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.
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.
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