The Bubbly Bitcoin Thread -- Merged Threads

[longgone]

On 28/05/2021 at 12:48, MonsieurCopperCrutch said:

Where have you been? Bitcoin has been getting a nasty rep since Silkroad. Nothing new here. But thankfully the daddy doesn't care what you think.

Daddy is just another rigged pile of chite like everthing else.

FFS the passing mood of one bloke on twitter can shift the price by 50%  is not a good thing LOL

 

[yelims]

1 hour ago, MonsieurCopperCrutch said:

TL;DL?

Fairly shallow explanation of crypto, asset not a currency, money printing good gold (real or digital) bad

Your one from ft in second one she is very salty 

[MonsieurCopperCrutch]

3 minutes ago, yelims said:

Fairly shallow explanation of crypto, asset not a currency, money printing good gold (real or digital) bad

Your one from ft in second one she is very salty 

Thanks. I'll listen when I get some free time. 👍

[Peter Hun]

Up to 50 UK crypto companies to be shut down immediately on basic AML non compliance.

https://www.theguardian.com/technology/2021/jun/03/cryptocurrency-dealers-face-closure-for-failing-uk-money-laundering-test

[MonsieurCopperCrutch]

9 minutes ago, Peter Hun said:

Up to 50 UK crypto companies to be shut down immediately on basic AML non compliance.

https://www.theguardian.com/technology/2021/jun/03/cryptocurrency-dealers-face-closure-for-failing-uk-money-laundering-test

ZOMG!!!! 😱😱😱😱😱 Won't anyone think of the laundry?!?!?!

https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/

 

2020’s largest AML fines show a troubling common thread 

According to Fenergo’s mid-year report, global financial crime-related penalties in 2020 crossed $5.6 billion. As a result of massive fines handed down to banks in the US, EU, and Australia in Q3 2020, the figure now stands at close to $9 billion, crossing the $8 billion high set in 2019 with two months to spare.

With a few notable exceptions involving willful corruption, the majority involve non-compliance with current global AML rules and standards. Here are some of the largest fines handed down to financial institutions for AML/KYC and other violations in 2020.

Goldman Sachs (USA, Malaysia) – $2.9 billion + $2.5 billion – 1MDB scandal

Before 2020, Goldman Sachs had never pleaded guilty in any financial crime investigation in its 151-year history. When that moment finally came, it was one for the record books. The $2.3 billion fine quickly erased the previous record for the largest fine imposed in the US, which was handed to Airbus in early 2020 for its global bribery scheme.

Involving powerful authority figures in Malaysia, including an ex-Prime Minister, the 1MDB scandal had been smouldering for more than a decade. A sovereign wealth fund established for development schemes, 1MDB raised billions of dollars in bonds from global investors.

The Malaysian unit of Goldman Sachs played a vital role in securing funds for 1MDB. Senior management was complicit in bribery, money laundering and flagrant misuse of funds by their clients. Earlier in July 2020, Goldman also entered a settlement with Malaysian authorities, paying $2.5 and guaranteeing payment of a further $1.4 billion from other 1MDB assets seized around the globe in a bid to avoid prosecution.

Westpac Bank (Australia) – $900 million – Miscellaneous AML violations

Westpac Banking Corporation is an Australian banking and financial services giant based in Sydney. In September 2020, the bank agreed to settle with Australian financial crime watchdog AUSTRAC over AML violations involving 19 million global transactions.

In the process, Westpac violated multiple provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The total value of these unreported transactions between 2011 and 2019 is estimated to be around $11 billion.

One particular aspect raised a public outcry and seriously tarnished the image of the bank – many of the transactions involved overseas pedophile networks in Southeast Asia. The settlement is subject to the approval of the judiciary in Australia. If upheld, it would be the biggest AML-related fine and the largest civil penalty ever in the history of Australian corporations.

SEB (Sweden) – $150 million – Nordic banks scandal

The Nordic banks’ money laundering scandal is easily the biggest of its kind in Europe, if not the entire world. It involved illicit cash flows originating in Russia and Eastern Europe, channelled through banks in the Baltic states like Estonia. The estimated value of these transactions is currently in the vicinity of $200 billion.

Though the Danske Bank of Denmark was at the center of this scandal, other regional banks have also received fines for violations of KYC and AML regulations. In June 2020, the regulators in Sweden took action against one such bank – the Skandinaviska Enskilda Banken AB.

