The Bank Secrecy Act requires financial institutions to maintain programs to know their customers and detect suspicious activity. But it is up to banks to design those programs. The regulations don’t even require that the programs be effective.
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Knowing a fair amount about international banking and securities law, this doesn't surprise me, as U.S. banks are notoriously lax in this area, "secure online banking" notwithstanding.
aug 24, 2025, 3:14 am • 5 0 • view
The laws are different but that doesn’t mean US banks don’t train their employees relentlessly, repeatedly, all year long on domestic and international AML and other security areas. I guess it depends on which US bank you have direct experience and knowledge of the subject.
aug 24, 2025, 3:26 am • 1 0 • view
Several, but I was talking about the internal systems on their computers, not the training of their employees. They're certainly not the worst of the worst, but Japan, as just one example, has FAR better banking security, according to a banking regulator I spoke with a while back. As does Germany.
aug 24, 2025, 3:31 am • 2 0 • view
I would disagree. I’ll leave it at that.
aug 24, 2025, 3:36 am • 0 0 • view
I respect your opinion, even though I don't share it. Have a wonderful Sunday.
aug 24, 2025, 1:25 pm • 0 0 • view
At least one of us understands the internal systems referred to because at least one of us may be making a living in this specific area.
aug 24, 2025, 1:29 pm • 0 0 • view
At least one of us can say definitively that not all American banks are less secure than Japanese banks, which by the way, still expects their clients to use little stamps implemented many centuries ago with their own personal logos in order to do transactions.
aug 24, 2025, 1:32 pm • 0 0 • view
I don't think ANY company out there really cares about scammers. It's probably cheaper to refund a few customers if they are forced to instead of spending time and money and maybe having to cooperate with other companies and law enforcement on an ongoing basis.
aug 24, 2025, 4:54 am • 0 0 • view
Excellent reporting. On link in the article is especially illuminating on the financing of scam operations. An anthropology student's examination in to illicit brokerages that facilitate the #money_laundering: globalchinapulse.net/moving-brick...
aug 24, 2025, 12:36 pm • 0 0 • view
Doubtless the burgeoning consumer protection services under the new republican administration will be of growing help to the public. 😳
aug 24, 2025, 5:44 am • 0 0 • view
Now I'm wondering how much said Chinese cats charge to purchase a US bank account Maybe they sell Robinhood and Webull accounts too? 😅
aug 24, 2025, 3:26 am • 0 0 • view
And regulation E makes it so the banks are liable for unauthorized transactions. BSA sets a baseline for preventing money laundering and terrorist financing.
aug 24, 2025, 6:21 am • 0 0 • view
There are a metric ton of mandatory training programs on the subjects and periodic refreshers. You’ll see it in your sleep. Or so I have been told. 😏
aug 24, 2025, 3:22 am • 0 0 • view