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FROM THE - CHRONICLES of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA~
~Contributed & Written by Kenneth Rijock ~
Published on March 22 2016
A quick look at NASDAQ quotes shows that the 25% hit that the price of stock of the Bancorp Inc., of Delaware, suffered when regulators landed hard upon it, for deficiencies in its compliance program, continues. Bancorp is a major player in the prepaid card industry, and the nature of the business requires a higher level of AML/CFT monitoring, lest your products end up facilitating financial crime or terrorism.
One wonders whether the directors at this financial institution, whose stock is publicly traded, considered this when choosing to participate in high-risk business oveseas, which was probably against the advice of their compliance department.
Shares of Bancorp stock , which had come close to $20 per share, and were around $16 at the time that regulatory action was announced, immediately dropped to eleven dollars per share, and have been stuck there ever since.
Add to this the fact that no less than nine law firms are out there trolling for clients who are minority shareholders, for the purpose of filing a class action against bank officers and directors responsible for the compliance deficiencies found by regulators. These events drive home the need to maintain a banking best practices level compliance program, lest you be targeted, not only by regulators, but by ambitious civil law firms.
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WANTED SA kindly thanks US Treasury, Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, ICE, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to the many articles and their sincere opinions and statements.WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
