HSBC loses bid to keep money laundering report being made public

HSBC sign

HSBC has lost its latest bid to keep some portions of a potentially explosive report about its anti-money-laundering efforts from being made public.

The New York Post reports that a Brooklyn federal judge nixed many of the bank giant’s requests to black out parts of the 250-page report produced by an outside monitor in the wake of HSBC’s $1.9bn settlement with the Department of Justice.

Judge John Gleeson — who has already rejected requests from the Justice Department and HSBC to keep the January 2015 report sealed — said many of HSBC’s proposed redactions were “over-inclusive.”

The bank, for instance, is said to have wanted to strike the monitor’s finding that the bank “moved too slowly and made too little progress toward instilling the type of culture it will need” to fix its money-laundering controls.

To access the complete New York Post article hit the link below:

HSBC loses latest bid to redact money-laundering report

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