HSBC ordered to make money laundering report public

HSBC sign

A federal judge has ordered the release of a report detailing how well HSBC has complied with anti-money laundering requirements imposed by U.S. regulators when the bank was fined $1.92bn three years ago.

Reuters reports that Thursday's order by U.S. District Judge John Gleeson in Brooklyn is a defeat for HSBC and the U.S. Department of Justice, which complained the release could make it easier to launder money, including for terrorism, and discourage cooperation with law enforcement.

'This case implicates matters of great public concern and is therefore one which the public has an interest in overseeing', Gleeson wrote, citing the public's constitutional right of access under the First Amendment.

Gleeson gave HSBC and the government until February 12 to propose redactions of details that could threaten HSBC employees' privacy or help criminals exploit weaknesses in the bank's controls.

To access the complete Reuters article hit the link below:

HSBC money laundering report must be made public - U.S. judge

HSBC to freeze salaries, hiring in 2016 in battle to cut costs - sources

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts