|
Title: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Hydrogen on October 23, 2018, 03:13:40 AM Quote Money laundering is a multi-bank phenomenon. Danske Bank Estonia has been revealed as the hub of a $234bn money laundering scheme involving Russian and Eastern European customers. But Danske Bank Estonia couldn’t do this by itself. Much of the money was paid in U.S. dollars, and for that, it needed help from other banks. Banks that had access to Fedwire, the Federal Reserve's electronic settlement system. Big banks, in other words. The entrance to Danske Bank's headquarter at Holmens Kanal in Copenhagen, Denmark. Danske Bank admits that it has been used to launder money from companies related to Russia. Transactions valued at $234 billion flowed through its small branch in Estonia between 2007 and 2015, a large part of which are believed to have been illicit. (Photo by Ole Jensen/Getty Images) It appears that four big banks helped Danske Bank Estonia make its dodgy transactions. J.P. Morgan, Bank of America and Deutsche Bank AG all made dollar transfers on behalf of the Estonian branch’s non-resident customers. And according to the Wall Street Journal, Citigroup’s Moscow branch may have been involved in some financial transfers in and out of Danske Bank Estonia. But how much responsibility do these banks bear for these transfers? Could they reasonably have been expected to know – or suspect - that the money was dirty? Banks that make transactions on behalf of other banks are known as “correspondent banks”. In the past, correspondent banks often had little information about the originator or final recipient of the money they were transmitting. They simply trusted that their customer bank was acting legally and that its customers were above board. Old habits die very hard: in 2016, the correspondent banks involved in the FIFA corruption case, which include Citigroup, HSBC, Wells Fargo and Barclays, all claimed that they could not have known that the transfers were corrupt. But these days, banks are expected to “know their customers’ customers”. They are supposed to conduct their own checks to make sure that they are not unwittingly being used to launder dirty money. In the case of Danske Bank Estonia, one of the correspondent banks did suspect something was wrong. In 2013, J.P. Morgan terminated its correspondent banking relationship with Danske Bank Estonia because it was concerned that it was being used as a conduit for dodgy funds. Deutsche Bank, however, blithely continued to make U.S. dollar wire transfers on behalf of the Estonia branch’s non-resident customers after J.P. Morgan's departure. So did Bank of America, which replaced J.P. Morgan. From 2014 onward, according to Bloomberg, Deutsche Bank started refusing to make transfers that looked particularly dodgy. But the transaction flow did not fall off dramatically until 2015, when Bank of America and Deutsche Bank both terminated their correspondent bank relationships with Danske Bank Estonia - Bank of America in May, and Deutsche Bank in September. A report from the Danish Financial Supervisory Authority (FSA) – Danske Bank’s regulator – says that an employee at one of these banks warned about the Estonian branch’s suspicious customers: In that connection, a senior employee from the correspondent bank in question assessed that out of ten non-resident customers from the Estonian branch, the correspondent bank would be comfortable only with servicing one given the customers’ characteristics. The employee also warned Danske Bank against Moldovan customers and customers transferring money to Moldova. According to the Financial Times, this was a Deutsche Bank employee. But if Deutsche Bank employees were so aware of the suspicious nature of Danske Bank Estonia’s customers and the dodgy nature of some of the money flows, why didn't Deutsche Bank follow J.P. Morgan's example in 2013? Why was it the last to terminate its correspondent bank relationship? At that time, Deutsche Bank was happily doing a spot of Russian money laundering itself – the “mirror trades” through its Moscow branch for which it last year paid fines totaling $630m to U.S. and U.K. regulators. I suppose it is entirely understandable that a bank that was actively laundering money for its own customers might be little concerned about money laundering by one of its customer banks. But this raises serious concerns about the adequacy of Deutsche Bank's AML processes - concerns that, as we shall see, refuse to go away. The U.S. regulators are already sniffing round Danske Bank. If the FIFA investigation is anything to go by, their interest will not be limited to the Danish bank. They will also want to know what the correspondent banks thought they were doing. Deutsche Bank was the only correspondent bank to stay with Danske Bank Estonia throughout the period of its known money laundering, and it apparently continued the relationship despite knowing that the Estonian branch’s customers and transactions were suspicious. U.S. regulators might take a dim view of Deutsche’s behavior, especially given the $41m fine it was handed by the Federal Reserve in May 2017 for inadequate AML controls, and the “Problem Bank” designation awarded to its American subsidiary