FierceFinanceFierceFinanceITFierceSarbox   FierceCIO
About | Sample | Privacy

Wachovia's PR problem with money launderers

Tools
Tags
Wachovia
Bank of New York
Russian Organized Crime
drug money laundering
mobsters
remittances services
Mexican money transfer firms
globalization
telemarketers
Bank of America
banks

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

Related Articles:
Bank of America hit for money laundering lapse
Wachovia's telemarketers problem

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

What is 55 + 5?
To combat spam, please solve the math question above.