2008 which allowed bad actors to move money through HSBC. Your link did not say anything about crypto, it didnt imply that HSBC was corrupt, it didn't indicate the cartels were funded by HSBC. All of those additional points were added by your conspiracy imagination

parineum 2y ago
The HSBC-Cartel laundering thing was a huge deal. It was much more than "lax controls". Op's link might not have the details but you can read more about it here, it's actually pretty nuts. 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... >One memorable detail U.S. law enforcement noted was that Mexican drug cartel members employed boxes customized to fit the dimensions of an HSBC Mexico teller window for their daily cash deposits.
ASalazarMX 2y ago
> the bank had lax controls in 2008 which allowed bad actors to move money through HSBC Oh no! If only HSBC had the power to implement tighter controls that wouldn't allow it to receive boatloads of money. Oh well, it's not like they know a lot about money laundering, tax evasion, or handling large sums of money generally. P.D. other comment mentioned that money flow attracts criminals, and I interpret it as criminals working on HSBC, not cartels using their services.
- notavalleyman 2y ago
  There are many users and submissions here that can give you context on how difficult it is to implement technical controls on global banking customers. However, you also have an active conspiracy imagination. If you aren't sure why cartels are being mentioned then I suggest you click the Reuters post were discussing. The one that talks about lax controls 17 years ago
piltdownman 2y ago
HSBC admitted to U.S. prosecutors in 2012 that it had helped launder money, including at least $881 million controlled by the Sinaloa cartel and other Mexican drug gangs. https://www.justice.gov/sites/default/files/opa/legacy/2012/12/11/dpa-attachment-a.pdf https://www.justice.gov/sites/default/files/opa/legacy/2012/... The Permanent Subcommittee on Investigations found that HSBC actively circumvented rules designed to “block transactions involving terrorists, drug lords, and rogue regimes.” In one case, “two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS [HSBC’s U.S. affiliate] accounts over seven years without disclosing the transactions’ links to Iran.” US prosecutors said that deposits at Mexican branches were so frequent that drug traffickers used boxes that were designed to fit perfectly through the teller windows http://www.hsgac.senate.gov/subcommittees/investigations/hearings/us-vulnerabilities-to-money-laundering-drugs-and-terrorist-financing-hsbc-case-history http://www.hsgac.senate.gov/subcommittees/investigations/hea... This has then led to the families of victims of the Cartel directly suing HSBC for allowing the gangs to launder billions, providing ‘systematic material support to the cartels’. https://www.theguardian.com/business/2016/feb/11/families-of-americans-killed-by-mexican-cartels-sue-hsbc https://www.theguardian.com/business/2016/feb/11/families-of... If HSBC were a country, it would be the fifth world economic power. At the time $1.9bn equated to just five weeks of the bank’s profits.

parineum 2y ago

The HSBC-Cartel laundering thing was a huge deal. It was much more than "lax controls". Op's link might not have the details but you can read more about it here, it's actually pretty nuts. 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... >One memorable detail U.S. law enforcement noted was that Mexican drug cartel members employed boxes customized to fit the dimensions of an HSBC Mexico teller window for their daily cash deposits.

ASalazarMX 2y ago

> the bank had lax controls in 2008 which allowed bad actors to move money through HSBC Oh no! If only HSBC had the power to implement tighter controls that wouldn't allow it to receive boatloads of money. Oh well, it's not like they know a lot about money laundering, tax evasion, or handling large sums of money generally. P.D. other comment mentioned that money flow attracts criminals, and I interpret it as criminals working on HSBC, not cartels using their services.

notavalleyman 2y ago
There are many users and submissions here that can give you context on how difficult it is to implement technical controls on global banking customers. However, you also have an active conspiracy imagination. If you aren't sure why cartels are being mentioned then I suggest you click the Reuters post were discussing. The one that talks about lax controls 17 years ago

piltdownman 2y ago

HSBC admitted to U.S. prosecutors in 2012 that it had helped launder money, including at least $881 million controlled by the Sinaloa cartel and other Mexican drug gangs. https://www.justice.gov/sites/default/files/opa/legacy/2012/12/11/dpa-attachment-a.pdf https://www.justice.gov/sites/default/files/opa/legacy/2012/... The Permanent Subcommittee on Investigations found that HSBC actively circumvented rules designed to “block transactions involving terrorists, drug lords, and rogue regimes.” In one case, “two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS [HSBC’s U.S. affiliate] accounts over seven years without disclosing the transactions’ links to Iran.” US prosecutors said that deposits at Mexican branches were so frequent that drug traffickers used boxes that were designed to fit perfectly through the teller windows http://www.hsgac.senate.gov/subcommittees/investigations/hearings/us-vulnerabilities-to-money-laundering-drugs-and-terrorist-financing-hsbc-case-history http://www.hsgac.senate.gov/subcommittees/investigations/hea... This has then led to the families of victims of the Cartel directly suing HSBC for allowing the gangs to launder billions, providing ‘systematic material support to the cartels’. https://www.theguardian.com/business/2016/feb/11/families-of-americans-killed-by-mexican-cartels-sue-hsbc https://www.theguardian.com/business/2016/feb/11/families-of... If HSBC were a country, it would be the fifth world economic power. At the time $1.9bn equated to just five weeks of the bank’s profits.