Commonly known as SEB, the bank’s lax oversight of AML compliance procedures in its subsidiaries in the Baltic region landed it in trouble. The Swedish regulators ultimately fined SEB for permitting money laundering worth at least $6 billion.

Deutsche Bank (USA) – $150 million – Jeffrey Epstein and Nordic bank scandals

In recent years, the German bank has been no stranger to scandals and controversies, with fines and settlements exceeding $10 billion. As of 2020, the bank/financial services giant is in the crosshairs of regulators in the US and EU for two separate scandals. In Europe, regulators imposed a $16 million penalty for its serial compliance violations in the Nordic banks’ scandal.

That case also had a bearing on the much larger fine issued in New York against Deutsche Bank. Its dealings with the late Jeffrey Epstein, convicted for sex trafficking and other abuses, displayed a lack of risk monitoring and KYC compliance.

According to US regulators, Deutsche Bank ignored the well-known criminal history of Epstein, allowing suspicious transactions worth millions of dollars in the process. This is not the largest fine handed out to Deutsche for compliance-related offences in the US – it has paid $600 million in a 2017 case involving Russian money laundering schemes.

Commerzbank (UK) – $50 million – Miscellaneous AML breaches

One of the biggest AML fines in the UK in 2020 was slapped on the London branch of Commerzbank in June. The German bank’s subsidiary failed to conduct adequate KYC on thousands of customers. The bank also failed to heed multiple warnings on the issue given by the UK watchdog FCA over the years, starting as early as 2012.

The charges are related to the bank’s failures in AML and KYC compliance in 2016 and 2017. Back then, Commerzbank London had only three employees handling AML. As of 2020, the bank had rectified this with the addition of up to 50 new AML professionals.

But as Commerzbank willfully failed to take necessary corrective measures early and ignored the FCA warning, they were charged with AML violations. The fine was reduced due to the bank’s willingness to settle, and the rectification of past shortcomings.

[yelims]

I really don’t get how you could launder with bitcoin these days  provided exchange has (and all reputable ones done for years) good kyc 

localbitcoins long stopped cash exchanges, only time sold for cash I’ve known the other parties for years 

maybe one could buy a shit load of stuff using gift cards bought with bitcoin (tho bitpay ask for I’d for all transactions)  and then sell all that off but then you endup loosing a ton at best and you endup with cash but the whole purpose of laundering is to get rid of cash

[goldbug9999]

Quote

Standard Chartered to launch UK-based institutional crypto exchange

Investment bank set to rival some of the world’s biggest institutional crypto exchanges

 

https://www.fnlondon.com/articles/standard-chartered-to-launch-uk-based-institutional-crypto-exchange-20210602

Edited June 3, 2021 by goldbug9999

[goldbug9999]

41 minutes ago, Peter Hun said:

Up to 50 UK crypto companies to be shut down immediately on basic AML non compliance.

https://www.theguardian.com/technology/2021/jun/03/cryptocurrency-dealers-face-closure-for-failing-uk-money-laundering-test

Nothing like as bad as the headline when you read the actual detail:

"Only five crypto asset firms have been admitted to the FCA’s formal register so far. Another 90 firms are being assessed through the temporary permit scheme, which has been extended by nine months to allow the FCA to fully review all of the applications.

While a further 51 have withdrawn their applications, some may not be covered by the FCA’s rules to register, meaning not all of them will be forced to shut down.

Others will have an opportunity to re-apply, though they are required to cease trading until they are formally admitted to the permanent register, since the deadline for registering for the temporary scheme has now passed."

 

 

[BufferBear Bitcoin Bull]

4 hours ago, MonsieurCopperCrutch said:

 

 

Going by Bitcoin twitter, it's gonna be WILD! 🥳

[BufferBear Bitcoin Bull]

 

😁

[BufferBear Bitcoin Bull]

Seems to follow an HPC theme...

 

 

[MonsieurCopperCrutch]

1 hour ago, yelims said:

I really don’t get how you could launder with bitcoin these days  provided exchange has (and all reputable ones done for years) good kyc 

localbitcoins long stopped cash exchanges, only time sold for cash I’ve known the other parties for years 

maybe one could buy a shit load of stuff using gift cards bought with bitcoin (tho bitpay ask for I’d for all transactions)  and then sell all that off but then you endup loosing a ton at best and you endup with cash but the whole purpose of laundering is to get rid of cash

It's yet more FUD and a false narrative. The real money launderers are sitting pretty in suits in gilded offices, not cypherpunk hoodies.

[MonsieurCopperCrutch]

53 minutes ago, Buffer Bear said:

 

😁

Well I'm one of them. I never sold until 10% this year. 😀

[goldbug9999]

6 minutes ago, MonsieurCopperCrutch said:

Well I'm one of them.

And me.

[MonsieurCopperCrutch]

42 minutes ago, goldbug9999 said:

And me.

👍x💯

[BufferBear Bitcoin Bull]

 

 

[BufferBear Bitcoin Bull]

1 hour ago, MonsieurCopperCrutch said:

Well I'm one of them. I never sold until 10% this year. 😀

💯

1 hour ago, goldbug9999 said:

And me.

💯

[BufferBear Bitcoin Bull]

It seems Elon is playing games, again.  Market appeared to have fallen by approx. $2k at the time.  Hope the impact of his silly tweets lessen over time.  He is not very smart or maybe it's fairer to characterise him as narcissistic as he appears unconcerned by the impact of his tweets on those who need it most, as in the video above.  I guess those who are influenced by Musk need to better understand the market. 

 

 

 

[Peter Hun]

8 hours ago, goldbug9999 said:

Nothing like as bad as the headline when you read the actual detail:

"Only five crypto asset firms have been admitted to the FCA’s formal register so far. Another 90 firms are being assessed through the temporary permit scheme, which has been extended by nine months to allow the FCA to fully review all of the applications.

While a further 51 have withdrawn their applications, some may not be covered by the FCA’s rules to register, meaning not all of them will be forced to shut down.

Others will have an opportunity to re-apply, though they are required to cease trading until they are formally admitted to the permanent register, since the deadline for registering for the temporary scheme has now passed."

 

 

If you had spent many years working for companies going through the approval process you would appreciate that these companies have failed and will be out of business shortly.

It takes years to become regulated and its VERY difficult. Starting off by breaking the law is a suicidal, shows you are not a fit and proper person for a start.

[Peter Hun]

9 hours ago, MonsieurCopperCrutch said:

ZOMG!!!! 😱😱😱😱😱 Won't anyone think of the laundry?!?!?!

https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/

 

2020’s largest AML fines show a troubling common thread 

According to Fenergo’s mid-year report, global financial crime-related penalties in 2020 crossed $5.6 billion. As a result of massive fines handed down to banks in the US, EU, and Australia in Q3 2020, the figure now stands at close to $9 billion, crossing the $8 billion high set in 2019 with two months to spare.

With a few notable exceptions involving willful corruption, the majority involve non-compliance with current global AML rules and standards. Here are some of the largest fines handed down to financial institutions for AML/KYC and other violations in 2020.

Goldman Sachs (USA, Malaysia) – $2.9 billion + $2.5 billion – 1MDB scandal

Before 2020, Goldman Sachs had never pleaded guilty in any financial crime investigation in its 151-year history. When that moment finally came, it was one for the record books. The $2.3 billion fine quickly erased the previous record for the largest fine imposed in the US, which was handed to Airbus in early 2020 for its global bribery scheme.

Involving powerful authority figures in Malaysia, including an ex-Prime Minister, the 1MDB scandal had been smouldering for more than a decade. A sovereign wealth fund established for development schemes, 1MDB raised billions of dollars in bonds from global investors.

The Malaysian unit of Goldman Sachs played a vital role in securing funds for 1MDB. Senior management was complicit in bribery, money laundering and flagrant misuse of funds by their clients. Earlier in July 2020, Goldman also entered a settlement with Malaysian authorities, paying $2.5 and guaranteeing payment of a further $1.4 billion from other 1MDB assets seized around the globe in a bid to avoid prosecution.

Westpac Bank (Australia) – $900 million – Miscellaneous AML violations

Westpac Banking Corporation is an Australian banking and financial services giant based in Sydney. In September 2020, the bank agreed to settle with Australian financial crime watchdog AUSTRAC over AML violations involving 19 million global transactions.

In the process, Westpac violated multiple provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The total value of these unreported transactions between 2011 and 2019 is estimated to be around $11 billion.

