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In the financial services area (brokerage accounts, etc), there are real consequences for employees in the industry who don't comply with anti-money laundering
by theorique 12y ago
In the financial services area (brokerage accounts, etc), there are real consequences for employees in the industry who don't comply with anti-money laundering laws.
If "Abdul al-Qaeda" makes hundreds of all-cash deposits under the $10K reporting limit into his brokerage account, that still represents a potential red flag. Employees who are servicing that account could face serious penalties (from the government) for their failure to look into potential money-laundering for nefarious purposes. The laws are written vaguely, so such employees can never be 100% certain that they are in compliance.
- MartinMond 12y agoI guess the most well-known case is HSBC laundering drug money. Do you know any "real consequences" for employees that resulted of it?
- theorique 12y agoSubstantial fines and imprisonment are potential consequences. http://www.law.cornell.edu/uscode/text/31/5330 http://www.law.cornell.edu/uscode/text/31/5330 I don't know of specific instances where they were enforced (IANAL, etc). This page [pdf] cites some specific penalties but does not refer to specific cases http://www.anti-moneylaundering.com/pdf/Example_Fines_and_Penalties.pdf http://www.anti-moneylaundering.com/pdf/Example_Fines_and_Pe...
- PhantomGremlin 12y agoThis crime is called "structuring", and it carries significant penalties. http://en.wikipedia.org/wiki/Structuring http://en.wikipedia.org/wiki/Structuring