Swiss authorities just dropped charges on Credit Suisse for botching anti-money laundering controls. The mess? Loans the bank handed out to Mozambique back in the day, supposedly for building up a tuna fishing operation. Spoiler alert: it turned into one of those "tuna bond" disasters everyone's been talking about.

What's wild is how a major banking player fumbled something this basic. We're talking about a lender that should've had rock-solid compliance checks but somehow let suspicious funds slip through the cracks. The whole saga raises questions about how traditional finance handles due diligence when big money's on the table.

For anyone watching regulatory trends, this case shows prosecutors aren't letting legacy institutions off easy when they ignore red flags. The fishing fleet angle just adds another layer of absurdity to the whole financial crime playbook.

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POAPlectionist

· 2h ago

UBS's recent operations are really hilarious, they even managed to mess up basic AML... Big banks are indeed big banks. --- What's so ridiculous about this tuna bond issue? Where is the Compliance department? --- This is TradFi, they dare to speak nonsense just because they have money, only remember to comply when they're waiting to be fined. --- The regulators are finally taking real action, otherwise these big institutions would have long treated financial rules as non-existent. --- That loan to Mozambique... I don't need to say anything, it's clear there's something fishy going on. --- Is the due diligence of big banks at this level? Why does it feel less reliable than smaller institutions?

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MetaverseLandlady

· 2h ago

Big banks are like this, compliance is just for show, what was promised as tuna fishing ended up being rekt, it's hilarious.

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DaoResearcher

· 2h ago

According to on-chain governance data, the AML mechanisms of TradFi should have been eliminated long ago, and the Credit Suisse incident is the best evidence of this. --- From the perspective of token economics, the compliance costs of centralized institutions can never keep up with the rise in risks, which is why the DAO model will inevitably prevail. --- Laughing my ass off, after such a long investigation, they finally found that AML controls have failed; if it were on-chain, it would have been directly stopped by smart contracts long ago. --- It is worth noting that the voting mechanism for governance proposals in traditional banks is too ridiculous; the small number of board members cannot represent the risks at all. --- Rural finance has gotten into trouble again; the tuna bond meme is becoming a classic joke, no wonder everyone wants to escape TradFi.

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CryptoTarotReader

· 2h ago

Credit Suisse's recent move is truly amazing; they even managed to launder money through tuna bonds, and it's a miracle they are still alive today.

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