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HSBC AML Chief to Depart Compliance Job, Citing Failures to Police Affiliates
By Brian Orsak
printCLARIFICATION APPENDED HSBC Holdings Plc's compliance chief will step down from his current role, following allegations that the bank failed to better police the anti-money laundering programs of its subsidiaries and affiliates. In testimony before the Senate's Permanent Subcommittee on Investigations (PSI) Tuesday, six former and current HSBC compliance officers outlined how structural reporting flaws in its global oversight allowed 80 bank affiliates to implement compliance controls independently, at times processing transactions tied to drug cartels, blacklisted countries and known criminals. But HSBC executives were not unaware of the potential criminal violations, which included failing to vet $60 trillion in...
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