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HSBC’s Chief Compliance Officer Will Stay on in New Role
By Colby Adams
printMost news accounts of Tuesday's U.S. Senate inquiry into HSBC Holding Plc's compliance failings led with the bank's anti-money laundering compliance chief's announced resignation before lawmakers. But what he meant, it turns out, is that he is only taking another job inside the bank. David Bagley, who has been the head of compliance at HSBC since 2002, told the Senate Permanent Subcommittee on Investigations (PSI) that it was the appropriate time "for someone new to serve as the head of group compliance. I have agreed to work with the bank's senior management towards an orderly transformation of this important role."...
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Facing parliamentary criticism, HSBC's top executives conceded Wednesday to "unacceptable" failures of its Swiss private banking unit that led to likely account abuses and subsequent reputational damage.
London-based HSBC Holdings Plc could find itself paying more to rectify past compliance problems following disclosures this week about the bank's services for clients with criminal ties, according to analysts.
HSBC Bank USA will seek a new chief compliance officer after the departure of the executive who filled the role for over two years.
Scrutiny of HSBC Securities Centers on Suspicious Activity Reporting, Transaction Monitoring: Source
Examiners from the nation's top regulators of broker-dealers are investigating whether HSBC Securities USA sufficiently scrutinized and reported suspicious transactions, according to an individual with knowledge of the matter.
U.S. lawmakers called for testimony from federal investigators Thursday as part of an effort to push for more aggressive punishment of individuals and financial institutions that aid money launderers and sanctions dodgers.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
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