HSBC makes 'commendable progress' on anti-money laundering / sanctions violations controls, but still a way to go

Money On Hook

HSBC continues to struggle in its efforts to improve its anti-money laundering and sanctions violations controls, according to the latest annual review compiled by Michael Cherkasky, the bank’s court-appointed monitor.

Bloomberg News reports that after a $1.9bn fine and more than two years of oversight, HSBC has made “commendable progress” in improving its compliance program, but hasn’t gone far enough to satisfy Cherkasky that it can detect violations, according to a Justice Department summary of the review, filed in federal court on Friday.

"The monitor believes that the bank continues to face significant challenges in implementing an AML and sanctions compliance program that effectively detects and prevents potential financial crime," prosecutors told U.S. District Judge Ann Donnelly in Brooklyn.

To access the complete Bloomberg News article hit the link below:

HSBC Money-Laundering Controls Aren't Sufficient, U.S. Says

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