Big AML Story by the BBC
We wanted to highlight for you a big AML story on the BBC News Website that one of the world’s leading banks allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam. Take a look at the article here – https://www.bbc.co.uk/news/uk-54225572
The bank moved the money through its US business to accounts in Hong Kong in 2013 and 2014.
The BBC report went on to say – That the $80m (£62m) fraud is detailed in a leak of documents – banks’ “suspicious activity reports” – that have been called the FinCEN Files.
The report shows that the investment scam started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices.
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