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Batman

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#277083 25-Sep-2020 06:09
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https://edition.cnn.com/2020/09/24/investing/westpac-fine-australia-intl-hnk/index.html

 

for "allowing money laundering" to happen





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Zeon
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  #2573942 25-Sep-2020 08:33
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I heard about this. What's up with Australian banks - remember there was that royal commission and many examples of people losing so much due to their approach to things also....





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  #2573943 25-Sep-2020 08:33
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This will hurt, after the negativity of the Royal Commission. 

 

 

 

I'd say there'll be more to come from the others soon. 





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  #2573945 25-Sep-2020 08:37
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Based on the recent leaked papers, New Zealand banks (ASB and BNZ) were also mentioned in reports (not confirmed cases but documents where activities can be reported). 





 

 

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  #2573946 25-Sep-2020 08:39
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I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive





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  #2573960 25-Sep-2020 08:57
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How do you get in touch with the Personal Laundry Managers? We have been with same bank for 30 years yet wanting to invest some more have to prove identities again. It will just be different issues of same passports etc they already hold copies of.

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  #2573982 25-Sep-2020 09:14
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Beccara:

 

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

 

 

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  


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  #2573983 25-Sep-2020 09:16
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Bung: How do you get in touch with the Personal Laundry Managers?

 

You need to be female. They’re happy to deal with ladies but deter gents.





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  #2574058 25-Sep-2020 09:52
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Earbanean:

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  



23 million transactions probably took more than a minut.

Batman

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  #2574066 25-Sep-2020 09:59
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Beccara:

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive


Agree!




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  #2574083 25-Sep-2020 10:28
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Earbanean:

 

Beccara:

 

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

 

 

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  

 

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

 

 


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  #2574108 25-Sep-2020 11:17
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And yet I had to waste 60 minutes trying to open a business bank account going through a list of stupid questions...

Earbanean
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  #2574110 25-Sep-2020 11:20
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frankv:

 

 

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

 

 

You say "I'd guess..." and "Presumably...".  Just guessing about things you don't actually know and then making sweeping allegations that people deliberately turned a blind eye to criminal activity - that's not a great.  Kinda Trumpian really.


richrdh18
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  #2574128 25-Sep-2020 11:45
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They'll recover the fine by putting the fees up :-)

 

 


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  #2574137 25-Sep-2020 11:51
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And just in: NZ's largest telecommunications firm has just been fined a lot of money for allowing its network to aid the flow of money laundering.

 

Why should this be the banks or anyone's fault a part from those that are actually doing the crime??

 

 





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elpenguino
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  #2574138 25-Sep-2020 11:51
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Earbanean:

 

frankv:

 

 

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

 

 

You say "I'd guess..." and "Presumably...".  Just guessing about things you don't actually know and then making sweeping allegations that people deliberately turned a blind eye to criminal activity - that's not a great.  Kinda Trumpian really.

 

 

A perfectly understandable reaction when this isn't the first example of corporate malfeasance and greed you've ever seen. There's a low bar of proof in the court of public opinion.


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