Newspaper article The Evening Standard (London, England)

HSBC Braced for Criticism over Anti Money-Laundering

Newspaper article The Evening Standard (London, England)

HSBC Braced for Criticism over Anti Money-Laundering

Article excerpt

Byline: Nick Goodway

HSBC is set for renewed criticism over its costly moves to improve its anti money-laundering practices later this month from the monitor installed by the US Department of Justice.

The bank has spent millions of pounds and recruited hundreds of extra compliance and legal staff after its $1.9 billion (PS1.3 billion), five-year deferred prosecution agreement with the DOJ in 2012. But the monitor, Michael Cherkasky who criticised several banks in the summer is expected, in his sixmonthly report to the DOJ, to say that HSBC could be doing more and suggest ways it could improve. Although his reports are not public, their findings often find their way out of the DOJ.

HSBC's chief legal officer Stuart Levey said the criticism would come as no great surprise.

"It's hard to imagine that we would have a monitorship where, after two years, they're not saying, 'You have more to do'," he told the Wall Street Journal. He said that the bank remained "on track to meet the terms of the monitorship and deferred prosecution agreement" and was "making excellent progress on anti money-laundering". …

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