Money Laundering

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dealmaker

Money Laundering

It's not just Denmark's Danske Bank that's in trouble for allegedly aiding money laundering—now Sweden's Swedbank is in the frame too. Local broadcaster SVT made allegations about $4.3 billion in dodgy transfers passing between Swedbank and Danske, and Swedbank's shares fell by as much as 7.3% in response. Bloomberg
 
I hope IB launches their debit card in Europe soon. Last year IB stated that it would happen by the end of 2018. Now they have no timeline. The cases mentioned above can make it more difficult/time-consuming to transfer funds.
 
The Australian Commonwealth Bank agreed to pay the biggest fine in Australian corporate history for breaches of anti-money laundering and counter-terrorism financing laws that resulted in millions of dollars flowing through to drug importers.

CBA will pay $700 million plus legal costs after federal financial intelligence agency AUSTRAC last year accused the bank of serious and systemic failures to report suspicious deposits, transfers and accounts.

As part of the settlement, CBA admitted to the late filing of 53,506 reports of transactions of $10,000 or more through its "intelligent deposit machines" (IDMs).

Banks are required to report these large transactions within 10 business days, so that AUSTRAC can monitor them to see if the money might be going to crime gangs or terrorist networks.

The Commonwealth Bank had originally considered challenging the number of breaches, arguing that a single coding error had led to the failure to report the 53,506 transactions.

However, it later decided to admit most of the alleged breaches and try to reach a settlement.
https://mobile.abc.net.au/news/2018...-million-fine-money-laundering-breach/9831064
 
Well this what happens when you erase borders but have no effective controls and regulations in place to oversee everything. Funds who cannot get their way in through the front door now can go through the back door in another country and then it just spreads throughout the entire banking network because everything is interconnected. I am sure Swedbank got involved from its connection and business relationship with Danske. One bank transfer, uh you are it, money laundry!! We still don't know the details because everything is still "under investigation" but I am sure it's probably something like that.
 
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