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Comment: FinCEN leak lays bare the failings of global banks and regulators alike

By Martin Coyle ( September 21, 2020, 08:38 GMT | Comment) -- Concerns that global banks are shirking their duties to refuse business to suspected money launderers, and that their watchdogs are failing to make proper use of tip-offs they receive, have been stoked by the publication last night of a trove of leaked regulatory documents. The files from US regulator FinCEN show a pattern of lenders — despite having doubts about high-risk customers and filing Suspicious Activity Reports — continuing with the transactions regardless, and seemingly receiving little in the way of punishment subsequently.Concerns that global banks are shirking their duties to refuse business to suspected money launderers, and that their watchdogs are failing to make proper use of tip-offs they receive, have been stoked by the publication last night of a trove of leaked regulatory documents....

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