HSBC in N America ordered to fix controls
By Suzanne Kapner and Francesco Guerrera in New York and Patrick Jenkins in London
Published: October 7 2010 19:31 | Last updated: October 8 2010 00:34
HSBC has been ordered by US regulators to overhaul its internal controls in the US after a probe found the bank’s ineffective compliance programmes created “a significant potential for unreported money laundering or terrorist financing”.
Thursday’s actions by the Federal Reserve and the Office of the Comptroller of the Currency are the latest blow to HSBC, which announced the retirement of its top US executive in June and is under a separate investigation by the Department of Justice and the US Attorney’s Office.
By Suzanne Kapner and Francesco Guerrera in New York and Patrick Jenkins in London
Published: October 7 2010 19:31 | Last updated: October 8 2010 00:34
HSBC has been ordered by US regulators to overhaul its internal controls in the US after a probe found the bank’s ineffective compliance programmes created “a significant potential for unreported money laundering or terrorist financing”.
Thursday’s actions by the Federal Reserve and the Office of the Comptroller of the Currency are the latest blow to HSBC, which announced the retirement of its top US executive in June and is under a separate investigation by the Department of Justice and the US Attorney’s Office.
