Consumer complaint received 2023-02-06 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: EAST WEST BANK
State: IL

Complaint narrative:
I am sending you this letter referring to the response to my complaint against EastWest Bank received on XX/XX/2022, I wish to express that after much consideration and due diligence that I'm still doubting and way too confused about the situation with my complaint, and it triggers me a lot of XXXX 
The main reason I continue to insist on due process in my case is because I understand that EastWest Bank has not and is not taking adequate steps to protect its customers from financial loss and to recover their losses. Moreover, as we can see in my case, they failed to follow the established Anti-money laundering system to prevent these crimes to happen. 
In the past, when I communicated with you regarding my other complaint, against XXXX XXXX, I have provided you with a letter from the United States Senate to your director specifically pointing out the regulatory gap that exists and leaving us consumers without legal recourse for fraud. It should be understood that this letter as well as the direct letter from the Senate to XXXX XXXX XXXX XXXX XXXX highlights not only the problems of the XXXX platform itself, but of the banking system as well. As it says : " According to XXXX XXXX, banks were essentially 'throwing [ ing ] up their hands and saying 'it 's not our problem because you authenticated it. And also : " The policies of your company and the banks that own and operate on it create a confusing and unfair environment for consumers ''. 
It should also be emphasized that certainly there is broad legal precedent holding financial institutions liable for customer losses in a variety of jurisdictions. For example, in Wiand v. Wells Fargo Bank, N.A.  ( XXXX XXXX XXXX ), the federal courts recognized claims for both Fraudulent Transfer and Unjust Enrichment where the bank had failed to protect customers from a XXXX scheme. Similarly, victims of a massive XXXX  scheme perpetrated by an individual named XXXX XXXX successfully sued XXXX XXXX for both aiding and abetting fraud and fraudulent misrepresentation. See Coquina Investments v. TD Bank , N.A XXXX ( XXXX XXXX XXXX ). See also Lerner v. Fleet Bank, N.A. ( XXXX XXXX XXXX ) ( XXXX XXXX courts uphold claims alleging bank was " conduit '' for fraud ) ; Neilson v. Union Bank of California , N.A XXXX ( XXXX XXXX XXXX ) ( California investors successfully allege aiding and abetting in XXXX  scheme by Defendant XXXX XXXX  XXXX XXXX As your legal department is no doubt aware, this is just a fraction of the many instances in which banks, which hold a duty to their customers, have been held responsible for losses related to third party fraud. 
|without prejudice| I, therefore, ask for your help as a regulator and to review my case. If you need any additional information from my side in this regard, please let me know. I will be glad to help you make this process as fast and efficient as possible. 

Yours sincerely, XXXX XXXX.

Company response to consumer: Closed with explanation