Nov 3, 2017

HSBC link to Gupta scandal will test bank clean-up act

When a British peer this week accused HSBC of ignoring internal warnings about large transfers of cash out of South Africa by the powerful Gupta business family, the claims should have sent a shudder through the London-based bank's executive suite. Peter Hain's call for a regulatory probe into "Possible criminal complicity" in money laundering hits HSBC where it hurts. HSBC spent more than $1bn cleaning up its act - and up to now it appeared the effort had worked. HSBC, like all global banks, plays a constant cat and mouse game with people who are trying to move money illegally. A bank such as HSBC, whose business model involves moving money around countries with weak controls, must compensate with robust compliance.

Read the full story

 Related companies

Make a complaint about HSBC by viewing their customer service contacts.