by FDIC. It seems that BaFIN, the German regulator, thinks so too. Two days after Danske Bank released a report revealing the mammoth scale of its Estonian branch’s money laundering activities, BaFIN reprimanded Deutsche Bank for inadequate AML processes, and imposed an external supervisor to ensure it improved them. The notice on BaFIN’s website is short and to the point: On 21 September 2018, in order to prevent money laundering and terrorist financing, BaFin ordered that Deutsche Bank AG take appropriate internal safeguards and comply with general due diligence obligations. The issued order is based on section 51 (2) sentence 1 of the German Money Laundering Act (Geldwäschegesetz – GwG). To monitor the implementation of the ordered measures, BaFin has appointed a special representative in accordance with section 45c (1) in conjunction with section 45c (2) no. 6 of the German Banking Act(Kreditwesengesetz – KWG). The special representative is to report on and assess the progress of the implementation. Ostensibly, this follows on from Deutsche Bank’s admission in August 2018 that its AML processes were patchy to say the least. But the timing is exquisite. Could BaFIN be warning off the U.S. regulators? “This baby is ours. We will deal with it.” Whether or not BaFIN’s reprimand is directly connected with the money laundering revelations, the fact remains that Deutsche Bank has some serious questions to answer regarding its conduct during the period of its correspondent relationship with Danske Bank Estonia. And so too do the other banks involved. Although their correspondent relationships were of shorter duration, both J.P. Morgan and Bank of America helped to facilitate the enormous dollar flows in and out of Danske Bank Estonia. And although the exact role of Citigroup’s Moscow branch is as yet unclear, the little we know about it sounds suspiciously like Deutsche Bank’s “mirror trades”. Investigations into the Estonian money laundering scandal are only just beginning. There is much, much more still to be uncovered. But already, an all-too-familiar familiar name has emerged. Funny, isn’t it, how whenever there is some shady activity going on, Deutsche Bank is never far away? https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank-estonia-launder-russian-money/ .... Allegedly four major banks are complicit in $234 billion dolllars laundered for suspect russians. Guilty parties would appear to be JP Morgan, Bank of America, Deutsch Bank and Citigroup. Post the above link the next time someone complains about crypto currencies being used to "launder" money. :) Russia may have used the laundered capital to circumvent sanctions imposed upon it by the EU. When banks provide this type of service for a country, they usually demand something in return in the form of political favors. This could allow them to gain leverage over leaders like Putin who would normally be more independent from banking systems. This could have many far reaching implications(that will go neglected and unsaid), tbh I'm no expert. edit: Fixed the source link. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: davis196 on October 23, 2018, 05:27:50 AM Cryptocurrencies are used for money laundering,but the scale is 100 times smaller.
The strange thing is that nobody is pissed off, because of that big money laundering scheme.People think that this is something normal for the "too big to fail" banks.If some crypto exchange gets caught in money laundering,all the mainstream media will start crying about how "evil" cryptocurrencies are. ;D Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Brawnsugar on October 23, 2018, 09:24:46 AM The banking giants abroad have always been complicit in money laundering schemes from time immemorial. These guys are the same people who help rogue politicians from Africa launder billions of dollars to be stashed in their vaults. Many of these fraudulent activities are public knowledge, and a whole lot more are still secret. Rather than focus on the monumental fraud in these global giants, governments focus on cryptocurrencies as being the conduit for money laundering activities. More leaving the plank in their eyes and trying to remove the speck in another's eyes.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Ranly123 on October 23, 2018, 09:56:30 AM Cryptocurrencies are used for money laundering,but the scale is 100 times smaller. The strange thing is that nobody is pissed off, because of that big money laundering scheme.People think that this is something normal for the "too big to fail" banks.If some crypto exchange gets caught in money laundering,all the mainstream media will start crying about how "evil" cryptocurrencies are. ;D You got it right. Sometimes people think that banks are the most reliable financial institutions but did not see how banks used their savings. Banks invest in real estate and other businesses using the money deposited by people who saved their money thinking that it's safe. I am thinking also that banks are the biggest legal money laundering scheme today that not everybody know about it. