Global bank stocks tumble following ‘FinCEN files’ revelations

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several global banks “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties on these financial institutions.



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The report, based on leaked documents obtained by BuzzFeed News and shared with the consortium, said that in some cases the banks kept moving illicit funds after receiving warnings from U.S. officials.

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Bank stocks in Europe were down sharply on the news.

The documents identified more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity, the report said. The top two banks are Deutsche Bank, which disclosed $1.3 trillion of suspicious money in the files, and JPMorgan, which disclosed $514 billion, the analysis found. Other lenders

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Insurance Technologies to be sold to Boston private equity firm | Business

A majority stake in Colorado Springs-based insurance software provider Insurance Technologies will be sold to Boston-based private equity firm Thomas H. Lee Partners under a deal announced this week.

Insurance Technologies is among the largest employers in downtown Colorado Springs with 250 workers developing and selling software that helps carriers, agencies, financial institutions and others sell insurance, annuities, retirement funds and other investments. Thomas H. Lee Partners plans to retain longtime CEO David Fenimore, the rest of the company’s senior management team, many of which have been with the company since it was started in 1995, and other employees.

“David and the Insurance Technologies management team have done a tremendous job of building an innovative, client-centric platform that provides a flexible set of sales and automation services and solutions and is driving the financial services sector forward,” said Ganesh Rao, THL managing director and head of financial services, and Edward

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