FinCEN Files show trillions in tainted dollars flow freely through major banks

Re:FinCEN Files show trillions in tainted dollars flow freel... by valuearb on Sunday September 20, 2020 @03:02PM (#24536414)

Banks are constantly being whacked with sticks, but that will never prevent a tiny percentage of millions of bank employees from accepting bribes to subvert their banks controls.

This price is entirely one sided and ignorant of the damage those regulations inflict on honest bank customers. The hundreds of thousands who’ve had accounts closed, or funds seized, without explanation or recourse.

When professional journalists write a one sided advocacy piece ignorant of the damage the course they advocates causes, they are also advocating more aggressive account seizure and system lockout for innocent customers, whether they realize it or not.

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Re:FinCEN Files show trillions in tainted dollars flow freel... by hakfoo on Sunday September 20, 2020 @05:53PM (#24537743)

I wonder if it's a scale problem at its heart.

A single-branch local bank could legitimately know their customers on a personal basis and their dealings. Joe-bob comes in with $12k in cash? But we already knew through social circles he just sold his truck, so that's not really suspicious. The guy who has never interacted with anyone outside the county and is suddenly requesting wire transfers to Outer Slobavia? Likely money mule.

I doubt that HSBC can maintain that level of awareness, so we build clunky rules to simulate it.

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Re:FinCEN Files show trillions in tainted dollars flow freel... by valuearb on Monday September 21, 2020 @01:15PM (#24545941)

Correction: the transfer to outer Slobavia is much more likely for poor family. But the bank will refuse it to minimize their exposure.

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