HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
By law, they have to know who their clients are - it's not enough to file SARs and keep taking dirty money from clients while expecting enforcers to deal with the problem. If they have evidence of criminal activity, they should stop moving the cash. The leaked SARs had been submitted to the US Financial Crimes Investigation Network, or FinCEN between 2000 and 2017 and cover transactions worth about $2 trillion.
"He literally was trying to… make people's lives better, and he himself was scammed, and conned, and he unfortunately paid for it with his life," said Sgt Chris Pacheco , one of the officers who investigated the killing.Image copyrightThe scheme was started by Chinese national Ming Xu. Little is know about how he came to be living in the US, although he claims to have studied for an MA in California.
And California, along with Colorado and Massachusetts, took action against WCM for selling unregistered investments. A third report in March related to a company associated with WCM777 and nearly $9.2m, and noted the regulatory moves by US states and an investigation ordered by Colombia's president.The WCM777 scheme emerged months after HSBC avoided a US criminal prosecution over money laundering by Mexican drug barons. It did so by agreeing to improve procedures.
Xu was eventually arrested by the Chinese authorities in 2017 and jailed for three years over the scam.
Oh la la! even after they’ve learned of the scam.... 🤷🏾♀️terrible
Sell this bank and return money 💰 to shareholders is the only solution or fire the management and bring in fresh blood with new ideas!!! I really pity the shareholders!!!
PSGala1
HSBC at it again - after paying billions in fines for laundering money for the cartel. And people say BTC is used for terrorism and drugs - but the KYC means all this is tracked...
In other news, water is wet.
If learned I had a lot of funny money; 'if' I could; I would do the same and palm it off to someone else. But there again it would be funny 'if' I had any money. Sure none to give anyone. It would stand out if I had money in my bank No surprise bar the BBC thinking we didn't know
Ffs, close the pubs down, introduce no mask, no shop (unless proof of medical or mental exemption) and essential journeys only. Simples.
oh no! how shocking! HSBC really
Did hear tht HSBC r considering a bame change or split the organisation.
Just another conspiracy right?
They are not called 'Banksters' for nothing!
Yeh, but isn’t it good for our economy?
For normal customers, it is so difficult to open a new account.
And that is why Brexit came to be . .
Crypto is the Future, you cannot trust a bank
Hilariously.. Nothing will happen about this, zero..
I notice this takes up the first 5 items on your app. Whilst this is newsworthy, I suspect it allows you to put the more important issues such as the Government's disasterous handling of Covid and Brexit well off the headlines!
Time to change banks. Does anyone know of a squeaky clean, morally sound bank?
Surely not the Hong Kong and Shanghai Banking Corporation? The Chinese are so honest and upstanding. I’m astonished!
They should be fined then
How did you not know this? It is the worst kept secret ever. HSBC said they were the bank that didn’t get money during the 2008 recession and the reason why ... laundering drug money ... but you knew that and said nothing ... worst journalists ever ...
Isn't this like the 4th leak in recent years concerning banks and yet very little done to tackle?
HSBC are so corrupt, but it’s to be expected from an institution built on the proceeds of opium dens.
HSBC have the AUDACITY to chase me for being £20 overdrawn 🤣 call me again you fraudsters and I’m reporting you to the FCA
Just don't care
itvMLshow MartinSLewis would you still recommend switching to HSBC’s Advance Account? MartinLewis
Should be shut down ASAP.
June4th HSBC is the drug cartel's bank of choice This is from 2012
Considering they used to help fund terrorism, this is no surprise.
After learning about the U.K. on the verge of breaking international law, this doesn’t even surprise me. Wouldn’t be surprised if people in the government are also involved in money laundering as well
Too big to fall. Bullish 🚀
Aah i see hsbc stuck with China so now being blackmailed into submission. Theres western democracy people
This should have been investigated 20 years ago
This isn't just the next part of HSBC's dirty money story pritipatel can talk about drug test but the criminals are in the board room.
No shit. I left HSBC when I realised how crooked they were from the too down.
'HSBC avoided a US criminal prosecution over money laundering by Mexican drug barons. It did so by agreeing to improve procedures' Banks and mega corps are so corrupt, they blatantly break the law and get away with it time and time again by just promising to not do it again...
I opened my first bank account with them, I’m glad I closed it, and why did they not report it or take measures to prevent or stop the hackers
Funny how the BBC highlight HSBC but not Barclays who sky highlighted. Nothing to do with Barclays dealings with Boris’s mates and donors the Russians I’m sure
You're telling me that a Chinese bank has been committing criminal offences? But they're usually so well known for their honest international dealings!
Time for it to be nationalised.
Time to change banks? Probably not because you might end up in a worse situation.
not the first time! how many more times?
Aaaaaand Why am I not surprised?
bbc also allowed the transfer of millions of pounds of licence payer fees around the world.
If this article is true, HSBC are in deep shit..
Nothing new there!
Genuine question. Are any senior bank executives ever arrested for these offences?
banks are gross
So you're promoting a programme through the news?
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