U.S. officials told an appellate court on Thursday that plans to unseal a report on HSBC's anti-money laundering efforts since 2012 could undercut future efforts to police the financial sector.
The director of the U.S. financial intelligence unit is stepping down to join HSBC Holdings Plc, ending a tenure that saw the agency intensify its cooperation with law enforcement officials and its oversight of non-bank firms.
HSBC should have done more to vet the anti-money laundering compliance controls of banks it acquired in Mexico and Switzerland, the institution's former chief executive officer told British lawmakers Tuesday.
The axe may be falling on up to 50,000 positions at HSBC Holdings Plc but at least one department seems sheltered from the cost-cutting measures: the bank's compliance team.