ADVERTISEMENT
  • News
  • New York
  • Technology
  • Culture
  • Entertainment
  • Sport
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Wednesday, June 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Business BANKS

Leaked FinCEN files show that Georgian banks are involved in suspicious transactions

The FINANCIAL by The FINANCIAL
September 22, 2020
in BANKS
Reading Time: 3 mins read
28
A A
0
Leaked FinCEN files show that Georgian banks are involved in suspicious transactions
Share on FacebookShare on Twitter

The FINANCIAL — On September 20 International Consortium of Investigative Journalist (ICIJ) posted data. According to ICIJ 193 transactions to or from Georgian banks were flagged as potentially suspicious. The data are based on the recently leaked FinCEN Files, which are suspicious activity reports filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN Files is a cross-border investigation based on secret documents that exposes how banks and regulators have failed the public by allowing dirty money to flow unchecked around the globe. It shows how politicians, crooks, and tycoons – from Benin to Venezuela to Turkmenistan – profit at the expense of governments and ordinary people. ICIJ, BuzzFeed News and 108 other media partners in 88 countries spent 16 months organizing and analyzing leaked documents, and obtaining hundreds of other confidential documents, court records, archives, public records, and interviews, according to International Consortium of Investigative Journalists.

Thousands of leaked documents shared with journalists have shown how some of the world’s biggest banks for years facilitated the movement of dirty money. The documents are shared with law-enforcement and financial-intelligence groups around the world. The agency does not require banks to stop dealing with clients who prompted SARs. BuzzFeed News and ICIJ said the documents showed that banks including JPMorgan Chase, HSBC, and Deutsche Bank engaged with and facilitated the movement of criminal money even after raising suspicions, Business Insider reported.

The reports describe over 200,000 suspicious financial transactions valued at over $2 trillion that occurred from 1999 to 2017 across multiple global financial institutions. The documents appear to show that while both the banks and the United States government had this financial intelligence, they did little to stop activities such as money laundering. The information implicates financial institutions in more than 170 countries who played a role in the facilitation of money laundering and other fraudulent crimes. Georgian banks implicated in the report, TBC Bank has made 167 allegedly suspicious transactions, which have made for receipts of $1 billion and the sending of nearly $17.9 million. The Bank of Georgia received more than $8 million and sent $81,000. ProCredit Bank sent a total of $414,418 worth of transactions flagged as suspicious, according to local media agenda.ge.

The transactions were processed via three U.S.-based banks, which filed suspicious activity reports with FinCEN. The highest number of transactions (191 – worth USD 16,165,899 in sent and USD 9,054,832 received) was processed by The Bank of New York Mellon Corporation. Deutsche Bank AG and JP Morgan Chase & Co processed one transaction each. The databases do not yet reveal any additional data with respect to the Georgia-related suspicious transactions. According to a disclaimer on the ICIJ website, “suspicious activity reports reflect concerns by watchdogs within banks and financial institutions and are not necessarily indicative of any criminal conduct or other wrongdoing,”  civil.ge wrote.

On September 22 the Banking Association made a statement: “The activities of the Georgian banking sector are defined by strict domestic and international legislation, which regulates all actions by banks, including transactions. According to international regulations, all banks provide information on these transactions to the Financial Monitoring Service. Monitoring and reporting is carried out in full compliance with the above-mentioned legislation and regulations. “

The Banking Association also stated that the ICIJ report, which uses information provided by banks to the monitoring service, discusses transactions in 2007-2016, of which Georgia accounts for 0.08 percent. They also mentioned that the ICIJ report itself states that these transfers cannot be considered a violation without proper legal investigation. “Due to their obligation to protect the privacy of their customers, banks will not be able to disclose the details of these transactions. In addition, we emphasize that the member banks of the Association act in accordance with the norms established by law and are ready to cooperate.” – Banking Association added.

Georgia advanced to 8th position in world economic freedom ranking

RelatedPosts

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

ZEG Storytelling Festival

The Security Service of Ukraine lost the appeal in court to Alona Shevtsova, Ibox Bank

SEC Policy Director Corey Klemmer to Step Down

The FINANCIAL — On September 20 International Consortium of Investigative Journalist (ICIJ) posted data. According to ICIJ 193 transactions to or from Georgian banks were flagged as potentially suspicious. The data are based on the recently leaked FinCEN Files, which are suspicious activity reports filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN Files is a cross-border investigation based on secret documents that exposes how banks and regulators have failed the public by allowing dirty money to flow unchecked around the globe. It shows how politicians, crooks, and tycoons – from Benin to Venezuela to Turkmenistan – profit at the expense of governments and ordinary people. ICIJ, BuzzFeed News and 108 other media partners in 88 countries spent 16 months organizing and analyzing leaked documents, and obtaining hundreds of other confidential documents, court records, archives, public records, and interviews, according to International Consortium of Investigative Journalists.

