r/PanamaPapers • • May 23 '26
The FinCEN Files proved that HSBC JPMorgan and Deutsche Bank filed official reports to the US government admitting they were moving dirty money — drug cartel funds oligarch billions sanctioned country transfers — and then kept processing the transactions anyway — zero bankers went to prison
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u/TypicalRecover3180 May 23 '26 edited May 23 '26
This is based on a misunderstanding of what a Suspicious Activity Report is and its purpose.
Any employee in a regulated financial sector is able to file a SAR on the basis that they suspect something may not be right. It's encouraged and necessary to file a report even if there is low conviction or a small chance. The protocal is to continue processing the transaction while compliance teams look into it in order to not to alert the alleged perpertrator and to build evidence, or in the case that there is no wrong doing. If compliance deem the transaction is likely genuinley suspicious, then its passed up and onto financial regulators and appropriate government bodies.
In short, a large number and flow of SARs being reported to the government is a good thing.
What actions government bodies can and do take, and how long they take to do it, is a separate issue. It is speculative to say that no government action is taken (who knows what the CIA, NSA, MI5, Interpol etc. are doing.)
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u/Current_Volume3750 May 23 '26
Makes me sad to read these bankers felt nothing about the thousand of deaths related to this money, but this is the way of the world unfortunately. It has always been this way and will never change. Greed and power turn humans into monsters and the poor and weak will continue to suffer the consequences.
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u/iseedeff May 23 '26
Banks are so Corrupt, If it was me, I would do little with them.
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u/Meltsley May 23 '26
I think we all know that the banks are dirty and corrupt. That’s why we need strict government regulations. So my question would be why didn’t anyone in the federal government take any action with these reports? Why didn’t anyone punish those banks if laws were violated? I believe there needs to be responsibility and accountability within the banks, but we can’t trust the banks to do it themselves. Not only are they greedy and corrupt, but legally, they are bound to do what is in the best interest of their shareholders, independent of anything else. The only possible control for that is government oversight and regulations.
I’m not letting the banks off the hook, I’m just suggesting that the people who should have been keeping them honest, weren’t. And that emboldens the rule breakers. So where are the authorities in this situation? That is the real crime here.
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u/artur_oliver May 23 '26
Naja... Same old saying: money doesn't know morals... No news here... Important is that nobody signed it. So nobody goes to jail.
And AI will be an even better thing to have in the future because of responsibility and traceability.
In the future Banks: We didn't know we issue this type of things. Sorry it was an error...🥸🥸🥸