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HSBC Disciplines U.S. Executive Over Compliance Attitude

Compliance Week | April 3, 2015

HSBC has decided to reassign the Americas head of its global banking division because of the manager’s poor attitude about the bank’s compliance and audit program, according to an update from its compliance monitor.

The six-page report, written by federal prosecutors to summarize the monitor’s findings after one year of observing HSBC’s efforts to improve its anti-money laundering and sanctions compliance, cites that manager’s removal as one example of the positive steps HSBC’s top executives have taken since the bank signed a deferred-prosecution agreement in 2013.

According to the report, that division of HSBC, the Global Banking Markets business line in the United States, fought hard against the internal audit and compliance functions at HSBC that were testing its know-your-customer program in 2014. “In the monitor’s view, GBM’s interactions with both...

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