Topic: Who are the REAL money launderers? Seriously. (Read 1753 times)

Obviously, They've know that all along.  I'm sure this won't be the first bank with this issue. 

i just had to quote Fjordo from Bitcoin Reddit in response to the question of how the HSBC scandal would affect the Bitcoin price:

"I think it will push down on the price a little as drug dealers and terrorists will realise that they don't need bitcoin for laundering and instead can just work with big banks.
/s"

 

One day lets hope they do.

Because at the moment. Entergy, AT&T and Walmart do not accept bitcoin.

I think Abelsfire said it best.  These are all "barriers to entry" for the small guys.  While the subsidized big boys get away with "strongly worded letters."

There's plenty more where that came from.

http://www.fincen.gov/news_room/ea/

drrussellshane and AbelsFire.... both comments perfectly stated. I agree 100%

I have a policy of not applauding the efforts of companies which enjoy state subsidies, including barriers to entry, unless their efforts are lobbying for the removal of those subsidies.

Yeah, but when the "big guys" have a different rulebook than the "small guys", it's a little different.

A bank may not stop multi/million/billion "deals", but I have a feeling that they might fill out an SAR just if some little guy were to walk in the bank with cash and a Ron Paul shirt.

So, to clarify, my problem with the banks (in this instance; I have more problems with banks than this... lol) is that they seem to enforce a double standard by which the super-wealthy may maintain their wealth and privacy without molestation and whereby the little man is punished with unreasonable fees and bank tellers who double as taxmen and government agents.

Last time I checked it was accepted pretty much anywhere.  I just put it in their hand.  Simple transaction.

You guys are mad at banks for the wrong reason. HSBC shouldn't be faulted for "laundering" money. Laundering money is not immoral.

I wish MORE banks would stick to banking instead of acting as police agents, spying on customers, freezing accounts, and causing financial delays. HSBC should be applauded for their efforts here. There are plenty of things to get made at banks about... this ain't one of them

eww why would you go back to usd ?

I am! I get paid in bitcoin and withdraw in USD!

http://www.telegraph.co.uk/finance/comment/liamhalligan/9383982/Liborgate-could-trigger-crucial-banking-reform.html

These bankers are all corrupt.

Dont worry, the law will surely deal with these crooks, LMAO what the fuck ever. 

HSBC is from one of the largest financial institutions in the world, with over $2.5 trillion in assets, 89 million customers, 300,000 employees with operations in over 80 countries and 2011 profits of nearly $22 billion. Just a few snipits from the Senate Report:

problems included a once massive backlog of over 17,000 alerts identifying possible suspicious activity that had yet to be reviewed

a 3-year failure by HBUS to conduct any AML monitoring of $15 billion in bulk cash transactions

a failure to monitor $60 trillion in annual wire transfer activity

HBMX (Mexico) was the single largest exporter of U.S. dollars to HBUS(US), shipping $7 billion in cash to HBUS over two years (drug money)

HBUS provided nearly $1 billion in U.S. dollars to Al Rajhi Bank despite terrorist financing concerns

HBUS cleared $290 million in bulk U.S. dollar travelers checks, at times clearing $500,000 or more in U.S. dollars per day. The cheques were in denominations of $500 or $1,000, submitted in large blocks of sequentially numbered cheques, and signed and countersigned with the same illegible signature.  HSBC partner banks had little information or understanding why up to $500,000 or more in bulk U.S. dollar travelers cheques purchased in Russia were being deposited on a daily basis into one of 30 different Japanese accounts of persons and corporations supposedly in the used car business.

You can't make this stuff up!

haha, bankers are criminals, that's why we need to get rid of them.

http://www.thedailybeast.com/cheats/2012/07/05/barclays-scandal-to-spread.html is another recent story

Yes, I caught these few seconds on the news today as well. A scapegoat was quickly assigned and sent home to spend more time with his family (provided with nice custom-made golden butt/face plugs as it is a custom in banking industry). All kerfuffle dealt with efficiently enough – mid-week, tomorrow there will be plenty of far more important news. What did you expect?

http://www.bloomberg.com/news/2012-07-16/hsbc-aided-money-laundering-by-iran-drug-cartels-probe-shows.html

Let us not forget that HSBC was not the only bank involved in this activity.  Wachovia was another prime example as well as many more...

And Schumer has the nerve to blame Bitcoin?