These documents are some of the worldwide banking system's most closely guarded secrets.
BuzzFeed News said that it received over 2,100 SARs in total that were in turn shared with ICIJ (International Consortium of Investigative Journalists) and several other media organisations.
Shares of HSBC Holdings Plc, already trading at decade lows, slid 3.2%. Still, it's not clear all the scrutiny is making a difference. Banks use them to report suspicious behaviour but they are not proof of wrongdoing or crime. 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.
London-headquartered HSBC and StanChart, among other global banks, have paid billions of dollars in fines in recent years for violating U.S. sanctions on Iran and anti-money laundering rules.
Led by 108 worldwide media outlets from 88 countries, the probe was based on thousands of suspicious activity reports (SARs) submitted by banks around the world to the United States (US) Treasury Department's Financial Crimes Enforcement Network (FinCEN). It does not mean that whenever there is any news report, a big investigation will follow. Bloomberg News wasn't included in the consortium and hasn't seen the leaked documents.
As per the investigation, all of 29 suspicious transactions were done during the year 2011 and 2012.
France: Démission du numéro 2 de LREM
Sinon, met-il en garde, LREM court le risque de " disparaître ". " Cela montre bien que le parti n'a pas pris la mesure de la situation ".
"Filing SARs is not a get-out-of-jail-free card", said Dan Stipano, partner at law firm Buckley and former OCC deputy chief counsel.
The so-called FinCEN files include more than 170 transactions at South African banks. The SARs are submitted to FinCEN, headquartered in Vienna, Virginia.
Banks sent these files to the U.S. authorities to raise concern about what their clients were doing.
The Institute of International Finance, an industry group, called for reforms.
Policymakers, regulators and banks have long acknowledged fundamental flaws in the anti-money laundering system. Sign-up now and enjoy one (1) week free access!
Financial activity linked to Paul Manafort, Donald Trump's former strategist, was first flagged as suspicious in 2012, leaked documents showed.
US court halts ban on WeChat download
Four of the five board members of TikTok Global will reportedly be Americans, including Walmart CEO Doug McMillon. Trump said TikTok Global will be headquartered in Texas and employ "at least" 25,000 people.
Shares of global banking giants HSBC and Standard Chartered Hong Kong plunged on Monday after official United States financial crime data showed that the world's biggest banks have allowed criminals to move more than $2 trillion "dirty money" around the globe.
The ICIJ said Manafort's lawyer did not respond to an invitation to comment. HSBC and StanChart were among the five banks that appeared most often in the documents, the ICIJ reported.
The most number of SARS in the cache related to Deutsche Bank, whose shares fell 5.2 per cent today.
The two banks tumbled about 3.6% in the stock market on media reports on Monday. Barclays said in a statement to Buzzfeed that they invest significant resources in detecting and flagging suspicious activity.
In Asia, Australia's S&P/ASX 200 declined 0.5% while South Korea's Kospi fell 0.9%.
Nikola founder Trevor Milton quits as company chairman amid fraud probes
By late Monday morning, Milton had made his Twitter account private, but his LinkedIn account remained public and active . A fuel-cell-powered semi truck is planned for 2023 that will be built at Nikola's factory in Coolidge, Ariz.