Given the plethora of recent compliance mishaps by multinational banks, highlighted most recently by HSBC’s tax evasion scandal, the question arises as to whether multinational companies have robust enough compliance procedures. HSBC’s admission that “we review all Politically Exposed Persons…
Why is HSBC unable to resolve its money-laundering issues?
The wave of fines levied against financial institutions has not stopped since the financial crisis of 2008 precipitating financially and reputationally expensive recapitalisations of British and international banks. Despite this, even by 2015, the waves of fines is ongoing, as…
“Cutting Off Customers Can Backfire”
According to the Wall Street Journal, HSBC recently stated that it has “closed accounts in certain segments,”. According to the WSJ, Mr. Werner, speaking at a New York State Society of Certified Public Accountants event said that “We’ve done it because we have shareholders and…