Stock markets crashing on news of international bank scandal
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Posted 21 September 2020 - 05:17 PM
DOW DOWN 800 points
FinCEN Files: Big Banks Moved $2 Trillion in Illicit Funds
" Another financial scandal came out in the public domain as the recently leaked FinCEN Files show how multiple big banks were involved in moving around $2 trillion in illicit funds across the globe between 1999 and 2017.
The revelations were made based on the suspicious activity reports (SARs) filed by the banks with the United States' Financial Crimes Enforcement Network (FinCEN), which were recently leaked to BuzzFeed News and later passed on to other international investigative journalism consortiums, including the International Consortium of Investigative Journalists (ICIJ).
Over 2,500 pages of the leaked documents show the involvement of major global banks, including HSBC, JP Morgan, Deutsche Bank, Standard Chartered, and Bank of New York Mellon.
They were involved in facilitating laundering for funds related to criminal organizations and sanctioned entities with major lapses in know your customer (KYC) and anti-money laundering (AML) provisions."
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