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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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iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.