The legal action comes in the wake of the huge leak of 2,100 suspicious activity reports (SARs) filed with the
The leaked documents, which have become known as the FinCEN Files, are at the centre of allegations that the banks did little to prevent the movement of large amounts of money that were suspected of being the proceeds of crime.
The class actions are being prepared on behalf of investors in the two banks, who claim they lost money when the banks' share prices fell as a result of the leak.
This a situation that emphasises the importance of being proactive in tackling compliance issues. Such an approach can involve conducting periodic "stress tests" of policies and procedures to ensure they are fit for purpose. Such an approach is necessary if a company is to prevent any regulatory problems before they develop and spread, causing major, costly problems.
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