One particular aspect raised a public outcry and seriously tarnished the image of the bank – many of the transactions involved overseas pedophile networks in Southeast Asia. The settlement is subject to the approval of the judiciary in Australia. If upheld, it would be the biggest AML-related fine and the largest civil penalty ever in the history of Australian corporations.

SEB (Sweden) – $150 million – Nordic banks scandal

The Nordic banks’ money laundering scandal is easily the biggest of its kind in Europe, if not the entire world. It involved illicit cash flows originating in Russia and Eastern Europe, channelled through banks in the Baltic states like Estonia. The estimated value of these transactions is currently in the vicinity of $200 billion.

Though the Danske Bank of Denmark was at the center of this scandal, other regional banks have also received fines for violations of KYC and AML regulations. In June 2020, the regulators in Sweden took action against one such bank – the Skandinaviska Enskilda Banken AB.

Commonly known as SEB, the bank’s lax oversight of AML compliance procedures in its subsidiaries in the Baltic region landed it in trouble. The Swedish regulators ultimately fined SEB for permitting money laundering worth at least $6 billion.

Deutsche Bank (USA) – $150 million – Jeffrey Epstein and Nordic bank scandals

In recent years, the German bank has been no stranger to scandals and controversies, with fines and settlements exceeding $10 billion. As of 2020, the bank/financial services giant is in the crosshairs of regulators in the US and EU for two separate scandals. In Europe, regulators imposed a $16 million penalty for its serial compliance violations in the Nordic banks’ scandal.

That case also had a bearing on the much larger fine issued in New York against Deutsche Bank. Its dealings with the late Jeffrey Epstein, convicted for sex trafficking and other abuses, displayed a lack of risk monitoring and KYC compliance.

According to US regulators, Deutsche Bank ignored the well-known criminal history of Epstein, allowing suspicious transactions worth millions of dollars in the process. This is not the largest fine handed out to Deutsche for compliance-related offences in the US – it has paid $600 million in a 2017 case involving Russian money laundering schemes.

Commerzbank (UK) – $50 million – Miscellaneous AML breaches

One of the biggest AML fines in the UK in 2020 was slapped on the London branch of Commerzbank in June. The German bank’s subsidiary failed to conduct adequate KYC on thousands of customers. The bank also failed to heed multiple warnings on the issue given by the UK watchdog FCA over the years, starting as early as 2012.

The charges are related to the bank’s failures in AML and KYC compliance in 2016 and 2017. Back then, Commerzbank London had only three employees handling AML. As of 2020, the bank had rectified this with the addition of up to 50 new AML professionals.

But as Commerzbank willfully failed to take necessary corrective measures early and ignored the FCA warning, they were charged with AML violations. The fine was reduced due to the bank’s willingness to settle, and the rectification of past shortcomings.

Companies already regulated are fined.

Unregulated firms will never become regulated and will cease to operate.

[markyh]

2 minutes ago, Peter Hun said:

Companies already regulated are fined.

Unregulated firms will never become regulated and will cease to operate.

Dont care, i dont deal with uk based companies, and there is nothing UK gov can do about that. 

[Peter Hun]

23 minutes ago, markyh said:

Dont care, i dont deal with uk based companies, and there is nothing UK gov can do about that. 

If you use a bank account or credit card they can.  The world banking system is pretty much controlled by the USA. 

If you  want to deal with China, you can but don't complain if they rip you off.

99% of people will only deal with UK regulated businesses. 

[azogar]

13 hours ago, longgone said:

Daddy is just another rigged pile of chite like everthing else.

FFS the passing mood of one bloke on twitter can shift the price by 50%  is not a good thing LOL

 

Yes its a complete joke, more like sesame st than wall st

[Peter Hun]

1 hour ago, markyh said:

Dont care, i dont deal with uk based companies, and there is nothing UK gov can do about that. 

Isn't your investment in BTC actually a ETF on HL, as low risk as it could possibly be?

[headmelter]

10 hours ago, Buffer Bear said:

It seems Elon is playing games, again.  Market appeared to have fallen by approx. $2k at the time.  Hope the impact of his silly tweets lessen over time.  He is not very smart or maybe it's fairer to characterise him as narcissistic as he appears unconcerned by the impact of his tweets on those who need it most, as in the video above.  I guess those who are influenced by Musk need to better understand the market. 

 

 

 

It was only a few weeks ago Musk was a genius.... The Bitcoin cult are a sensitive bunch...