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: olubams on October 23, 2018, 10:17:12 AM From the beginning of time, banks have been a wheel in the development of the economy and at the same time they have been the cog in the wheel of development especially as it relates to money laundering. All over the world there have been rules and regulation to guides the affairs of banks and how they conducts their businesses but because of the people involved are the same people that would come up with the policies that would be needed and also would be the one strategizing ways to break such rule because their friends are involved and their own personal cuts have been guaranteed. If it is evidenced that they are complicit, they should be punished adequately.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: prtty2gal2 on October 24, 2018, 10:06:05 AM Cryptocurrencies are used for money laundering,but the scale is 100 times smaller. As in a whole lot smaller than you can imagine and the truth is that most of the money laundering that has been going on over the years are just banks who you think they are holier than thou, but the only reason they have gotten to where they are now is basically because they have been good with their shady dealings and covering it up has been their specialties. The strange thing is that nobody is pissed off, because of that big money laundering scheme.People think that this is something normal for the "too big to fail" banks.If some crypto exchange gets caught in money laundering,all the mainstream media will start crying about how "evil" cryptocurrencies are. ;D Banks suck and that is the truth, and it is high time people started knowing these things that banks really do not have their best interests at heart and they should not even be listened to. Was it not the same top staff of JP Morgan that came out in the past to compare Bitcoin and cryptocurrency to fraud, and channel for fraudulent activities? The wind just blew their own tail feather to the public to show how hypocritical they are. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: dothebeats on October 24, 2018, 01:09:09 PM Isn't it ironic that these respected institutions are the ones who are quick to throw shade at bitcoin and cryptocurrencies as a vehicle for fraud and money laundering yet they are also the ones conducting large-scale money laundering themselves? Actually, it's easier and more difficult to follow where the trails lead once the money is converted into cold, hard cash, and this wouldn't be possible if banks are not in for the job. If their connection with the money laundering scheme is proven, this would be another blunder indicating that even the banking system isn't safe from these types of illicit activities.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: 3acaga on October 24, 2018, 01:57:29 PM Why do these banks need an independent Bitcoin, when you can continue to wash dirty money for a good percentage of the transaction ...
P.S. They will not recognize Bitcoin for a very long time ... Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: The Sceptical Chymist on October 24, 2018, 02:08:03 PM Can't say I'm surprised by any of this. I only follow one banking stock, Bank of America, and it's taken quite a hit over the past couple of days, and it's down 1% today as I'm writing this.
I'd love to see some heads roll for this, but it's always been the case that they can escape the consequences of their actions, and the sad part is that their actions can have very bad effects and can affect a LOT of people. The problem is that they have too much political leverage and way too much power. And yeah, the problem of money laundering using cryptocurrency is so much smaller than what these banks did/are doing. Compared to the banks, laundering money with bitcoin is a tiny drop in a very big bucket. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: HeRetiK on October 24, 2018, 02:30:14 PM [...] Guilty parties would appear to be JP Morgan, Bank of America, Deutsch Bank and Citigroup. [...] And it's likely just the tip of the iceberg. Banks laundering money at scale appears to be one of the largest and dirtiest open secret in finance. It's a farce how the general populace is under general suspicion with tighter and tighter restriction on cash transactions and anonymous payments (eg. EUR 1,000,- limit for cash transactions in France [1], tightening regulation on anonymous prepaid options) while banks continue laundering money in the billions, effectively laundering money as a service for anyone with deep enough pockets (because obviously laws only apply to the common people). [1] https://www.reuters.com/article/us-france-security-financing/france-steps-up-monitoring-of-cash-payments-to-fight-low-cost-terrorism-idUSKBN0ME14720150318 Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: kryptqnick on October 24, 2018, 05:20:53 PM Allegedly four major banks are complicit in $234 billion dolllars laundered for suspect russians. Guilty parties would appear to be JP Morgan, Bank of America, Deutsch Bank and Citigroup. Post the above link the next time someone complains about crypto currencies being used to "launder" money. :) Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: eternalgloom on October 24, 2018, 05:39:05 PM It's pretty unbelievable that thhese banks have such huge amounts of leeway from the government.
