“There was a criminal syndicate operating across ... almost all the banks,” Sasfin boss Michael Sassoon said this last week as the niche bank and wealth manager confessed to a shocking case of money laundering and fraud by its own staff.

In broad brushstrokes, the group of criminals was sending money out of the country in a “sophisticated” manner that circumvents laws that limit how much money can be transferred and that are supposed to prevent money from being used for illegal purposes. ..

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