Wachovia, then the fourth-largest U.S. bank, failed to apply anti-money laundering controls to $378.4 billion in transactions from Mexican currency exchange houses between 2004-2007. At least $110 million in confirmed drug proceeds were laundered, including money used to buy drug-running airplanes. Despite the largest money laundering case ever brought against a U.S. bank, Wachovia paid just $160 million -- less than 2% of its 2009 profit -- and no executives faced charges.
Wachovia Bank failed to monitor $378+ billion from Mexican drug cartel money laundering operations
βWachovia is allowing hundreds of billions of dollars in suspicious transactions from Mexican exchange houses to flow through its accounts with no proper anti-money laundering oversight.β
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