Photo: SCMPAfter authorities sought Low's arrest in 2016, JPMorgan raised questions about more than a dozen additional wire transactions, including purchases of property in New York City and paintings by Vincent van Gogh and Claude Monet, the report said.
Gold fell against the rising dollar, and last traded at $1,908.76 per ounce. This was after they lost 5.3 per cent on Monday, the lowest this global bank's shares have been since 1995. Photo: EPA-EFE alt=Deutsche Bank had the largest amount of transactions flagged in suspicious activity reports reviewed by ICIJ, with transactions totalling more than US$1.3 trillion.
A day later, HSBC was among global banks named in a report by the International Consortium of Investigative Journalists (ICIJ) on lenders that "kept profiting from powerful and unsafe players" in the past two decades even after the USA imposed penalties on the institutions.
The FinCEN Files consist of more than 2,500 documents which were sent to United States financial authorities reporting banks' concerns about their clients. However, the SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.
"They have been doing a lot but they'll need to do more, and unfortunately this is one of those things that the job is never done", Woods said, adding that he did not think new rules were necessary at this point. Banks often filed suspicious activity reports only after a transaction or customer became the subject of a negative news report or a government probe, when the funds are long gone, ICIJ says, citing the documents.
American bank JP Morgan said it has devoted "thousands of employees and hundreds of millions of dollars" to help fight financial crime, while BNY Mellon said: "We fully comply with all applicable laws and regulations".
Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.
A bank statement said it had been overhauling its ability to combat financial crime and underscored that "HSBC is a much safer institution than it was in 2012", when it signed an accord with the US Justice Department on the issue.
Standard Chartered also flagged a transaction, in 2013, which involved an nearly $10.8 million payment to a Deutsche Bank account in Abu Dhabi.