Thai banks named in report may issue statement on revelations of 'suspicious transactions'

[webfact]

Thai banks named in report may issue statement on revelations of 'suspicious transactions'

By The Nation

 

 

The top executives of four Thai banks are holding talks on Tuesday on their response to allegations of suspicious transactions revealed by the International Consortium of Investigative Journalists (ICIJ).

 

The ICIJ reports are based on leaked files, comprising so-called suspicious activity reports by the Financial Crimes Enforcement Network (FinCEN) in the United States.

 

The Thai banks may issue a joint statement shortly, a source in the banking industry told the Nation.

 

The ICIJ found 92 transactions involving four Thai banks receiving $9.6 million and remitting $31.75 million between 2000 and 2017 that were flagged by financial institutions as suspicious to the US authorities.

 

The four Thai banks named in the report are: Bangkok Bank, Kasikornbank, and two state-owed banks -- Krungthai Bank and Export-Import Bank of Thailand.

 

The data involving Thai banks represents only a small fraction of the more than $2 trillion worth of transactions found in the FinCEN files, according to the ICIJ.

 

The data map also provides information about US-based corespondent banks that allow financial institutions in more than 150 countries and territories to process payments in US dollars, says the ICIJ.

 

The records include more than 2,100 suspicious activity reports filed by nearly 90 financial institutions to FinCEN.

 

The transactions do not necessarily establish any criminal conduct or other wrongdoings. The data offers an unprecedented overview of how money flagged as suspicious, and in some cases linked to corruption, fraud, sanctions evasion or other crimes, flows around the globe via networks of correspondent banks, according to the ICIJ.

 

Source: https://www.nationthailand.com/business/30394943

 

-- © Copyright The Nation Thailand 2020-09-23

 

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[webfact]

AMLO is verifying reports of four Thai banks’ alleged role in suspicious transactions

 

 

Thailand’s Anti-Money Laundering Office (AMLO) is in the process of verifying a report, by the International Consortium of Investigative Journalists (ICIJ), that four Thai banks have been involved in suspicious financial transactions, worth about 41.31 billion baht, over nearly two decades.

 

Responding to the ICIJ report, AMLO Acting Secretary-General Pol Maj-Gen Preecha Charoensahayanont said today that checking suspicious financial transactions is a normal practice of AMLO, as he asked for time to verify the report.

 

The ICIJ’s report refers to files leaked from the Financial Crimes Enforcement Network in the US. They allegedly indicate that many commercial banks worldwide turned a blind eye to suspicious transactions between 1999 and 2017.

 

Full story: https://www.thaipbsworld.com/amlo-is-verifying-reports-of-four-thai-banks-alleged-role-in-suspicious-transactions/

 

-- © Copyright Thai PBS 2020-09-23

 

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[torturedsole]

27 minutes ago, webfact said:

The transactions do not necessarily establish any criminal conduct or other wrongdoings.

Indeed.

 

The point of the story is that suspicious transactions were flagged en route but not sufficiently screened and funds disbursed right through the middle of US clearing banks. 

 

Edited September 22, 2020 by torturedsole

[RichardColeman]

The legs of the financial elephant of Thailand appear to be wobbling !

[torturedsole]

37 minutes ago, RichardColeman said:

The legs of the financial elephant of Thailand appear to be wobbling !

The US clearing banks don't fare any better as the funds should never have cleared in the first place.  

 

This isn't really a story, to be honest. Criminal proceeds enter the global financial systems everyday in an attempt to wash funds. The US clearing houses cocked up.  

 

 

Edited September 22, 2020 by torturedsole

[worgeordie]

But if the Farang wants to send a few thousand Baht back home

they are made to jump through hoops,

regards Worgeordie

[NE1]

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

[Fex Bluse]

I have no doubt one of the findings will be that PRC Chinese have been laundering money through Thai banks. That's a easy conclusion.

