ICIJ: Major banks illegally transfer funds: Listed in FinCEN / SAR
ICIJ:
On September 20, several media outlets, including ICIJ and BuzzFeed, reported that “a major bank had been illegally transferring funds for nearly 20 years.” ,
It is said that several major international banks have moved huge amounts of funds that have been illegal for nearly 20 years, even though problems have been pointed out internally.
Suspicious activity report: (SAR)
This report is based on the “Suspicious Act Report (SAR) sent to FinCEN by multiple banks and other financial institutions.” ,
BuzzFeed:
BuzzFeed has obtained over 2100 leaked SARs.
After that, he provided information to ICIJ and other media.
ICIJ Report:
According to an ICIJ report, the leaked SAR contains “information on transactions of more than $ 2 trillion between 1999 and 2017.”
Illegal transaction:
The fraudulent transaction was “pointed out to be suspicious even in the handling bank and compliance department,” he said.
However, SAR is not always evidence of illegal activity.
The ICIJ says the leaked SAR is just the tip of the iceberg.
Banks listed in SAR:
According to ICIJ, the most frequent banks in SAR are
HSBC Holdings,
JP Morgan Chase,
Deutsche Bank,
Standard Chartered,
Bank of New York Mellon
5 lines.
Problematic transactions:
Banks are required to deliver SAR within 60 days if they detect a suspicious transaction of funds.
According to the ICIJ, there are cases where problematic transactions have been processed and have not been reported for years.
Banks listed in the SAR frequently moved funds at the request of companies registered in British Virgin Islands tax havens (tax havens).
Reuters
https://jp.reuters.com/article/global-banking-fincen-idJPKCN26C0MB
Watch: How banks move dirty money around the world
The International Consortium of Investigative Journalists‘ 2020 investigation, FinCEN Files,
shows how big banks have profited from serving shadowy characters even after authorities fined them for earlier failures.
ICIJ
http://www.icij.org/investigations/fincen-files/watch-how-banks-move-dirty-money-around-the-world/