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.
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