Interesting article about major banks allowing large criminal organizations to easily move money around

[Dan Druff]

https://www.buzzfeednews.com/article...minal-networks

This paragraph sums it up nicely:

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.




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.

[MumblesBadly]

More evidence that the US government only cares about money laundering when it’s related to a line of business that is politically expediant to go after.

[CrackPipes and Kakfights]

At the end of today buy a us financial services etf.

[ftpjesus]

At the end of today buy a us financial services etf.

Some serious Puts being posted on Options market for $XLF. The Nov monthly calls at 26 are down to 40cts and the index is sitting at $24.10 2 months from contract date. That doesn’t bode well.

[CrackPipes and Kakfights]

At the end of today buy a us financial services etf.

Some serious Puts being posted on Options market for $XLF. The Nov monthly calls at 26 are down to 40cts and the index is sitting at $24.10 2 months from contract date. That doesn’t bode well.

I am closing it out at the end of today. Double digit return in less than three months.

I will admit to being surprised at the amount of gain here. Annualized, this is huge.

[TheXFactor]

In China, which will soon be the world's biggest economy.

Most citizens don't use banks.

They use Wechat pay and Alipay, apps on smartphones.

You use QR codes to pay for everything.

Jaywalk across the street?

Cameras will scan your face and zap money for the fine right out of your account in seconds.

Banks will be a thing of the past.

[CrackPipes and Kakfights]

More evidence that the US government only cares about money laundering when it’s related to a line of business that is politically expediant to go after.

Do it like Pruitt and buy some.


———good buddy

[Wiganer]

Reports come at same time as more revelations about Russian donations to UK Conservative party, who have confirmed that they are a bunch of traitorous shysters.

[TheXFactor]

I'm sure it's just the tip of the iceberg.

Banks can file an SAR for transactions as little as $2,000.

Buy a money order or cashiers check from a bank for cash over $3,000? That sets off an automatic CTR (currency transaction report)

Banks will not be held accountable.

HSBC has been caught many times for money laudering for terrorists and drug cartels.

At worst they will be hit with a fine equal to a few days of revenue.

[Dan Druff]

A few years ago, I went to go make an $8500 cash withdrawal from a local Wells Fargo. It wasn't the one I had typically visited, but it was about 15 miles away from where I lived.

About a week earlier I had made a deposit of a $27k check. The website showed the funds available.

I went to go withdraw that $8500, intended to be used on a gambling trip (I didn't reveal the reason for withdrawal, though).

They acted really funny. The teller walked away, then came back and told me the funds weren't available. Here's how the conversation went:

Her: "Sir, we can't process the withdrawal. The funds aren't available."

Me: "That's incorrect. The website said they were available."

Her: "You have to understand. A large check was deposited. The funds can take some time to be available."

Me: "Right. Which is why I waited until the website said they were available before coming to get them."

We debated back and forth and got nowhere. I asked for the manager, who was just as stupid.

Manager: "Sir, the check that was deposited was large enough to where we need a little more time before the funds are available for withdrawal."

Me: "I'm not understanding what's going on here. Are you saying your own website was wrong when it said the funds were available? If it was, how is the customer supposed to tell?"

Manager: "I know the website said that. It's not wrong."

Me: "Okay, if it's not wrong, then let me have my $8500, because that means it's available."

Manager: "Just because it says the funds are available doesn't mean the funds are really available."

Me: "What?? That's absurd! They're either available or they're not. If it says available and they're actually not, that means your website IS wrong when it displays that. So is that what you're saying?"

Manager: "No. We make it available as a courtesy to the customer, but it's not fully available yet."

Me: "How is it a courtesy to me if you're displaying my money is available, and you won't let me get even 1/3 of it?"

Manager: "It would really be best if you just waited a few more days, and..."

Me: "Nope. Not doing that. Your website says available, you agree it's not an error, therefore you are legally required to give me my funds now. I'm not walking out of here until you either give me my $8500, or you give me proof that the website displayed 'available' in error."

Manager: "If you could just please work with us, and wait just..."

Me: "As I said, no. Should we maybe call the district manager? I can tell you that unless you can prove that the website was in error, which it seems you're not even claiming, nothing you say will convince me to back down on this."


They went back to talk for a few minutes, then the manager authorized the teller to give me the $8500 as a "one time courtesy".

LOL

I submitted a corporate complaint, but of course never heard back.

My guess is that some kind of bullshit risk warning popped up on their screen, and they were trying to stall me to wait a bit longer, even though their central system had declared the funds available. So strange.

[eeyorefora]

My dad did that years ago,he asked for a 10k withdraw, they said he had to wait, he said " Fine close the account and give me my money in cash".

And they did, almost 35k.

Never figured that one out.



Sent from my LM-V600 using Tapatalk