View the article online at http://citywire.co.uk/new-model-adviser/article/a645020
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.
News sponsored by:
Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.
Today's top headlines
More about this article:
by David Sandham on Apr 16, 2014 at 15:40