It’s hard to keep up with the #FinCEN files, so here’s an attempt to summarize the main articles published in Europe and the US.
On HSBC we hear of a Ponzi scheme for 30m$ for which the bank filed a SAR, but there are allegations that HSBC should have stopped it earlier.
In Sweden, DI reports that there are 76 SARs, split between some of the usual suspects: SEB 41, SHB 6, Nordea 1 and the mighty Lansforsakringar (I’m pretty sure I misspelled that one)… 26. But all for very small volumes (a few SEKm max, some only for a few kSEK)
In Norway, DNB is linked with 1bn NOK of transactions but i'm struggling to find more info. We know they are involved in the Samherji fisheries scandal, so it could be that.
In Denmark, as far I can see it’s mostly old stories about the great Danske Estonia, with its 40000% ROE and totally legitimate business and 5462% market share and 15794% CAGR.
In the Netherlands, we can see some link between ING and the Deutsche mirror trades through ING Slaski. Again that’s a rather old story afaict (ING has already been fined for this.)
ABN and the Belgian banks seem to do ok - I can only see references to very small transactions for Belgian banks and nothing on ABN.
And now, dear followers, your favourite topic
#ItsAlwaysDeutsche.
And now, dear followers, your favorite topicart of the reporting. This is again an old story but there are a few new snippets worth mentioning.
#ItsAlwaysDeutsche.
And now, dear followers, your favorite topicart of the reporting. This is again an old story but there are a few new snippets worth mentioning.
What did we learn?
1) The fact that it should/could have been stopped earlier is new (but hardly unexpected.) The 100 alerts raised by internal system sound bad.
1) The fact that it should/could have been stopped earlier is new (but hardly unexpected.) The 100 alerts raised by internal system sound bad.
2) Also bad, the (alleged) meetings between BOFA & Achleitner. Escalating such a matter to the chairman is kind of Wow... The bofa guys must have been really spooked.
3) the dodgy audit of the Russian subsidiary is fantastic. The only missing bit is a **** ESG rating for the Moscow office and a fantastic staff retention scheme. It does sound like the (internal) auditors really enjoyed Moscow and its nightlife.
What’s also bad here is that the current head of Deutsche was the head of audit back then… even if not directly involved, it reflects poorly.
But tbh, the worse is probably that it was Bofa that had to file the SAR. I mean Bofa isn't exactly the red cross.
If even *another bank* thinks what you’re doing smells shit, and reports you to authorities, it can’t be good.
If even *another bank* thinks what you’re doing smells shit, and reports you to authorities, it can’t be good.
The files also mentions the correspondent banking stuff for DB, especially with Danske, but tbf all you needed to do was read the recent transaction with the DOJ to get the juicy details (or my thread on it.) So nothing new.
And to finish, I can’t see anything significant on the large French banks. Well done, guys, or am I missing something ?
If you see more, please do share, I’ll try to update this thread!
If you see more, please do share, I’ll try to update this thread!
What did Twitter do with that tweet! It was supposed to read:
"#ItsAlwaysDeutsche.
And now, dear followers, your favourite topic.
The Deutsche Mirror trade is a big part of the global reporting. This is again an old story but there are a few new snippets worth mentioning."
"#ItsAlwaysDeutsche.
And now, dear followers, your favourite topic.
The Deutsche Mirror trade is a big part of the global reporting. This is again an old story but there are a few new snippets worth mentioning."
Dan's right, I forgot to mention StanChart
https://twitter.com/dsquareddigest/status/1307993515117477888?s=20
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