I mean if you're caught doing any of this stuff as a regular citizen, you'll get caught in no time and the consequences will be pretty severe. Yet these banks can just break the law willingly, without suffering any consequences for it. Heck they're even bailed out by the government when they're going under due to their own mistakes. I get that the government wants to prevent people's savings going up in smoke, but they should honestly just let them go down. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: LeGaulois on October 24, 2018, 06:02:19 PM Cryptocurrencies are used for money laundering,but the scale is 100 times smaller. The strange thing is that nobody is pissed off, because of that big money laundering scheme.People think that this is something normal for the "too big to fail" banks.If some crypto exchange gets caught in money laundering,all the mainstream media will start crying about how "evil" cryptocurrencies are. ;D There are a few scandals in the banking industry, HSBC, BNP, are a few stories related to money laundering. The drama is popular for 3 months and then people move on. I can think about Panama Papers, see how people moved on to the next and don't talk about it anymore. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Reid on October 24, 2018, 06:21:39 PM Isn't it ironic that these respected institutions are the ones who are quick to throw shade at bitcoin and cryptocurrencies as a vehicle for fraud and money laundering yet they are also the ones conducting large-scale money laundering themselves? Actually, it's easier and more difficult to follow where the trails lead once the money is converted into cold, hard cash, and this wouldn't be possible if banks are not in for the job. If their connection with the money laundering scheme is proven, this would be another blunder indicating that even the banking system isn't safe from these types of illicit activities. Bulls-eye. Also, this is seen because there is a lot of money that is included. How about those small money that they have been laundering? They could have been doing it weekly or worse everyday. They should not just escape from this even if big names are attached to it. Those who are on authority should really make a big deal out of all this mess that they have done. Bitcoin never fought back to their allegation to it. They are damaging their own. ;D Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: magneto on October 24, 2018, 08:30:59 PM Exactly. I wouldn't have any doubt in my mind that big corporations have been dealing with laundered money on an institutional scale way more than what bitcoin or other cryptos are used for it.
Yet, you see that bitcoin is apparently scrutinised in many countries because of "AML concerns", and the press paints a bad picture regarding the association of bitcoin with these illegal activities. The fact is that bitcoin itself is completely legitimate, there is nothing illegal about a cryptocurrency that is decentralised. What people use it for is a completely different matter, and can't just be attributed to bitcoin itself. It's like saying fiat currency needs to scrutinised because people are using it for laundering money as well, makes no sense. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: exstasie on October 24, 2018, 09:32:39 PM Allegedly four major banks are complicit in $234 billion dolllars laundered for suspect russians. Guilty parties would appear to be JP Morgan, Bank of America, Deutsch Bank and Citigroup. Post the above link the next time someone complains about crypto currencies being used to "launder" money. :) Russia may have used the laundered capital to circumvent sanctions imposed upon it by the EU. When banks provide this type of service for a country, they usually demand something in return in the form of political favors. This could allow them to gain leverage over leaders like Putin who would normally be more independent from banking systems. I'm hesitant to speculate too much about the Russian geopolitical angle. Laundering $234 billion sounds lucrative enough to justify the involvement of the correspondent banks. Nobody should ever be surprised that banks engage in money laundering schemes, unwittingly or not. When you're rolling in profits, you look the other way. They're only being rational. I do wonder, how exactly are correspondent banks supposed to "know their customers' customers?" Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: shield132 on October 24, 2018, 10:33:37 PM Haha, after reading this it seems funny when people talk about bitcoin laundering and it's related problems. Well, without doubt, bitcoin is great in this job but people think banks are clear. Deutche Bank has a lot of shady partners too, I mean small banks and banks in small countries. Emoyees were warning, owners hang on, it's a realized crime, how will these banks be affectes? It won't follow any action and that's all, it's a shame.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: HeRetiK on October 24, 2018, 10:34:28 PM There are a few scandals in the banking industry, HSBC, BNP, are a few stories related to money laundering. The drama is popular for 3 months and then people move on. I can think about Panama Papers, see how people moved on to the next and don't talk about it anymore. 