The FinCEN Files Show Banks Don’t Actually Care About Stopping Money Laundering

The massive leak of suspicious activity reports shows how banks let the government know about likely money laundering, then go right on providing services.

AccessTimeIconSep 21, 2020 at 7:00 p.m. UTC
Updated Aug 19, 2021 at 4:28 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The massive leak of suspicious activity reports shows how banks let the government know about likely money laundering, then go right on providing services.

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • This episode is sponsored by Crypto.comBitstamp and Nexo.io.

    Today on the Brief:

    • Stocks down, dollar up on COVID-19 resurgence fears
    • People’s Bank of China says digital yuan needed to fight USD dominance
    • 140,000 have claimed UNI tokens
    • Judge stops Trump WeChat ban
    • Nikola founder resigns

    Our main discussion: The FinCEN Files

    The FinCEN Files are a leaked cache of suspicious activity reports filed by banks with the U.S. Financial Crimes Enforcement Network. The more than 2,000 files, representing $2 trillion in transactions, were leaked to BuzzFeed News more than a year ago. BuzzFeed, in turn, shared them with the International Consortium of Investigative Journalists, who then helped distribute them to 108 publications in 88 countries. 

    This episode provides an overview of the leaks and explains why they show that, despite lots of PR bluster, banks are happy to file their reports and then keep on banking likely money launderers.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.