Thread regarding Wells Fargo & Co. layoffs

It has nothing to do with them being 'global'. They laundered money for criminal organizations. In some cases, red flags should have been raised and they weren't.

It may be that WF is not global enough to be impacted. The 2 major US banks named are Chase and BNY Mellon ( Chuckie, is that you????).. it will be very interesting to see where this goes

I actually investigate money laundering for WF, and report my findings via these SAR's...this activity is absolutely happening here. We've botched the PPP Fraud stuff so badly that they've pawned those case's to AML. (They really should be investigated by the fraud teams instead, but they're overwhelmed right now, because of typical staffing issues and unforced errors on management's part.)

But we are absolutely still banking those customers committing the fraud. Our team doesn't kick out customers until they've been filed on 4 times, which means they will be committing the fraud for a year before we will do anything about it. Total disaster.

Even if they haven't been named yet, that's likely due to the European focus on these. Financial Crimes Compliance was just sent an email of "talking points" regarding it lol

I wouldn’t be surprised if they started looking deeper into Wells Fargo (and other banks) regarding this issue as well. Nobody said Wells was investigated regarding this topic and found to not be involved. It might just be that they are charging the most obvious cases first.

Even taking in to consideration all of our Compliance Classes, I would think a group of pre-teens could easily pull off a money laundering scheme here, much less international terrorists.

looks like since wf is clear, they need to lift the cap! THat is much worse than the other scandals

These are documents that are voluntarily reported to the FinCEN from banks. Authorities will often ask the bank to keep accounts open to help them track transactions, so it's hard to tell at this point if there is anything to this story. All of this is confidential, so the media will put their own spin on the story, but the reality is much more complicated than what you will read in the news. Many SARS could be filed, but there is no really way to confirm if there is anything truly nefarious going on.

@ppq: 😂

I’m no expert on global banking but this scandal is related to all things scandals - things like money laundering, the Panama papers, etc., from people we know are corrupt. I don’t think WF went down that path of corruption, it took a different path.

I personally hope governments investigate this because it’s these banks that makes trillions of dollars disappear and go untaxed.

There is no mention of an asset cap or Wells

Holy cow, did Wells Fargo actually AVOID a scandal for once?