Swingeing fines have made banks too risk-averse

IN THE go-go years before the financial crisis, banks grew careless about dirty money. BNP Paribas helped sanctions-busters, HSBC channelled Mexican drug takings and Deutsche Bank moved cash for Russian launderers. When regulators began to take oversight seriously, the moneymen paid a high price. BNP alone was fined $8.9bn and temporarily barred from dollar clearing (see ). Dozens of other banks have faced stiff penalties.