Nov 6, 2018
HSBC compliance executive under investigation by FCA
An HSBC executive responsible for compliance at the lender's global banking and markets division is under investigation by the Financial Conduct Authority. The fresh regulatory investigation comes as the Asia-focused bank tries to return to growth following the end of a five-year period during which it was threatened with criminal charges in the US for its role in money-laundering and sanctions-breaking. There are several executives responsible for regulatory compliance at the global markets and banking division of HSBC that are senior to Mr Watson, who is not part of the regime governing senior managers at financial institutions. HSBC's so-called US deferred prosecution agreement- which effectively spared the bank from criminal charges - was put in place in 2012 and saw HSBC pay $1.9bn to US authorities to settle a litany of money laundering breaches. The global banking and markets division where Mr Watson works lends to large corporations and also houses the bank's trading desks.
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