Interesting article about major banks allowing large criminal organizations to easily move money around
https://www.buzzfeednews.com/article...minal-networks
This paragraph sums it up nicely:
Quote:
Laws that were meant to stop financial crime have instead allowed it to flourish. So long as a bank files a notice that it may be facilitating criminal activity, it all but immunizes itself and its executives from criminal prosecution. The suspicious activity alert effectively gives them a free pass to keep moving the money and collecting the fees.
So basically what happens is that the banks are fully aware that major criminals are using their services, but by filing the SARs (suspicious activity reports), they've completed their legal obligations, and then they can knowingly serve these criminals without worry about any regulatory issues.
In the meantime, these SARs backlog and aren't properly investigated by the government, so nothing gets done.
:fail2
What's also infuriating to people like me is that banks ARE shutting down accounts for online gambling transactions. Also, almost every bank in the US now forbids depositing cash into third party accounts -- something which was widely allowed just 5 years ago.
They're making it tough on the non-criminal individuals who just want to gamble or make 4-figure cash deposits to each other, and they're welcoming huge criminal organizations.
Unbelievable.
