their seemingly inept methods of banking.
They're not being "inept" when they allow money laundering, it's an important portion of their business. Around a TRILLION dollars (yes, with a T) is laundered through the US banking system every year, we're the world's largest money laundry (mostly through banks, but also the stock exchange and real estate). They typically charge 10-15% for the service, which amounts to billions in revenue.
Under the Clinton Administration a sting was run against Banamex, the "drug smuggler's bank of choice", and they were caught knowingly laundering drug money and lost their license to operate in the US. His Treasury Secretary then resigned from "public service" to go run the money laundering ahem, "private banking" division of CitiCorp. He then engineered the takeover of Banamex with its valuable client list, and Treasury then restored their license to operate in the US.
That's how much the "regulators" worry about controlling money laundering.