Five global banks appeared most often in the suspicious activity reports — HSBC Holdings, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered and Bank of New York Mellon Corp. The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCen). In all, the ICIJ reported that the files contained information about more than US$2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system.

Source: The Standard September 21, 2020 02:15 UTC