Recall that when the Bank of New York was dogged a few years ago for the alleged involvement of one of its star employees with Russian organized crime, it was seen as an example of the risks of globalization. That is, more savvy mobsters gaming a borderless system. Wachovia certainly has some PR work to do in the wake of the news that it is being investigated for possible ties to drug money laundering via its remittances services. The bank broke its ties to controversial Mexican money transfer firms recently, as the investigation heated up. Other banks were said to be part of the government's probe. Wachovia's $144 million settlement of charges that it failed to stop telemarketers from abusing elderly customers does not help

For more:
- here's a CNNmoney.com article

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