Official monitor installed in the bank had refused to sign off on HSBC’s efforts to improve compliance after the money laundering scandalHSBC has been warned by the US authorities that it is being too late to tackle financial crime,with an official monitor installed at the bank after a money laundering scandal four years ago raising “meaningful concerns”. As Britain’s biggest bank reported profits of £13.2bn ($18.8bn) for 2015 and £7.3m pay deal for its chief executive Stuart Gulliver, it disclosed that the monitor refused to sign off on the group’s progress in toughening up its procedures to avoid a re-run of the 2012 money laundering scandal for which it was fined £1.2bn.
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Source: theguardian.com