3 months? 3 days maybe, if they even care in the first place. To make matters worse, people have died for nothing over this shit [1]. [1] https://www.theguardian.com/world/2017/oct/16/malta-car-bomb-kills-panama-papers-journalist Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Cosbycoin on October 25, 2018, 11:31:59 AM Quote Money laundering is a multi-bank phenomenon. Danske Bank Estonia has been revealed as the hub of a $234bn money laundering scheme involving Russian and Eastern European customers. But Danske Bank Estonia couldn’t do this by itself. Much of the money was paid in U.S. dollars, and for that, it needed help from other banks. Banks that had access to Fedwire, the Federal Reserve's electronic settlement system. Big banks, in other words. The entrance to Danske Bank's headquarter at Holmens Kanal in Copenhagen, Denmark. Danske Bank admits that it has been used to launder money from companies related to Russia. Transactions valued at $234 billion flowed through its small branch in Estonia between 2007 and 2015, a large part of which are believed to have been illicit. (Photo by Ole Jensen/Getty Images) It appears that four big banks helped Danske Bank Estonia make its dodgy transactions. J.P. Morgan, Bank of America and Deutsche Bank AG all made dollar transfers on behalf of the Estonian branch’s non-resident customers. And according to the Wall Street Journal, Citigroup’s Moscow branch may have been involved in some financial transfers in and out of Danske Bank Estonia. But how much responsibility do these banks bear for these transfers? Could they reasonably have been expected to know – or suspect - that the money was dirty? Banks that make transactions on behalf of other banks are known as “correspondent banks”. In the past, correspondent banks often had little information about the originator or final recipient of the money they were transmitting. They simply trusted that their customer bank was acting legally and that its customers were above board. Old habits die very hard: in 2016, the correspondent banks involved in the FIFA corruption case, which include Citigroup, HSBC, Wells Fargo and Barclays, all claimed that they could not have known that the transfers were corrupt. But these days, banks are expected to “know their customers’ customers”. They are supposed to conduct their own checks to make sure that they are not unwittingly being used to launder dirty money. In the case of Danske Bank Estonia, one of the correspondent banks did suspect something was wrong. In 2013, J.P. Morgan terminated its correspondent banking relationship with Danske Bank Estonia because it was concerned that it was being used as a conduit for dodgy funds. Deutsche Bank, however, blithely continued to make U.S. dollar wire transfers on behalf of the Estonia branch’s non-resident customers after J.P. Morgan's departure. So did Bank of America, which replaced J.P. Morgan. From 2014 onward, according to Bloomberg, Deutsche Bank started refusing to make transfers that looked particularly dodgy. But the transaction flow did not fall off dramatically until 2015, when Bank of America and Deutsche Bank both terminated their correspondent bank relationships with Danske Bank Estonia - Bank of America in May, and Deutsche Bank in September. A report from the Danish Financial Supervisory Authority (FSA) – Danske Bank’s regulator – says that an employee at one of these banks warned about the Estonian branch’s suspicious customers: In that connection, a senior employee from the correspondent bank in question assessed that out of ten non-resident customers from the Estonian branch, the correspondent bank would be comfortable only with servicing one given the customers’ characteristics. The employee also warned Danske Bank against Moldovan customers and customers transferring money to Moldova. According to the Financial Times, this was a Deutsche Bank employee. But if Deutsche Bank employees were so aware of the suspicious nature of Danske Bank Estonia’s customers and the dodgy nature of some of the money flows, why didn't Deutsche Bank follow J.P. Morgan's example in 2013? Why was it the last to terminate its correspondent bank relationship? At that time, Deutsche Bank was happily doing a spot of Russian money laundering itself – the “mirror trades” through its Moscow branch for which it last year paid fines totaling $630m to U.S. and U.K. regulators. I suppose it is entirely understandable that a bank that was actively laundering money for its own customers might be little concerned about money laundering by one of its customer banks. But this raises serious concerns about the adequacy of Deutsche Bank's AML processes - concerns that, as we shall see, refuse to go away. The U.S. regulators are already sniffing round Danske Bank. If the FIFA investigation is anything to go by, their interest will not be limited to the Danish bank. They will also want to know what the correspondent banks thought they were doing. Deutsche Bank was the only