Four Global Banks Involved In Yet Another Money Laundering Scheme

[Pmalek]

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?!   

[cabron]

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.

[FunGate]

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.

[BitHodler]

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.

[taratorly]

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.

Yes, for now. But let's not ignore this, Crypto's make it easy to do such bad things.

[Anarchist]

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.

[cahbagus555]

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

[spongegar]

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.

[Incodium Coin]

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.

[fly99]

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.

[audaciousbeing]

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.

[ganlianshifu1]

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!

[HeRetiK]

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.

[prtty2gal2]

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.

[coinfinger]

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.

[AlutBitcoin]

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.