{"id":200203,"date":"2021-06-09T18:28:00","date_gmt":"2021-06-09T23:28:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/09\/just-shut-them-down\/"},"modified":"2021-06-09T18:28:00","modified_gmt":"2021-06-09T23:28:00","slug":"just-shut-them-down","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/09\/just-shut-them-down\/","title":{"rendered":"Just Shut Them Down"},"content":{"rendered":"<p>The Federal Reserve has been forced to <a href=\"https:\/\/www.wsj.com\/articles\/fed-warned-deutsche-bank-over-anti-money-laundering-backsliding-11622390670?mod=hp_lead_pos3\">warned Deutsche Bank that it is money laundering again<\/a>.<\/p>\n<p>The fix for this is very simple:&nbsp; Lock them out of the US, because they are not going to fix this.<\/p>\n<p>This is <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bank_of_Credit_and_Commerce_International\">BCCI<\/a> with a German accent:<\/p>\n<blockquote><p><span style=\"color: #2b00fe;\">The Federal Reserve told <a href=\"https:\/\/www.wsj.com\/market-data\/quotes\/DB\">Deutsche Bank<\/a> AG in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter. <\/p>\n<p>The Fed\u2019s frustration has escalated to a point that the bank could be fined, the people said. <\/p>\n<p>Deutsche Bank has poured massive resources into <a href=\"https:\/\/www.wsj.com\/articles\/deutsche-bank-agrees-to-pay-15-million-in-money-laundering-probe-11575652361?mod=article_inline\">addressing repeated shortcomings and penalties<\/a> related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people.<\/p>\n<p>\u2026\u2026\u2026<\/p>\n<p>The Fed\u2019s harsh words contrast with the bank\u2019s message that it has worked diligently to improve its systems and has put most of its legal troubles in the past. <\/p>\n<p>The Fed\u2019s latest warning comes four years after it classified Deutsche Bank\u2019s U.S. operations <a href=\"https:\/\/www.wsj.com\/articles\/deutsche-banks-u-s-operations-deemed-troubled-by-fed-1527768310?mod=article_inline\">as being in \u201ctroubled condition,\u201d<\/a> a rare rebuke for a major bank. In May 2020, it <a href=\"https:\/\/www.wsj.com\/articles\/fed-sends-fresh-rebuke-to-deutsche-bank-11589402514?mod=article_inline\">issued a fresh admonishment<\/a> over the bank\u2019s money-laundering controls.<\/p>\n<p>\u2026\u2026\u2026<\/p>\n<p>Deutsche Bank is Germany\u2019s largest lender and as a dollar clearing bank regulated by the Fed, is a major player in global financial transactions. <\/span><\/p><\/blockquote>\n<p>Shut down their dollar clearing operations.&nbsp; Problem solved, and the Germans can deal with following their own &#8220;No Bailouts&#8221; advice that they foist on the rest of the Euro Zone. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve has been forced to warned Deutsche Bank that it is money laundering again. The fix for this is very simple:&nbsp; Lock them out of the US, because they are not going to fix this. This is BCCI with a German accent: The Federal Reserve told Deutsche Bank AG in recent weeks that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1080,987,1004,1017,985],"tags":[],"class_list":["post-200203","post","type-post","status-publish","format-standard","hentry","category-corruption","category-currency","category-fail","category-finance","category-international-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200203"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=200203"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200203\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=200203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=200203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=200203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}