FinCEN Files Leak Expose HSBC Continued to Allow Fraudulent Transactions Despite 'Cherkasky Scrutiny' Probation

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The International Consortium of Investigative Journalism (ICIJ), along with 108 news and media partners, recently unearthed a massive controversy among five banks that allowed as much as $2 trillion to enter and leave its systems. However, new findings even put HSBC deeper down the rabbit hole with its direct involvement by allowing these criminal activities to use its systems.

The ICIJ recently tied five banks to the case and controversy unearthed by the famous FinCEN files, a massive compilation of documents sent to the US government from 2000-2017 that alerted different illegal activities in the system.

As global investigators research and study on the issue, they have found more than the $2 trillion scandals that tied together these world-famous banks: HSBC, Barclays, JP Morgan and Chase, Co., Standard Chartered, and Bank of New York Mellon.

HSBC ties to Criminal Transactions: Illegal Money, Embezzlement, and Drug Kingpins


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ICIJ's new report suggests a breakthrough in the case, focusing more on Europe's largest bank, HSBC. The latest news indicates that HSBC is more profound than what is initially discovered by the government and investigators' organization.

As it turns out, HSBC allowed massive criminal transactions among its systems despite the issues and controversies that the banking company faces. The 16-month investigation of ICIJ and the media led to the discovery of HSBC's services to continue despite the notorious identity and doubtful sums of money.

HSBC is well aware of the Ponzi or Pyramid schemes, alleged criminals, shell companies that embezzled money from the government, and drug kingpins' money that flows through its systems. Banking transactions and systems were made available to these people despite the illegal nature of their actions.

In 2012, HSBC was prosecuted and even admitted to allowing several notorious drug cartels and gangs to use its systems and serve it just like any other customer. The Sinaloa cartel and other Mexican drug gangs were tied with HSBC that resulted in around $881 million in dealings.

ALSO READ: World's Big Bank Scandal with HSBC and Barclays Allowing $2 Trillion-worth of Illegal Money In Their Systems-Investigators Discover!

HSBC's Probation and Cherkasky's Scrutiny

Ever since its court appearance and admittance of allowing criminal activities flow, HSBC is on probation for its actions in five years. The UK-based bank did not receive an indictment from the US courts; however, HSBC was asked to settle a $1.92 billion fine, along with probation.

The court-appointed a guard to watch over HSBC's transactions and activities among its five-year probation. A former New York state financial crimes prosecutors that were said to be at the top during his reign, Michael Cherkasky was appointed as the watchdog.

HSBC's Involvement in the 'Ponzi' Scheme and Criminal Activities


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HSBC is known to have ties to the infamous 'Ponzi' scheme, which is the world's biggest pyramiding scheme that involved big-time investors. The account was handled by HSBC and continued to let the money flow in and out of its systems.

The Ponzi Scheme had its dollar account based on Hong Kong and controlled by the world's biggest scammers. HSBC was late to raise the warning regarding the ample cash flow in the HK account, and after four days, a man named Reynaldo Pacheco was killed.

HSBC's involvement in criminal activities, especially the Ponzi scheme and its ties to drug kingpins, is now relentlessly used against the company. Investigators are closing in on the massive scams that involved the world's biggest banks with HSBC at the top of their lists.

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Written by Isaiah Alonzo

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