Sky-high stakes, yet HSBC is taking risks with US justice

Discussion in 'Market News' started by Lily, Feb 22, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
    Likes Received:
    US Department of Justice’s doubts about bank’s ability to institute reform and combat financial crime should be sounding loud alarm bells

    HSBC’s directors should have spent less time pondering a move to Hong Kong and more time ensuring the bank will still have a business in the US in a few years’ time. It is astonishing that, four years after HSBC paid a thumping £1.2bn fine for allowing Mexican drug lords, among others, to launder money, the bank still hasn’t put its house in order.

    The official US monitor, who has spent two years policing the deferred prosecution agreement (DPA) that accompanied the financial penalty, has “significant concerns” about the pace of reform and HSBC’s ability to meet the five-year deadline to combat financial crime competently.

    Related: HSBC 'taking too long to tackle financial crime'

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