The fact that banks such as HSBC failed to flag and stop transactions to a ponzi scheme that they knew about with their 'AML' systems and processed it anyway. [0] This would never have been known before the leak and even worse that the regulators did nothing until the leak.
> SARs are filed when money laundering is suspected. To the extent something was being covered up, it was money laundering. Not fraud.
So not only just fraud that was covered up but money laundering and processing payments for mobsters and drug cartels which the banks allowed and failed to stop it.
What fraud do you think they were covering up?
SARs are filed when money laundering is suspected. To the extent something was being covered up, it was money laundering. Not fraud.