By using aliases, LIMMT fooled U.S. banks into processing dozens of illegal transactions, Morgenthau said. “Our banks have high standards and sophisticated systems to stop these transactions, but this conduct was specifically designed to defeat their systems,” he said.
Some of the U.S. banks involved were Bank of New York Mellon Corp., Bank of America Corp. and JPMorgan Chase & Co., Morgenthau said.
The U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned LIMMT in 2006 for its role in the proliferation of weapons of mass destruction to Iran, Morgenthau said.
Chinese Firm Indicted for Misusing Banks, Aiding Iran [Bloomberg]
“you geev us moh-nee, we geev you more moh-nee”
Systems are only as good as the guys who developed them, the people who monitor them, etc.
No surprise BNY was involved. The whole place is full of gerbils on wheels.
Chase still has $100 Million (ca. ’79) of the Shah’s money frozen
consider it payback
@3
And Ops anywhere else is much better?