US bank laundered billions from Mexican drug gangs

Authorities uncovered billions of dollars in wire transfers, travelers checks and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering program. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.

So the ATF allegedly supply the guns, while American banks launder the money?