The Federal Reserve just quietly terminated its enforcement order against BNP Paribas. The bank that paid $8.9 billion in 2014 the largest sanctions penalty in history for processing transactions for Sudan, Cuba, and Iran. Nine years of remediation. Done. Released.
Same week they terminated the Jiko Group enforcement. Same week they terminated Community Bankshares.
The only new enforcement action the Fed issued? A community bank in Kansas.
Meanwhile in that same two-week window:
FinCEN dropped Section 311 on a Swiss bank and severed it from the U.S. financial system permanently. OFAC sanctioned CJNG fuel smuggling networks and published $7 billion in suspicious activity reports. DOJ opened a grand jury on Goldman Sachs for laundering $278 million from Shanghai. The Treasury Secretary personally sat down with Goldman's CEO and told him to cooperate or face conspiracy charges. TFTC designated Hizballah financial institutions that moved $500 million through shadow accounts. And five agencies are sprinting to finish GENIUS Act rules by July 18.
Five agencies building. One agency emptying.
The Fed is releasing the big banks from supervision at the exact moment Treasury is escalating enforcement against them through every other channel available. BNP Paribas walks out the Fed's front door the same week Goldman Sachs gets served through Treasury's.
The old security guard is clocking out. The new one already has the keys.
Watch which door is opening and which door is closing. They're in the same building.
It's a good thing. FinCEN is a federal agency that enforces actual laws against criminals. (They have many problems but essentially they're the federal police for financial crimes). FinCEN violations are criminal.
By contrast the Fed is a private organization, and their enforcement is against banks that break their internal banking rules, similar to how the BAR polices the lawyer profession. In other words they make their own rules and enforce them selectively.
If what he is saying is true, the overall story is that financial crimes are now being prosecuted for real. Which is opposed to what we've observed most our lives: occasional public shows against corruption while the real problems are swept under the carpet and allowed to continue.
Where's he getting 11.3 from? Besides just putting it on a placard?
u/#pepedetective
good question.
The Federal Reserve just quietly terminated its enforcement order against BNP Paribas. The bank that paid $8.9 billion in 2014 the largest sanctions penalty in history for processing transactions for Sudan, Cuba, and Iran. Nine years of remediation. Done. Released.
Same week they terminated the Jiko Group enforcement. Same week they terminated Community Bankshares. The only new enforcement action the Fed issued? A community bank in Kansas.
Meanwhile in that same two-week window:
FinCEN dropped Section 311 on a Swiss bank and severed it from the U.S. financial system permanently. OFAC sanctioned CJNG fuel smuggling networks and published $7 billion in suspicious activity reports. DOJ opened a grand jury on Goldman Sachs for laundering $278 million from Shanghai. The Treasury Secretary personally sat down with Goldman's CEO and told him to cooperate or face conspiracy charges. TFTC designated Hizballah financial institutions that moved $500 million through shadow accounts. And five agencies are sprinting to finish GENIUS Act rules by July 18.
Five agencies building. One agency emptying.
The Fed is releasing the big banks from supervision at the exact moment Treasury is escalating enforcement against them through every other channel available. BNP Paribas walks out the Fed's front door the same week Goldman Sachs gets served through Treasury's.
The old security guard is clocking out. The new one already has the keys.
Watch which door is opening and which door is closing. They're in the same building.
https://nitter.poast.org/TheDebriefing17/status/2072720199397101968#m
I am not sure if I am supposed to be happy or mad. I am guessing somewhat happy.
It's a good thing. FinCEN is a federal agency that enforces actual laws against criminals. (They have many problems but essentially they're the federal police for financial crimes). FinCEN violations are criminal.
By contrast the Fed is a private organization, and their enforcement is against banks that break their internal banking rules, similar to how the BAR polices the lawyer profession. In other words they make their own rules and enforce them selectively.
If what he is saying is true, the overall story is that financial crimes are now being prosecuted for real. Which is opposed to what we've observed most our lives: occasional public shows against corruption while the real problems are swept under the carpet and allowed to continue.
Thanks, much appreciated!!! 🐸🐸🐸