[connda]

My guess is that banks globally will put average nobodies who send an receive relatively small amounts of money under the microscope in the name of controlling "money laundering" while pretty much ignoring the corporations, cartels, and criminals moving massive amounts of money.  Just like they have been doing for decades.  Average bank customers provide the noise that allows the big players to cover their tracks. 
However, normal customers aren't the problem here.  The system is broken.  Governments refuse to prosecute bankers for their roles on facilitating the movement of billions of dollars of 'black' money. When caught as a participant in money laundering, banks are given a hand slap that amounts to the cost of doing business and which could be put into the expense column of the bank's balance sheets.  Complicit bankers walk free to reengage in other money laundering scheme.  In the meantime, Joe Average makes a mistake on some form and either has the life savings confiscated, or is thrown in jail, or both as they attempt to move pathetically small amounts of individual assets from their pensions and life savings.  As long as they can sanction the little people they can keep the microscope off of those moving millions and billions of illegal money. 

Until governments regulate the banks themselves and actually sanction bank executives for their part in moving illegal funds, ie, start handing out jail sentences and fines to individual bank executives and individuals within corporations found complicit in conspiring to launder money - not a thing changes. 

[rkidlad]

26 minutes ago, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

Yes. I remember trying to send 100 quid to my brother in England. I thought it would be simple but the procedure was ridiculous. I was told this was because of money laundering. Yet when I transferred a very large amount from my Thai bank account to my missus' account, no questions asked at all. Not even the obligatory, "Where did this money come from?".

 

 

[ThailandRyan]

31 minutes ago, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

The Lazada wallet issue is just a pure discriminatory and race based issue.  Money laundering takes many shapes and forms.  Payroll clearing houses like the one that just collapsed as it funneled money through banks in the Philippines that is also being investigated.  Corruption taints the highest levels everywhere.

[Benmart]

4 hours ago, torturedsole said:

The US clearing banks don't fare any better as the funds should never have cleared in the first place.  

 

This isn't really a story, to be honest. Criminal proceeds enter the global financial systems everyday in an attempt to wash funds. The US clearing houses cocked up.  

 

 

"The US clearing houses cocked up".  

Please elaborate with verifiable sources.

[spidermike007]

What percentage of the banks around the world would you guess are clean? I put bankers right up there with insurance agents, and most of the feds, in terms of malfeasance, corruption, and general incompetence. 

[AlfHuy]

One of the worst and every time something illegal is popping up, that the Deutsche Bank.

[Peterphuket]

9 minutes ago, AlfHuy said:

One of the worst and every time something illegal is popping up, that the Deutsche Bank.

It is what spidermike mention, but maybe 90% of the banks are not clean?

And honestly, when I bring money to the bank who say it is black or white?

It was long time ago they don't care, it was and is not their money.

[Fex Bluse]

9 hours ago, rkidlad said:

Yes. I remember trying to send 100 quid to my brother in England. I thought it would be simple but the procedure was ridiculous. I was told this was because of money laundering. Yet when I transferred a very large amount from my Thai bank account to my missus' account, no questions asked at all. Not even the obligatory, "Where did this money come from?".

Many such issues encountered in Thailand are because the international banking lists Thailand and transactions originating here as high risk. 

 

In many countries with better banking oversight, you would have less trouble. 

 

Thailand is on a bunch of risky lists. 

[Mr Meeseeks]

11 hours ago, worgeordie said:

But if the Farang wants to send a few thousand Baht back home

they are made to jump through hoops,

regards Worgeordie

Eh?

 

You can send money overseas easily using the K-Bank app. It takes seconds and is reasonable on fees too. 

[phetphet]

13 hours ago, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

That's why governments want to get rid of  cash. Total control of the monetary system.

 

All this will do is make banks more nervous of taking any cash deposits. So they will clamp down and make it more difficult for the man on the street.

 

I think at the moment the banks query any cash deposits of over £2000 in the UK, and €1000 in France. Don't know for the US.

