Trade-based money launderingPurpose - – This paper aims to provide an analysis of the HSBC Swiss bank accounts scandal, from the perspective of anti-money laundering (AML) compliance, and considers the future AML implications for the banking sector and HSBC. It reviews the use of a whistle...
The “money-laundering” scandal about British bank HSBC is a mixed picture. On the one hand, bank officials laundered money for Mexican drug cartels, allegedly knowingly, which only pond scum would do. Still, the cartels are only in business because the US government irrationally opposes legali...
wealth management and global private banking. HSBC was a part of numerous money laundering investigations by the U.K., U.S. and international authorities. The company was also a part of a foreign exchange (forex) scandal and London Interbank Offered Rate (LIBOR) scandal, both of which resulte...
Geneva's public prosecutor searched HSBC's lakeside Swiss office after opening a criminal inquiry into allegations of aggravated money laundering.
scandal, over 5,300 employees were fired over the course of five years for their involvements in the creation of the fake accounts. Some of the initial whistleblowers of the scandal faced retaliation by being terminated for speaking out against the orders to open fake accounts. CNN Money ...
This is not the first time HSBC had terminated swathes of bank accounts. In December 2012, the bank was forced to pay American authorities £1.2bn ($1.9bn) in a settlement relating to money laundering. HSBC had been accused of facilitating the laundering of funds emanating from drug cartels...
Why do some people borrow a large sum of money from the banks which they cannot pay back, and then blame it all on the financial institutions? What happened in the aftermath of LIBOR scandal? Why do US banks and brokerage firms aim to prevent US citize...
It’s the latest scandal to hit banks since the financial crisis started in 2008. Standard Chartered, another British bank, signed an agreement with regulators on Monday to settle a money-laundering investigation involving Iran. (Source: CNTV)...
It is also expected to set aside 127 million pounds to cover costs of failings in relation to money laundering in its business in the U.S. According to a report, the money set aside for the money laundering failings could be its first hit over the scandal. 年份: 2012 ...
In the early 2010s, HSBC, a 150-year-old institution that had weathered world wars, stock market bubbles, and the 2008 financial crisis, was rocked by a money laundering scandal that would become one of its lowest moments. HSBC had been aggressively restructuring,divestingunprofitable ventures, ...