HSBC Won’t Be Laundering Money By 2018


Money-laundering operations of the size and scale previously boasted by HSBC are not dismantled in a day. Or 730 days. But within 1,826 days? They definitely won’t be the banker of choice for drug cartels or rogue states anymore. So just cool your heels, Michael Cherkasky.

“It’s hard to imagine that we would have a monitorship where, after two years, they’re not saying, ‘You have more work to do,’ ” said Stuart Levey, chief legal officer at the bank, though he declined to discuss details of the monitoring. He added that the bank is “on track” to meet the terms of the five-year monitorship and deferred-prosecution agreement and is making “excellent progress” with its anti-money-laundering efforts.

HSBC Struggles in Battle Against Money Laundering [WSJ]


2018 Thomson Reuters AML Insights Report Image

2018 Thomson Reuters Anti-Money Laundering Insights Report

Thomson Reuters partnered with ACAMS to conduct a survey of 253 anti-money laundering compliance leaders related to processes and activities used in response to “know your customer” requirements. The responses showed the impact the CDD Rule has had – and will continue to have – on the operations and practices of financial institutions.