Dodgy money moved through banks shocker
Discussion
devnull said:
BBC are pushing this hard. Wonder if this has been released now because people will be largely ambivalent and more preoccupied with the thought of another lockdown?
No, because its largely bulls
t. Had they been keeping abreast of the actual law since about 2012, failing to act or tipping off is also a criminal offence. Saying to Ponzi Schemes we are not moving cash because we believe you are dirty, could be construed as Tipping Off. Until its proven a criminal enterprise, there is a legal imperative Not to Tip Off.There may well be failures in banks, but the real villains are those running the ponzi schemes (hint read the article the banks didn't create the dirty money).
Usual a little knowledge is dangerous type BEEB sensationalism.
Dirty money flows through banks everywhere, you should be grateful that the UK has a system that can criminaly indict / convict people just for doing the wrong thing - not just breaking laws / rules. There is a difference.
devnull said:
BBC are pushing this hard. Wonder if this has been released now because people will be largely ambivalent and more preoccupied with the thought of another lockdown?
Yes, it is a bit strange. This was on Netflix about two years ago called Dirty Money, but I guess it was a U.S. documentary so it's a non-story.stongle said:
you should be grateful that the UK has a system that can criminaly indict / convict people just for doing the wrong thing - not just breaking laws / rules
and if the head of a UK bank personally decides to authorize the tracking down of an anonymous whistle blower, the very type of people who may shine a light on banking malfeasance and money laundering*, the regulator will call him a naughty little boy.That the head of a UK bank should be unwise enough to think such actions acceptable for a CEO and yet still retain his position?!?!?, tells you all you need to know about regulatory capture in the UK (see also: SFO). The regulator's personal reward for such a light touch approach: promotion to head the Bank of England!
There seems to be a remarkable wilful blindness and lack of personal accountability when it comes to:
- Banks laundering money (a never-ending list....)
- Lawyers (not unknown for their bankruptcy, moral or otherwise) constructing financial gags (NDAs) for victims of sexual abuse (MeToo/Epstein) and/or helping to prolong massive frauds (1MDB/OneCoin)
- Auditors abject failure to audit (Wirecard)
- Finance firms behaviour in general (Hargreaves Lansdown & Neil Woodford)
Fines are merely a cost of doing (dirty) business. Indeed, the easy-(dirty)money professionals' fees (London being the world's laundry) probably improve the UK's productivity figures - Trebles all round!
"The number of new whistle blower cases at Barclays dropped by almost a third in 2019, the year after Jes Staley, the bank's chief executive, was fined for trying to expose the person behind an anonymous letter alleging wrong doing"
What a load of bull. The leaks are of SARs... suspicious activity reports.... these are reports banks themselves file to alert regulators and law enforcement to suspicious transactions, furthermore if you file a SAR you can't generally stop the transaction without risking breaking the law yourself. So here you've got the banks actually doing what they're supposed to do, reporting their clients and now all the usual ignorant idiots jumping up and down like excited fvcking chimpanzees that the banks are doing dodgy transactions. It's ridiculous.
Edited by anonymous-user on Monday 21st September 03:47
crankedup said:
Meanwhile if I want to bank a measly 10k in notes it’s like an army of Inspector clueso appear from the woodwork. Easy to be seen doing the job with small fry.?
If that's unusual for you and they found your answers at all unconvincing as to where it came from then there's a good chance a SAR was filed on you! Iirc there are a million a year filed in the UK... unfortunately the same regulations designed to find crooks make things more difficult for everyone... c'est la viejw673 said:
and if the head of a UK bank personally decides to authorize the tracking down of an anonymous whistle blower, the very type of people who may shine a light on banking malfeasance and money laundering*, the regulator will call him a naughty little boy.That the head of a UK bank should be unwise enough to think such actions acceptable for a CEO and yet still retain his position?!?!?, tells you all you need to know about regulatory capture in the UK (see also: SFO). The regulator's personal reward for such a light touch approach: promotion to head the Bank of England!
There seems to be a remarkable wilful blindness and lack of personal accountability when it comes to:
- Banks laundering money (a never-ending list....)
- Lawyers (not unknown for their bankruptcy, moral or otherwise) constructing financial gags (NDAs) for victims of sexual abuse (MeToo/Epstein) and/or helping to prolong massive frauds (1MDB/OneCoin)
- Auditors abject failure to audit (Wirecard)
- Finance firms behaviour in general (Hargreaves Lansdown & Neil Woodford)
Fines are merely a cost of doing (dirty) business. Indeed, the easy-(dirty)money professionals' fees (London being the world's laundry) probably improve the UK's productivity figures - Trebles all round!
"The number of new whistle blower cases at Barclays dropped by almost a third in 2019, the year after Jes Staley, the bank's chief executive, was fined for trying to expose the person behind an anonymous letter alleging wrong doing"
Oh, its not a commercial imperative to not tip off, but a legal one.
If you have a grudge against banks in general, fill your boots. Jes Staley really proved what a massive t
t (and many senior managers) can be; but on the SARs; there is no story here.Oh, and its less of a UK problem than it is for EU banks (and institutions like Wirecard). BNP Paribas clocked up the worlds largest sanction posting fine a few years ago of $9bn. And they were knowingly transferring dodgy money. ABN Amro is being investigated right now for exactly the same OFAC breaches.
This stuff has been going on for years many of us in the industry see things that appear to be questionable all the time. You riase an issue and its out of your hands. That's it pure an simple. The world is corrupt in the UK we have done a good job of convincing Joe public its only countries like Italy and Nigeria corruption is endemic....its not its here too.
fblm said:
What a load of bull. The leaks are of SARs... suspicious activity reports.... these are reports banks themselves file to alert regulators and law enforcement to suspicious transactions, furthermore if you file a SAR you can't generally stop the transaction without risking breaking the law yourself. So here you've got the banks actually doing what they're supposed to do, reporting their clients and now all the usual ignorant idiots jumping up and down like excited fvcking chimpanzees that the banks are doing dodgy transactions. It's ridiculous.
YupEdited by fblm on Monday 21st September 03:47
It’s also not strange for a bank to be told to keep the account open... you know, to allow the relevant authority to ‘follow the money’. Why do you think banks have regular dialogue with various government agencies too...
ETA: the headlines are sensationalist rubbish for idiots to froth about.
Gecko1978 said:
This stuff has been going on for years many of us in the industry see things that appear to be questionable all the time. You riase an issue and its out of your hands. That's it pure an simple. The world is corrupt in the UK we have done a good job of convincing Joe public its only countries like Italy and Nigeria corruption is endemic....its not its here too.
That's a fair point.It's a bit like the Bank of England continues to print paper money knowing that person X in country Y has used pound sterling to service illegal activity. And yet knowing this, the bank continues to printing money.
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