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FSA orders HSBC to bolster anti-money laundering efforts
by Daniel Grote on Dec 12, 2012 at 08:42
The Financial Services Authority (FSA) has ordered HSBC to bolster its anti-money laundering processes after its $1.9 billion fine by US regulators following an investigation showing drug money was laundered through the bank.
The FSA has outlined a four-point action plan for the bank. it has required that the bank:
- establish a board committee overseeing issues related to ant-money laundering, sanctions, terrorist financing and proliferation financing;
- review policies to ensure all parts of the bank adhere to standards equivalent to UK requirements;
- appoint a money laundering reporting officer;
- employ an independent monitor to oversee compliance with requirements.
The regulator said it would supervise the bank to ensure it complied with the measures.
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by David Howell on Dec 11, 2013 at 15:31