A major U.S. financial watchdog has identified widespread weaknesses in banking oversight that allowed billions of dollars in potentially fraudulent transactions to go undetected and unreported. The findings highlight systemic failures within the regulatory framework, raising concerns about gaps in monitoring high-risk financial activity. Authorities are now examining how these lapses occurred and whether they pose broader risks to the stability of the financial system. The discovery underscores ongoing challenges in preventing illicit flows through the banking sector.
US regulator finds ‘systemic’ failures that left $13bn in suspicious transactions unreported
