WSJ Reports Morgan Stanley Fined $10 Million for Money Laundering Activity Detection Failure

2018-12-28 11:18

Traditional banks often affirm that the crypto market is often used for money laundering and that it should be banned or sanctioned because of this. However, there are days in which the anti-bank rhetoric of the banks can be somewhat ironic.

These are the days in which we discover that another major bank is being investigated for money laundering related activities.

Morgan Stanley Is fined For $10 Million USD

According to a recent article published on the Wall Street Journal, Morgan Stanley was fined in $10 million USD for not being able to curb money laundering. The fine was imposed by the Financial Industry Regulatory Authority over the Anti-Money Laundering program of Morgan Stanley.

The reason is that the bank has “failed” to coordinate the supervision of suspicious transactions, according to the regulator. The AML program of Morgan Stanley is completely automated but it did not have enough critical data to detect all the money that is sent abroad using the bank. This includes money sent to foreign exchanges in countries that are deemed “risky” by the regulator.

Another aspect that bothered the regulator was that the bank did not implement any procedures that could be used to allow the periodic reviews of its own systems and that the monitoring was simply too inefficient. Penny stock trade, for instance, was not very well monitored, according to the Financial Industry Regulatory Authority.

The bank only answered that it was “pleased” to solve the matter “from several years ago”, referring to the fact that the fine was for the period from 2011 to 2015. They also affirmed that the bank would work to be more protected against money laundering.

Hypocrisy Is Contagious: Other Banks Are Also Accused Of Money Laundering

Many banks had problems for being compliant with anti-money laundering regulation this year, which is very curious when you consider that many of these same banks accuse cryptos of not being compliant with money laundering, despite the fact that a lot less money is laundered via cryptos than via major banks.

Last month, the Deutsche Bank, for instance, was raided by the police and it was discovered that the bank was heavily invested in money laundering and that it had created accounts for its clients in many taxes havens.

The Danske Bank was another one that came under fire for money laundering this year. At the time, the CEO of the company resigned as there were allegations that hundreds of billions of dollars were laundered using the bank.

This case with Morgan Stanley and the other two banks are not isolated cases. There is a lot of money laundering in the world and the banking institutions are considerably more guilty than cryptos for it. We all wait, then, for the way the banks will finally admit it.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Money ($$$) на Currencies.ru

$ 0.0004099 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.27 %
Cегодня L: $0.0004099 - H: $0.0004099
Капитализация $18.807k Rank 99999
Доступно / Всего 45.887m $$$

often days banks money laundering bank major

often days → Результатов: 47


Фото:

Bitcoin Price Watch: Are Institutional Players Losing Interest?

At press time, the father of cryptocurrency is trading for just under $4,000, marking little to no change since our last price piece. We’re in the final days of the month, and while December has often brought a sense of magic and stamina to bitcoin we rarely witness throughout the rest of the year, it’s […] The post Bitcoin Price Watch: Are Institutional Players Losing Interest? appeared first on NullTX.

2018-12-25 04:00


Crypto “experts” from Twitter and YouTube are harming new BTC owners with their predictions. What happened with $20k, $50k by EOY predictions?

Everyone loves predicting what the future holds for Bitcoin these days. “Filthy nocoiners” like your family member you are having dinner with or that friend who just had a beer too many will often tell you it’s all a bubble, it’s just “neckbeard” Ponzi scheme controlled by a single entity which will crash soon enough […] The post Crypto “experts” from Twitter and YouTube are harming new BTC owners with their predictions.

2018-12-2 02:20


Фото:

We should all worry about corporate control of data

The information age has delivered innumerable wonders to us and continues to churn out astonishing innovations on a daily basis. The only reason that contemporary society enjoys such awesome technology and progress these days is that we can gleam so much insight from our data, particularly when we combine disparate datasets together and comb through them with analytics technology.

2018-11-9 20:49


Фото:

Banano Community is Reminiscent of the Early Days

The explosion of the crypto space over the past couple of years has been massively beneficial for the industry and life changing for many of its legacy members. However, that’s not to say it was unilaterally good: veteran participants will often cite the loss of charm, wholesomeness, and support as the community grew and drifted […] The post Banano Community is Reminiscent of the Early Days appeared first on NullTX.

2018-10-17 21:17


Фото:

In my last article I answered some of the questions I often hear from family or friends who want to buy Bitcoin for the first time. I also recommended what I think is the easiest way to get started, Coinbase.

Today let’s have a look at two of the most popular follow-up questions I receive, usually in the minutes immediately after the Bitcoin purchase goes through. How can I buy some other coins?While Bitcoin is by far the most well-known and desired cryptocurrency, there are many other coins, known as Altcoins, out there these days. Some

2018-7-16 16:09


To TRX Coin Holders: “Mainnet Launches Often Clip Price”: Tron, IOTA, Stellar Lumens, Litecoin and EOS Technical Analysis (June 20, 2018)

Over all, yesterday was a pretty good day for alt coins. Fact is we saw higher highs in most coins under our radar and spearheading this recovery was Tron. At some point, Tron was up 20 percent and this comes some five days before Tron’s mainnet launch which like others often come with dip in.

2018-6-20 03:02