HSBC Executive: Three Things Are Certain: Death, Taxes, And Us Running Afoul of Regulators Again

You've all be warned.

Over the course of the last year or so HSBC has taken heat for engaging in a number of practices viewed as not exactly legal by law enforcement types, including "industrial-scale tax avoidance" and working with rogue states and drug cartels. The bank has said previously that it is going to take a good long while before it can entirely get out of the money laundering business but in case a more explicit message is necessary, Lee Hale, whose title, amazingly, is "Global head of sanctions," has offered one up:

During a long exchange about HSBC’s new policy on sanctions and internal breaches of company rules, Hale told the regulator that “given the size and scale of HSBC”, in his view “it is a cast-iron certain[ty] this will happen, at some point in the future we’re going to have some big breach, some regulatory breach." He added: “I hope it doesn’t happen, but it is likely.”

So, y'know, FYI.

HSBC is 'cast-iron certain' to breach banking rules again, executive admits [Guardian via Matt Levine]

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