Thousands of leaked documents shared with journalists have shown how some of the world’s biggest banks for years facilitated the movement of dirty money. The documents are shared with law-enforcement and financial-intelligence groups around the world. The agency does not require banks to stop dealing with clients who prompted SARs. BuzzFeed News and ICIJ said the documents showed that banks including JPMorgan Chase, HSBC, and Deutsche Bank engaged with and facilitated the movement of criminal money even after raising suspicions, Business Insider reported.

The reports describe over 200,000 suspicious financial transactions valued at over $2 trillion that occurred from 1999 to 2017 across multiple global financial institutions. The documents appear to show that while both the banks and the United States government had this financial intelligence, they did little to stop activities such as money laundering. The information implicates financial institutions in more than 170 countries who played a role in the facilitation of money laundering and other fraudulent crimes. Georgian banks implicated in the report, TBC Bank has made 167 allegedly suspicious transactions, which have made for receipts of $1 billion and the sending of nearly $17.9 million. The Bank of Georgia received more than $8 million and sent $81,000. ProCredit Bank sent a total of $414,418 worth of transactions flagged as suspicious, according to local media agenda.ge.

The transactions were processed via three U.S.-based banks, which filed suspicious activity reports with FinCEN. The highest number of transactions (191 – worth USD 16,165,899 in sent and USD 9,054,832 received) was processed by The Bank of New York Mellon Corporation. Deutsche Bank AG and JP Morgan Chase & Co processed one transaction each. The databases do not yet reveal any additional data with respect to the Georgia-related suspicious transactions. According to a disclaimer on the ICIJ website, “suspicious activity reports reflect concerns by watchdogs within banks and financial institutions and are not necessarily indicative of any criminal conduct or other wrongdoing,”  civil.ge wrote.

On September 22 the Banking Association made a statement: “The activities of the Georgian banking sector are defined by strict domestic and international legislation, which regulates all actions by banks, including transactions. According to international regulations, all banks provide information on these transactions to the Financial Monitoring Service. Monitoring and reporting is carried out in full compliance with the above-mentioned legislation and regulations. “

The Banking Association also stated that the ICIJ report, which uses information provided by banks to the monitoring service, discusses transactions in 2007-2016, of which Georgia accounts for 0.08 percent. They also mentioned that the ICIJ report itself states that these transfers cannot be considered a violation without proper legal investigation. “Due to their obligation to protect the privacy of their customers, banks will not be able to disclose the details of these transactions. In addition, we emphasize that the member banks of the Association act in accordance with the norms established by law and are ready to cooperate.” – Banking Association added.

Georgia advanced to 8th position in world economic freedom ranking

Tags: bank of georgiaBankingbanking sectorBanksBOGbogorgian banksfincenfincen documentsfincen filedfincen filesgeorgian banking sectorgeorgian banksICIJInternational Consortium of Investigative Journalistsleaked documentleaked fincen documentsleaked fincen filesleaked fincen files. leaked fincen documentsProcredit Banksuspicious transactionsTBC Banktransactions

Related Posts

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations
BANKS

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

by The FINANCIAL
May 13, 2025
0

Businesses of all sizes face growing complexity in managing their financial operations. From processing customer payments to paying vendors and...

Read more
ZEG Storytelling Festival

ZEG Storytelling Festival

April 8, 2025
Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova talks about the development of financial technologies in Ukraine and entering the Polish market

The Security Service of Ukraine lost the appeal in court to Alona Shevtsova, Ibox Bank

March 26, 2025
SEC Policy Director Corey Klemmer to Step Down

SEC Policy Director Corey Klemmer to Step Down

January 17, 2025

Discussion about this post

  • Trending
  • Comments
  • Latest
Ampersand wins £22m five-year contract at London Zoo

Ampersand wins £22m five-year contract at London Zoo

June 25, 2012
Goga Samushia, Director of Commersant

Commersant to Launch New Multimedia Finance Project

June 14, 2025
Fullscript vs. Rupa Health: What the Acquisition Means for Providers and Patients

Fullscript vs. Rupa Health: What the Acquisition Means for Providers and Patients

June 11, 2025
Will digital media be decisive in general election – as it was in Donald Trump’s victory? 

