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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
HSBC ‘Big Bank’ Culture Hinders Efforts to Correct AML Issues
HSBC Holdings is under yet another investigation for failures in its AML compliance program, prompting an expert to tell the WSJournal that several high-profile hires apparently haven’t changed the bank’s culture. HSBC’s chief executive said, for his part, that the monitor “has raised certain concerns” but the bank has continued its progress on implementing reforms.
“By the end of this year, we are on track to have our anti-money laundering and sanctions policy framework in place and to have introduced major compliance IT systems across the group,” he said.
Ross Delston, a Washington, D.C.-based independent anti-money-laundering expert, said buy-in on compliance at the top of the bank is “occurring with a gun to the head” in the form of a monitor. Though HSBC has hired, among others, former top U.S. officials Stuart Levey and Jennifer Shasky Calvery, it’s “not the kind of change in course that’s long-lasting or penetrates the organization as a whole,” he said.
- It isn’t enough to change compliance culture at the hands of a monitor enforcing a legal settlement.
- It has to be done in a way that conveys substantive change, and not merely to fend off authorities
- “That’s been the tendency of multinational banks of late: Wait out the monitor or the [timing] of the enforcement action, and then go back to what they were doing before."
[Click here to read … HSBC Faces FCA Probe into AML Controls as Profits Plunge]