Life

Major Banks Laundered More Than $2T

Shares of major banks took a dive Monday on news that they had laundered more than $2 trillion linked to criminal enterprises such as drug dealers, human traffickers, and even terrorists.

The New York Post reports shares of Deutsche Bank, JPMorgan Chase, and HSBC dropped following the revelation.

Banks are required to flag and file questionable transactions with the US Financial Crimes Enforcement Network. While more than 2,100 “suspicious activity reports” were filed between 1999 and 2017, BuzzFeed reports the banks went ahead with the transactions anyway.

JPMorgan Chase signed off on $514 billion in transactions, but that’s dwarfed by the $1.3 trillion green-lit by Deutsche Bank.

Should these banks be shut down? Should their leadership face prison time?

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