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Deutsche Bank Says Software to Detect Money Laundering Had a Bug

nytimes.com

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Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#101

Post by sjg007 »

fareesh wrote: post #96
sjg007 wrote: post #86

Earlier quoted context omitted.

It's called showing your work. https://www.washingtonpost.com/world/national-security/muell...

Yes but he showed the work and arrived at a conclusion as well. I am not referring to Mr. Barr's letter so the article you linked is not really relevant. The investigation team themselves reviewed all material and came to a conclusion. The premise is that this investigation team was seen by the entire country as a fair party to conduct an investigation and reach a conclusion. Now that the conclusion is not what the n…

From the WSJ article above: “The summary letter the Department sent to Congress and released to the public late in the afternoon of March 24 did not fully capture the context, nature, and substance of this office’s work and conclusions,” Mueller wrote. “There is now public confusion about critical aspects of the results of our investigation. This threatens to undermine a central purpose for which the Department appointed the Special Counsel: to assure full public confidence in the outcome of the investigations.”

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#102

Post by rconti »

repolfx wrote: post #92
fwip wrote: post #22

Earlier quoted context omitted.

Deutsche Bank is currently implicated in (or at the very least, relevant to) ongoing news regarding the US President's finances. That makes it more newsworthy.

So, are the Germans the new Russians then? Sounds like having failed to pin a dozen or so different crimes on Trump now his enemies are trying to harass his banks in retaliation for working with him? A classic strategy. Any bank can be found guilty of money laundering if the authorities want because the wording of the laws are so vague.

If you're interested, this dates back decades, and Deutsche Bank has been implicated in a lot of money laundering over the years.

If you're interested, there was a great podcast on the president's reliance on Deutsche Bank overlooking his never-ending bankruptcies and refusal to pay back loans, when no other bank would touch him.

https://www.npr.org/programs/fresh-air/2019/05/09/721726619/...

If you're not interested, you're just trolling.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#103

Post by dogma1138 »

andrewstuart2 wrote: post #27

As someone who works at a financial institution, it's news generally because money laundering activity tends to be highly profitable for banks, since they get to collect fees on those transactions. There are almost no incentives for us to flag transactions on our own (unless we're being super humanitarian) without legislation/regulation, because as long as they get their money there's no downside except for victims o…

Not only that there is no downside for banks but they actually profit much more from money laundering than from most legitimate transactions (relative not necessarily absolute) because of how layering works and the sheer amount of transactions and entities which are involved in the process.

The only people who get hurt are the patsies whether low to mid tier bank employees who are left hanging in large case or the victims of the laundering process which can be tricked into participating in the process through deception e.g. P2P loan schemes and transfer schemes or those who are employed by shell entities used in layering.

If you are getting flagged for money laundering you are utterly fucked.

You can’t access any of your accounts, your credit is frozen, even if you by some luck don’t lose your employment even your paycheck can be directly or indirectly withheld and you will be audited by your friendly tax authority.

The shadow economy is huge in many places it can be as large or even larger than the real economy and many nations including EU members actively support it because they rely on it.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#104

Post by coldcode »

YeGoblynQueenne wrote: post #56

Financial software doesn't have bugs like web applications have bugs. In one place I worked the software was older than every person who worked in the company (from the time of punched cards) and the system had 5-9s uptime. The majority of bugs had been caught and fixed by then and to change anything in the software you had to submit a ten-page form. Plus, nobody I knew ever got to work on the actual code running the…

It's not a bug it's a feature: the bank rakes in money and no one is the wiser.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#105

Post by fareesh »

sjg007 wrote: post #101
fareesh wrote: post #96

Earlier quoted context omitted.

Yes but he showed the work and arrived at a conclusion as well. I am not referring to Mr. Barr's letter so the article you linked is not really relevant. The investigation team themselves reviewed all material and came to a conclusion. The premise is that this investigation team was seen by the entire country as a fair party to conduct an investigation and reach a conclusion. Now that the conclusion is not what the n…

From the WSJ article above: “The summary letter the Department sent to Congress and released to the public late in the afternoon of March 24 did not fully capture the context, nature, and substance of this office’s work and conclusions,” Mueller wrote. “There is now public confusion about critical aspects of the results of our investigation. This threatens to undermine a central purpose for which the Department appoi…

Right, but I'm not referring to the summary at all so I don't know why it's a part of the discussion. The actual report itself has the same conclusions.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#106

Post by drak0n1c »

smn1234 wrote: post #8

how convenient, with this in context https://www.nytimes.com/2019/03/18/business/trump-deutsche-b...

It's not convenient, or relevant, if you read the other real estate focused reply to your comment. If anything, it is convenient for the NYT's news cycle to focus disproportionate attention on myriad related-only-by-keyword events within a short amount of time for the sake of spinning narratives about specific companies and garnering clicks.

Facebook received the same treatment, once they lost their golden boy status.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#108

Post by PLenz »

drak0n1c wrote: post #106
smn1234 wrote: post #8

how convenient, with this in context https://www.nytimes.com/2019/03/18/business/trump-deutsche-b...

It's not convenient, or relevant, if you read the other real estate focused reply to your comment. If anything, it is convenient for the NYT's news cycle to focus disproportionate attention on myriad related-only-by-keyword events within a short amount of time for the sake of spinning narratives about specific companies and garnering clicks. Facebook received the same treatment, once they lost their golden boy status…

It's not at all unusual to have runs of stories. Stories are not independent things. Stories are the public face of a background process (investigative reporting) that surfaces many interrelated aspects of an issue. Waiting for all the pieces to fall into place is waterfall development, you'd never ship. Writing many stories as the facts become known/interpretable is agile. Stories build over time.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#109

Post by notfromhere »

fareesh wrote: post #95
notfromhere wrote: post #89

Earlier quoted context omitted.

The report states multiple instances where he attempted to fire the special counsel or interfered with the investigation. Being upset does not make obstruction any less a crime; the report specifically states that it does not clear the president of obstruction of justice. You are literally arguing that if you feel you are innocent, you are able to obstruct an investigation because you know you are innocent. That is n…

Which is my point - the report's conclusion contradicts a very large number of headlines and stories that the news media spoke of in near-factual terms. We are now in a place where nothing he did impacted the outcome - since the investigation concluded unimpeded, but the fact that he tried is now a new reason to go after him. This is what I am referring to in my original comment about the quality of journalism and it…

You missed the part where he would have been charged with obstruction of justice were he not the president.

Re: Deutsche Bank Says Software to Detect Money Laundering Had a Bug

#110

Post by Kuraj »

andrewstuart2 wrote: post #27

As someone who works at a financial institution, it's news generally because money laundering activity tends to be highly profitable for banks, since they get to collect fees on those transactions. There are almost no incentives for us to flag transactions on our own (unless we're being super humanitarian) without legislation/regulation, because as long as they get their money there's no downside except for victims o…

Used to work at an investment bank (IT), are you saying all those recurring mandatory trainings on how to detect and report money laundering were a sham?
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