US DoJ’s doubts approximately bank’s ability to institute reform and combat financial crime should be sounding loud alarm bellsHSBC’s directors should bear spent less time pondering a move to Hong Kong and more time ensuring the bank will still bear 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, and 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, and has “meaningful concerns” approximately the pace of reform and HSBC’s ability to meet the five-year deadline to combat financial crime competently.
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Source: theguardian.com