 

Edited September 23, 2020 by phetphet

[CANSIAM]

10 hours ago, Fex Bluse said:

Many such issues encountered in Thailand are because the international banking lists Thailand and transactions originating here as high risk. 

 

In many countries with better banking oversight, you would have less trouble. 

 

Thailand is on a bunch of risky lists. 

No issues with Citibank...

[Baerboxer]

On 9/23/2020 at 8:04 AM, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

 

Laundering - reserved occupation old son!

[Baerboxer]

16 hours ago, Fex Bluse said:

Many such issues encountered in Thailand are because the international banking lists Thailand and transactions originating here as high risk. 

 

In many countries with better banking oversight, you would have less trouble. 

 

Thailand is on a bunch of risky lists. 

 

I guess you don't include the US, UK and Germany in the "many countries with better banking oversight".

[Litlos]

Meanwhile in Australia:

"Westpac pays up for Austrac scandal

Australia’s second largest bank has been forced to cough up more than a billion dollars for making 23 million financial law breaches last year."

 

Come on Thai banks lift your game, you know you can become the hub of financial mismanagement, lol.

 

Cheers

[CGW]

23 hours ago, AlfHuy said:

One of the worst and every time something illegal is popping up, that the Deutsche Bank.

In hot pursuit is invariably HSBC, bank is usually involved in some sort of crookery, historically they built there business on this and appear to have no intention of changing a proven method for making huge sums of money!

[connda]

On 9/23/2020 at 8:37 AM, ThailandRyan said:

Payroll clearing houses like the one that just collapsed as it funneled money through banks in the Philippines that is also being investigated.  Corruption taints the highest levels everywhere.

It does.  And yet government officials tell the public with a straight face that they can do nothing but fine the bank.  The executives who perpetrate these illegal acts within these banks and institutions are held sacrosanct and by legislative and regulatory degree and are blessed as untouchable.  So once the current crime's fine have been paid by the banks (cost of doing business) the same players will be right back at it again with other schemes because?  Bankers do not go to jail!!!
What the public should be doing is turning a very hard, cold eye on the power elites within their governments and ask why the corruption is allowed?  We know why.  They are beneficiaries.  Bankers are brought into governments as ministers and secretaries, they shape the legislation and regulations that allow these criminal acts to go forward, then they jump into the revolving door back into the banking world to capitalize on the fruits of their (corrupt) labor within government.  The beauty of it is that they make legal and acceptable the very practices that are amoral and corrupt, and if they can't make amoral business practices legal, then the pull the teeth on the justice system's ability to apply sanctions on white collar criminals and their crimes.

And here we are.  We live in a very amoral and corrupt world.  This will be swept under the rug in a news cycle and it will be back to business as usual.


 

Edited September 24, 2020 by connda

[DrTuner]

Thailand hasn't implemented the OECD CRS, a perfect place to do a bit of good old laundering. Chinese know it well.

[torturedsole]

On 9/23/2020 at 3:43 AM, Benmart said:

"The US clearing houses cocked up".  

Please elaborate with verifiable sources.

That's confidential information and not something I'm a party to.

 

What I can tell you is that all USD payments pass through rigorous sanctions and KYC screening queues, from remitter to receiver.  

 

Screenings identify suspicious transactions and secure messages are sent to, and received from, the remitter requesting veracity of the disbursement. Any sloppiness by the clearing banks doesn't go unpunished and huge fines are awarded by the regulators if standards aren't maintained.

 

This story is about suspicious USD payments being made through US clearing banks and the clearing banks ignoring the warnings when they were in receipt of suspicious transactions. That was their opportunity to quarantine suspicious payments. Once potentially fraudulent funds are cleared then it's too late to recover without exceptional and timely cooperation between the banks, which is extremely rare in that every payment isn't monitored from start to finish as the expectation is that they complete uneventfully.  

 

I therefore maintain that the US clearing houses cocked up.

 

You've a lot to learn.  

 

Edited September 24, 2020 by torturedsole