correspondent bank to stay with Danske Bank Estonia throughout the period of its known money laundering, and it apparently continued the relationship despite knowing that the Estonian branch’s customers and transactions were suspicious. U.S. regulators might take a dim view of Deutsche’s behavior, especially given the $41m fine it was handed by the Federal Reserve in May 2017 for inadequate AML controls, and the “Problem Bank” designation awarded to its American subsidiary by FDIC. It seems that BaFIN, the German regulator, thinks so too. Two days after Danske Bank released a report revealing the mammoth scale of its Estonian branch’s money laundering activities, BaFIN reprimanded Deutsche Bank for inadequate AML processes, and imposed an external supervisor to ensure it improved them. The notice on BaFIN’s website is short and to the point: On 21 September 2018, in order to prevent money laundering and terrorist financing, BaFin ordered that Deutsche Bank AG take appropriate internal safeguards and comply with general due diligence obligations. The issued order is based on section 51 (2) sentence 1 of the German Money Laundering Act (Geldwäschegesetz – GwG). To monitor the implementation of the ordered measures, BaFin has appointed a special representative in accordance with section 45c (1) in conjunction with section 45c (2) no. 6 of the German Banking Act(Kreditwesengesetz – KWG). The special representative is to report on and assess the progress of the implementation. Ostensibly, this follows on from Deutsche Bank’s admission in August 2018 that its AML processes were patchy to say the least. But the timing is exquisite. Could BaFIN be warning off the U.S. regulators? “This baby is ours. We will deal with it.” Whether or not BaFIN’s reprimand is directly connected with the money laundering revelations, the fact remains that Deutsche Bank has some serious questions to answer regarding its conduct during the period of its correspondent relationship with Danske Bank Estonia. And so too do the other banks involved. Although their correspondent relationships were of shorter duration, both J.P. Morgan and Bank of America helped to facilitate the enormous dollar flows in and out of Danske Bank Estonia. And although the exact role of Citigroup’s Moscow branch is as yet unclear, the little we know about it sounds suspiciously like Deutsche Bank’s “mirror trades”. Investigations into the Estonian money laundering scandal are only just beginning. There is much, much more still to be uncovered. But already, an all-too-familiar familiar name has emerged. Funny, isn’t it, how whenever there is some shady activity going on, Deutsche Bank is never far away? https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank-estonia-launder-russian-money/ .... Allegedly four major banks are complicit in $234 billion dolllars laundered for suspect russians. Guilty parties would appear to be JP Morgan, Bank of America, Deutsch Bank and Citigroup. Post the above link the next time someone complains about crypto currencies being used to "launder" money. :) Russia may have used the laundered capital to circumvent sanctions imposed upon it by the EU. When banks provide this type of service for a country, they usually demand something in return in the form of political favors. This could allow them to gain leverage over leaders like Putin who would normally be more independent from banking systems. This could have many far reaching implications(that will go neglected and unsaid), tbh I'm no expert. edit: Fixed the source link. It is just funny that in the next few years, all this would become a thing of the past, everyone will forget about it, and then they keep doing whatever they like and at the end, have the guts to even come condemn another form of currency publicly. They have no shame at all, and most especially for JP Morgan. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: CryptoAssasin on October 25, 2018, 02:28:50 PM These well known banks are the biggest scammers all over the world. Using the people's money without their knowledge for their own interest and make us their slaves. They are afraid with cryptocurrency taking them over in terms of financial controls and return of investment, thats why they are super desperate to use their power to take down cryptocurrency and make it a scam in the eye of those investors. Fortunately, there are well known whales in the market who believed in the potential of crypto and we are all one of them who believed in cryptocurrency.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Pmalek on October 25, 2018, 03:16:49 PM To be honest I didn't hear about this case but I am not surprised. Banks and bankers have often been involved in many scandals like other users before me pointed out, and wherever there is a lot of money there is always a possibility of fraud. Another reason why the blockchain is such a revolution. Imagine if in 10-20 years banks were using a blockchain. A public, verifiable ledger and we could all see the movement of their money. I would be interested to see who has the guts to send/invest it somewhere where it is not supposed to go?!
