The US financial agencies “got sum splaining to do”. Interesting excerpts to come out of this article are below:
-“We acknowledge and are accountable for past compliance and control failures,” the bank said in a statement. The Swiss arm, the statement said, had not been fully integrated into HSBC after its purchase in 1999, allowing “significantly lower” standards of compliance and due diligence to persist. (riiiiiiight)
-Public disclosure of the leaked files comes at a critical moment for HSBC in the US, where prosecutors have already warned the bank is operating under a “sword of Damocles”. HSBC global and its US bank was forced to pay a $1.9bn fine two years ago after the DoJ uncovered evidence HSBC subsidiaries had enabled clients to breach US sanctions against Cuba, Sudan and Iran and, due to oversight failures, allowed Mexican drug cartels launder billions of dollars.