How to Align Social Media with Your Overall Marketing Strategy

June 11, 2025
Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

June 17, 2025
Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

June 17, 2025
Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

June 17, 2025
Tips for Remodeling on a Budget

Tips for Remodeling on a Budget

June 17, 2025
 ‘Why Did My Car Insurance Go Up for No Reason?’

Insurers boost private assets allocations as capital increases

June 17, 2025
Whiting Man Sentenced for Hate Crimes

Sweden should address hate speech and risks of racial profiling

June 17, 2025
ADVERTISEMENT

Popular Last 24h

  • Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

    Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

    50 shares
    Share 20 Tweet 13
  • Emlyon business school and Ashoka France form a strategic partnership to train a new generation of entrepreneurs for change

    30 shares
    Share 12 Tweet 8
  • Ampersand wins £22m five-year contract at London Zoo

    3650 shares
    Share 1460 Tweet 913
  • Insurers boost private assets allocations as capital increases

    25 shares
    Share 10 Tweet 6
  • Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

    22 shares
    Share 9 Tweet 6
  • Three employees killed as Israel attacks Iran’s state TV during live bulletin.

    20 shares
    Share 8 Tweet 5
  • Tips for Remodeling on a Budget

    20 shares
    Share 8 Tweet 5

LATEST POSTS

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

June 17, 2025
Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

June 17, 2025
Tips for Remodeling on a Budget

Tips for Remodeling on a Budget

June 17, 2025
 ‘Why Did My Car Insurance Go Up for No Reason?’

Insurers boost private assets allocations as capital increases

June 17, 2025
Whiting Man Sentenced for Hate Crimes

Sweden should address hate speech and risks of racial profiling

June 17, 2025
Emlyon business school and Ashoka France form a strategic partnership to train a new generation of entrepreneurs for change

Emlyon business school and Ashoka France form a strategic partnership to train a new generation of entrepreneurs for change

June 17, 2025
Elite Lauches in Lebanon

U.S. Counts 1,873 Listed Billion-Dollar Companies, More Than the Next Eight Economies Combined

June 17, 2025
Three employees killed as Israel attacks Iran’s state TV during live bulletin.

Three employees killed as Israel attacks Iran’s state TV during live bulletin.

June 17, 2025
Looking For A New Property? Here Are 10 Things You Need To Consider During The Hunt

Looking For A New Property? Here Are 10 Things You Need To Consider During The Hunt

June 16, 2025
7 Digital Marketing Techniques for Business Owners in 2020

Lockton Surprasses $4 Billion in FY2025 revenue

June 16, 2025

LATESTBUSINESS

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

by The FINANCIAL
June 17, 2025
0

Tips for Remodeling on a Budget

Tips for Remodeling on a Budget

by The FINANCIAL
June 17, 2025
0

 ‘Why Did My Car Insurance Go Up for No Reason?’

Insurers boost private assets allocations as capital increases

by The FINANCIAL
June 17, 2025
0

Elite Lauches in Lebanon

U.S. Counts 1,873 Listed Billion-Dollar Companies, More Than the Next Eight Economies Combined

by The FINANCIAL
June 17, 2025
0

7 Digital Marketing Techniques for Business Owners in 2020

Lockton Surprasses $4 Billion in FY2025 revenue

by The FINANCIAL
June 16, 2025
0

Mounting pressure beginning to drive progress for women in senior leadership

Women-Led Businesses Continue To Grow in 2025

by The FINANCIAL
June 16, 2025
0

REVAZ NATROSHVILI, CEO of Proservice

Proservice Launches Cloud Solutions, Expanding Infrastructure with Innovations

by Golden Brand
June 14, 2025
0

ROLAND ERADZE, Founder of Bona Georgia

Bona Georgia Expands with New Showroom and Innovations in Floor Care

by Golden Brand
June 14, 2025
0

GET IN TOUCH

Submit guest post/Letters to the Editor:

editor (at) finchannel.com

Sales & Marketing: (+995 558) 03 03 03 Email: marketing (at) finchannel.com

Whatsup: (+995 599) 96 52 52

Georgia:

(+995 599) 96 52 52 Email: editor (@) finchannel.com

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2025 Intelligence Group llc

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.