Naught Bankers!

Discussion in 'The Intelligence Cell' started by sunnoficarus, Aug 6, 2012.

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  1. And there they were looking sooo happy and smug at not having been wrapped up into the LIBOR fixing scandal

    Some lurid stuff in there. US staff are in very deep shit and very possibly a number of UK types will be on the wrong end of extradition proceedings and orange boiler suits.

    "In short, SCB operated as a rogue institution."

    "Outsourcing of the entire OFAC compliance process for the New York branch to Chennai, India, with no evidence of any oversight or communication between the Chennai and the New York offices....."

    "....regulatory transgressions of the highest order...."

    "SCB‟s officers, directors, employees and agents made false entries in SCB‟s books, reports and statements and willfully omitted to make true entries of material particularly pertaining to the US dollar clearing business of SCB at its New York branch with the intent to deceive the Superintendent and examiners, supervisors and lawyers of the Department and representatives of other US regulatory agencies...."

    "......falsified business records with the intent to defraud examiners and the intent to aid and assist sanctioned countries to engage in US dollar clearing transactions..."

    ".......grounds exist for revocation of SCB's license to operate in the State of New York...."
  2. It just gets worse, you wonder which part of the iceberg we are looking at.
  3. The part that's just surfacing cos it's shrinking, when that happens Icebergs shed all thecrap they have gathered over the century. Doing the job I was doing I wondered how long it would take for the ordure to hit the fan.
  4. What was your job?
  5. Annoying people who declared large sums of money subject to the proceeds of crime act. Sounds quite humdrum, but what you found out by scrutinising docs, interviews and checks was quite surprising.