Corcaigh_the_Cat
Well-known member
I was under the impression that this was standard practice in the city?
I was under the impression that this was standard practice in the city?
Standard practice really the leak is a bunch of SARS reports, a journalist has got hold of these.Suspicious Acitivity Reports are part of financial crime reporting. They are based on a banks identification of such cases either pre or post the transaction. My reading is the banks in question have identified these transactions and reported them to their regulators.This happens all the time, the difference here is a reporter has got hold of them and picked out the most salcious and trying to build a crooked banks story which I don’t think is there?
Ashsbc have a track record of laundering drug money, and got fined a couple of billion dollars. What makes you think they have changed?
Apparently you can break the rules, report yourself, then carry on with the same clients.As
Mentioned the evidence in this case are their own reports that they submit to the regulator. Would be a bit odd to say they have purposefully broke the rules and also reported themselves for doing so. Surely any wrong doing they would keep away from the Suspicous Activity report.
Yes that is correct and you are not allowed to tell the client you have reported them as not to tip them off. When you makes the SARs or STR you are basically providing information to the regulators who along with the legal authorities will investigate, at that point the bank has fulfilled their reporting duty.Apparently you can break the rules, report yourself, then carry on with the same clients.
To quote:
Banks and other financial institutions file SARs when they believe a client is using their services for potential criminal activity. However, the filing of an SAR does not require the bank to cease doing business with the client in question.
Link
Yes that is correct and you are not allowed to tell the client you have reported them as not to tip them off. When you makes the SARs or STR you are basically providing information to the regulators who along with the legal authorities will investigate, at that point the bank has fulfilled their reporting duty.
What about their social responsibility?
If they're reporting wrongdoing then surely they'd want to distance themselves from the crooks.
mill have tii I watch the programme but on the face of it it just seems like sensationalist journalism.
Let’s see !I'll watch it later, but on the face of it, it is far from sensationalist journalism.
Totally agree. The fact that people shrug their shoulders at this stuff is just incredible. We have so much inconsistency in this life. A good friend lost her job as a Bank manager with a high street name because an Account was opened that was used subsequently to accept and wash through £1.5m. And yet the authorities turn a blind eye to this kind of blatant criminal activity. In some aspects they clamp down severely. In other aspects they completely turn their heads the other way. It absolutely stinks.The fact that come people aren't more outraged by the scale of this corruption is unfathomable.
And the authorities chase benefit cheats? But effectively ignore billionaire money laundering?
I can only conclude that some peoples moral compass is a bit skewed.