From Pymnts.com:
Glitch Causes Deutsche Bank To Miss Suspicious TransactionsSeveral careers ago I was a programmer, systems analyst and development director in the insurance industry. And I can tell you, this little tale of a computer glitch that let god-knows-who launder god-know-what completely undetected for an entire decade reeks to high heaven.
A software glitch that was in effect for almost a decade prevented Deutsche Bank from detecting potentially suspicious transactions that would be flagged for authorities.
The news comes after reports surfaced earlier this week that Deutsche decided to not report potentially suspicious transactions on the accounts of Donald Trump and his son-in-law Jared Kushner in 2016 and 2017. It also comes the day before a shareholders meeting, where some investors will reportedly call for the ousting of the bank’s Chairman Paul Achleitner.
As for the software glitch, a Deutsche spokesman said one of the bank’s several anti-financial crime systems was affected. The software, which was put in place around 2010, was supposed to look for suspicious patterns of payments processed by its corporate and investment banking clients...
Behold, a Tip Jar!
3 comments:
I'm waiting for the first-ever software glitch that works against the powerful.
A trillion dollar enterprise didn't become what it is today by missing a "glitch" for 10 years. I guarantee if someone bounced a check, they wouldn't "glitch" on collecting an overdraft fee. I'm so very sick and tired of the bullshit lies.
Sorta like the voter roll purges that "accidentally" purge black and latino sounding names. That doesn't just happen. It takes a lot of test runs with smaller subsets of data before you let it loose on the big database.
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