HSBC Cops to Colossal AML Oversight Failure

While the Libor rate scandal has most of the media attention, alleged violations of AML laws at HSBC are yet another black eye for the financial sector. Several news sources reported that HSBC failed to prevent billions of transfers to drug cartels and terrorist groups.   A report by the US Senate’s Permanent Subcommittee on Investigations claims that the London based firm failed to review thousands of suspicious transactions and … [Read more...]