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: cabron on October 25, 2018, 03:25:17 PM To be honest I didn't hear about this case but I am not surprised. Banks and bankers have often been involved in many scandals like other users before me pointed out, and wherever there is a lot of money there is always a possibility of fraud. Another reason why the blockchain is such a revolution. Imagine if in 10-20 years banks were using a blockchain. A public, verifiable ledger and we could all see the movement of their money. I would be interested to see who has the guts to send/invest it somewhere where it is not supposed to go?! They control the media, they can pay hundreds of thousands to these network to keep their mouth shut but write for cryptocurrency laundering scheme worth less than a billion. Just imagine how much money could go into coinmarketcap if that 230B goes in to crypto, it could start a bullrun which we could attract investors once again. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: FunGate on October 25, 2018, 03:47:13 PM Haha, after reading this it seems funny when people talk about bitcoin laundering and it's related problems. Well, without doubt, bitcoin is great in this job but people think banks are clear. Deutche Bank has a lot of shady partners too, I mean small banks and banks in small countries. Emoyees were warning, owners hang on, it's a realized crime, how will these banks be affectes? It won't follow any action and that's all, it's a shame. People are geniuses when it comes to finding loopholes in any system, and those sitting pretty behind the walls of authority rarely have anything to worry about, but this could change if blockchain is implemented in banks and governments, and laws are actually enforced. Maybe one day banks will be associated with gangsters and criminals lol. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: BitHodler on October 25, 2018, 07:49:21 PM These well known banks are the biggest scammers all over the world. Using the people's money without their knowledge for their own interest and make us their slaves. I think people after the credit crisis have more than ever found out that banks are playing a nasty game with their money. It wasn't for nothing that people's confidence in banks reached an all time low after that.The problem here is that while most people know their money is being used for all kinds of risky practices, they also know that there isn't an alternative providing that what banks do. In most well developed countries governments even guarantee that when a bank implodes, that your money up to a certain amount will be paid out of their own pocket, while in reality it's the money of the tax payers. People nurse themselves with the thought that the government will act as back-up insurance, while the elite actually uses a wide variety of assets to store the major share of their net worth in. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: taratorly on October 25, 2018, 08:01:25 PM Cryptocurrencies are used for money laundering,but the scale is 100 times smaller. The strange thing is that nobody is pissed off, because of that big money laundering scheme.People think that this is something normal for the "too big to fail" banks.If some crypto exchange gets caught in money laundering,all the mainstream media will start crying about how "evil" cryptocurrencies are. ;D Yes, for now. But let's not ignore this, Crypto's make it easy to do such bad things. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Anarchist on October 25, 2018, 10:14:46 PM Banks are still doing fine. They usually negotiate to have to pay a penalty to the court... a couple of millions... still worth for them if they did several couples of millions. ::)
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: cahbagus555 on October 26, 2018, 12:31:27 AM Banking system is not good system because its centralized and every major banks can manipulate their transaction data because no one can see the transaction. They creating system that can manipulated and for their advantages. Thats why banks againts cryptocurrency because every body can see data transaction
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: spongegar on November 12, 2018, 04:04:53 AM This is the reason why we should use blockchain technologies with KYCs to prevent such things from happening. Banking systems are almost obsolete and corruptable in itself so we must implemented new systems to make it s deterrent for people to launder money or even fund terrorism.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: Incodium Coin on November 12, 2018, 04:25:58 AM This is rather unfortunate as it comes at a time when our financial institutions are focused on rebuilding their reputations. That said, there's always an opportunity in bad news; an opportunity for blockchain technology to strive, bring more transparency to the sytem. However, any such impact begins with a clean up of the cryptocurrency market space. Then and only then, can we take full advantage of the frailties of the banking sector.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: fly99 on November 12, 2018, 08:28:55 AM Why do banks have to wash money? Is it to escape government or international taxes? This kind of news is amazing. They took full advantage of the shortcomings of Bitcoin. Perhaps this is a way for them to oppose Bitcoin, but I believe they will fail if they don't work with cryptocurrencies.
Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: audaciousbeing on November 12, 2018, 09:04:12 AM Since the beginning of time and till the end of time, bank would always be involved in money laundering and the reason is simple its the one that is allowed to keep the fund would also be charged with the responsibility of moving it. Money laundering when looked deeply on a high scale is a corporate lucrative business for bank executives because they know the loop holes and abandoned diplomatic accounts that can be used for such transactions while they take their own cut without any noise.
