While the bank’s senior leaders are committed to bolstering controls, the bank has to do more to fix its corporate culture and technology for keeping out dirty money, the monitor said. The report follows a review that included different lines of business and a number of countries. [WSJ]
HSBC Not Sure How It Was Supposed To Know That A Customer Who Showed Up To Open An Account With A Bag Of Cash Should've Been Flagged By Compliance
This is a thing that literally happened.
Barclays Pledges To Be Quick About Getting Its Sh*t Together
New CEO John "Mack the Knife" McFarlane has is machete out and is ready to hack through not only employees but all the red tape gumming up the works at the British bank.
It's Good To Be Too Big To Fail
So, HSBC is going to have to cough up almost $2 billion for, in effect, running a massive money-laundering operation that helped fund such luminary do-gooders as the Iranian government and Mexican drug gangs. But the U.S. has decided not to throw the cuffs on the British bank because, well, that would be pretty hard. And could create an awful lot of collateral damage that no one needs as the country careens off the fiscal cliff.
HSBC Chief Can't Believe The Unreasonably High "Standard" Banks Are Held To These Days
The CEO-- whose bank is in a lot of trouble for tax evasion-- is sick of always having to be so perfect, when other industries are allowed to do exactly as they please with zero accountability. And you want to know another thing? He's not going to promise the tax evasion stuff won't happen again.
Banks’ Airtight Compliance Procedure Involves Laundering Money, Sending Report That Won’t Be Read, Collecting Fees, Laughing All The Way Back To Themselves
It doesn’t stop the money laundering, of course, but that’s not really the goal, is it?
Firing A Bunch Of People, Not Paying Billions In Fines Works Out Well For HSBC
Layoffs - money laundering legal fees = profit!