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A quick list of banks convicted of money laundering

A quick list of banks convicted of money laundering

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Bitcoin and other cryptocurrencies are often accused of only being used for nefarious activity. I often hear this argument when discussing crypto with my friends and family. Many of them are taken by surprise when I inform them that the number one source of money laundering actually occurs in financial institutions that they trust and do business with every day. I put together a quick list that you may want to reference in case someone you are discussing crypto with brings up money laundering. There are hundreds if not thousands of cases brought against these banks, so this list is by no means comprehensive. It is merely a starting point to get the gears spinning in people's heads that perhaps the financial institutions that they have dealt with their entire lives are not as squeaky clean and upstanding as they believe them to be.

Wachovia https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs

Wells Fargo https://www.businessinsider.com/wells-fargo-banker-money-laundering-drug-cartel-sinaloa-mexico-2019-5

HSBC https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-under-mexican-cartel-case-after-five-years-on-probation-idUSKBN1E50YA

Bank of America https://www.npr.org/sections/parallels/2014/03/20/291934724/awash-in-cash-drug-cartels-rely-on-big-banks-to-launder-profits

Western Union https://www.justice.gov/opa/pr/western-union-admits-anti-money-laundering-and-consumer-fraud-violations-forfeits-586-million

Florida credit Union https://www.fincen.gov/news/news-releases/fincen-penalizes-florida-credit-union-failures-managing-high-risk-international

Rabobank https://www.justice.gov/opa/pr/rabobank-na-pleads-guilty-agrees-pay-over-360-million

JP Morgan Chase https://www.dailysabah.com/finance/2019/03/26/jpmorgan-record-not-so-clean-with-money-laundering-manipulation

Commerzbank https://www.justice.gov/opa/pr/commerzbank-ag-admits-sanctions-and-bank-secrecy-violations-agrees-forfeit-563-million-and

Zions Bank https://archive.sltrib.com/article.php?id=51235852&itype=CMSID

Citigroup https://www.nytimes.com/2017/05/22/business/dealbook/citigroup-settlement-banamex-usa-inquiry.html

Deutsche Bank https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme

Goldman Sachs https://www.theguardian.com/business/2019/dec/19/goldman-sachs-close-to-2bn-settlement-over-1mdb-scandal-malaysia

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