(Ronny Martin Junnilainen / Wikimedia Commons)
One of America’s oldest banks wired over a hundred million dollars in funds linked to the crypto Ponzi scheme OneCoin, according to a trove of documents leaked from the U.S.’ financial crimes watchdog.
In February 2017, the Bank of New York Mellon (BNY Mellon) flagged a number of transactions with the Financial Crimes Enforcement Network (FinCEN) it deemed suspicious as they appeared to be “layered” – a money-laundering technique that hides the source of funds through sending multiple transactions.
Worth a combined $137 million, the bank said these transactions came from entities linked to OneCoin – a crypto scheme the U.S. government accused of being a Ponzi. It’s estimated OneCoin raised a total of $4 billion from investors, making it one of the most successful schemes of its kind ever.
Buzzfeed received thousands of leaked suspicious activity reports (SARs) from 2011 and 2017 that show instances when a bank’s compliance team flagged a transaction they consider out of the ordinary and possibly suspect with FinCEN.
Dubbed the “” the trove of 2,657 documents gives an indication of how much dirty money may be passing through some of the world’s biggest banks. As SARs are just the concerns of compliance officers, they are not necessarily evidence of wrongdoing by themselves.
The Deutsche Bank flagged a total of $1.3 trillion, JPMorgan approximately $500 billion and Bank of America another $384 billion. BNY Mellon underlined a total of $64 billion in 325 separate SARs filed with FinCEN, making it the second-most-frequent filer in the leaked documents.