anywebsite Posted January 27, 2014 Share Posted January 27, 2014 Just search for "hsbc money laundering" on google. Failure after failure at HSBC led to the London-based bank being used as a conduit for "drug kingpins and rogue nations", a 300-page report compiled for a US Senate committee and has found. http://www.bbc.co.uk/news/business-21840052 http://www.bbc.co.uk/news/business-18880269 http://www.huffingtonpost.com/marni-halasa/is-anybody-listening-hsbc_b_3831412.html more recently... A Hong Kong-based research firm has warned investors that HSBC has overstated its assets by £50bn and will therefore need to inject £70bn worth of capital by 2020. http://invezz.com/news/equities/8209-hsbc-share-price-us-regulator-continues-to-find-money-laundering-weakness-reuters Link to comment Share on other sites More sharing options...
999tigger Posted January 27, 2014 Share Posted January 27, 2014 Its precisely because of that trouble and the big fine they got that they will be getting compliance systems in place for anti money laundering. They have implemented it or at least some staff have implemented it in a cack handed way, but all banks should or will be doing the same as they are all repsonsible for complying with the regs. If you dont like it then blame the politicians. Link to comment Share on other sites More sharing options...
Cyclone Posted January 27, 2014 Share Posted January 27, 2014 UK bank account deposits are guaranteed by the government up to £75,000 per person (ie a joint account is guaranteed up to 150k), so I doubt that many people posting on the forum have anything to worry about regarding HSBC. ---------- Post added 27-01-2014 at 09:41 ---------- Its precisely because of that trouble and the big fine they got that they will be getting compliance systems in place for anti money laundering. They have implemented it or at least some staff have implemented it in a cack handed way, but all banks should or will be doing the same as they are all repsonsible for complying with the regs. If you dont like it then blame the politicians. The regs don't require that the bank know what you want your cash for. Link to comment Share on other sites More sharing options...
Waldo Posted January 27, 2014 Share Posted January 27, 2014 The regs don't require that the bank know what you want your cash for. If that's so, I don't understand how authorities can hold the banks responsible for money laundering. Isn't it like saying, you're not allowed to know what your customers are using funds for; but if any of them are laundering money, you will be held accountable for that? Link to comment Share on other sites More sharing options...
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