The worse that would happen is for the authority to fine them as they become more careful to be caught the next time. They are too important to the economy to be sent out of business because of regulatory issues. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: ganlianshifu1 on November 12, 2018, 09:35:31 AM Banks have a lot of unknown money laundering business, just hidden very well!
Banks have the same duality as cryptocurrencies! Large consortiums can use these institutions to carry out money laundering activities! Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: HeRetiK on November 12, 2018, 10:31:43 AM This is the reason why we should use blockchain technologies with KYCs to prevent such things from happening. Banking systems are almost obsolete and corruptable in itself so we must implemented new systems to make it s deterrent for people to launder money or even fund terrorism. At this scale of money laundering KYC doesn't achieve anything as the culprits are able to simply buy their way around it. At its fundamental cryptocurrencies are free of KYC / AML while most banks had to implement such a procedure since more than a decade. Yet the brunt of money laundering still takes place using banks. Go figure. KYC / AML is only effective to catch small fish like common darknet merchants, not the real whales. Why do banks have to wash money? Is it to escape government or international taxes? This kind of news is amazing. They took full advantage of the shortcomings of Bitcoin. Perhaps this is a way for them to oppose Bitcoin, but I believe they will fail if they don't work with cryptocurrencies. When banks are involved in money laundering schemes it's usually for customers, not themselves. Some people have a lot of money to move that comes from questionable sources, as such there's a demand for such services which some banks happily provide. As audaciousbeing pointed out it boils down to banks being in full control of the capital and its movement and money laundering being a lucrative business; mixed with limited legal consequences. Put together its too tempting a situation for some. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: prtty2gal2 on November 15, 2018, 08:21:39 AM This is rather unfortunate as it comes at a time when our financial institutions are focused on rebuilding their reputations. That said, there's always an opportunity in bad news; an opportunity for blockchain technology to strive, bring more transparency to the sytem. However, any such impact begins with a clean up of the cryptocurrency market space. Then and only then, can we take full advantage of the frailties of the banking sector. Rebuilding their reputations? What is even there to rebuild again? Something that has dilapidated seriously and the funniest part is that they cannot even hide their shameful animalistic faces, and they will still keep coming out to tell us how cryptocurrency sucks and why it is ripping people off, when indeed, the ones who has been ripping us off over time are the banks themselves.I know over time, blockchain technology will really end up exposing a lot of their atrocities in the long run and banking sector of course could possibly get revamped when this time comes. Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: coinfinger on November 15, 2018, 08:29:56 AM This is the reason why we should use blockchain technologies with KYCs to prevent such things from happening. Banking systems are almost obsolete and corruptable in itself so we must implemented new systems to make it s deterrent for people to launder money or even fund terrorism. The reason why those same banks will be trying all their bullshits to try as much as possible not to let it come into play. This is one thing a lot of people do not understand, this same dudes that keep shouting bitcoin is a fraud and all that, know how blockchain entirely will really end up affecting the way they have been doing things. They are just some bunch of hypocrites and when it comes to fraudulent activities, banks have always been the first major culprits over time and for what it is worth, I guess people's eye should start opening to see them for what they really are.Title: Re: Four Global Banks Involved In Yet Another Money Laundering Scheme Post by: AlutBitcoin on November 19, 2018, 10:48:51 AM To be honest I didn't hear about this case but I am not surprised. Banks and bankers have often been involved in many scandals like other users before me pointed out, and wherever there is a lot of money there is always a possibility of fraud. Another reason why the blockchain is such a revolution. Imagine if in 10-20 years banks were using a blockchain. A public, verifiable ledger and we could all see the movement of their money. I would be interested to see who has the guts to send/invest it somewhere where it is not supposed to go?! I think it is not even a shocking news that a bank made something that would yield them a profit. Banks do not care about the legal works, they try to find as many loopholes as possible. I mean think about it this way, if there is a coin that has a volume of 4 thousand dollars, how easy would it be to change the price? You can spend over 10 thousand dollars and decide the direction it will go. However if a coin has 10 billion dollars in volume, it would require a lot of money to even shake it. Which means banks who have billions of dollars in their funds need to find ways to make profit and that ways are not always legal, their shareholders are expecting profits all the time, every single quarter they have to be better than the previous one. That makes them search illegal stuff like money laundering. The system is really crooked. |