HSBC compliance exec under investigation by UK regulator
08 Nov 2018

The Financial Conduct Authority (FCA) has reportedly launched an investigation into a senior regulatory compliance figure at HSBC’s Global Banking and Markets (GBM) division.

The probe is understood to be focused on the supervision of systems in the unit, which lends to large corporations, and the individual’s ability to carry out his responsibilities competently.

The person is not part of the senior managers regime either, according to media reports, neither is he being assessed for personal misconduct.

The development comes as HSBC seeks to improve its handling of compliance matters after being hit with a $1.9 fine in the United States over significant money laundering problems in 2012.

In December it announced it had completed its deferred prosecution agreement, which was aimed at settling the matter and also improving its compliance standards.

In the UK, HSBC is being probed by the FCA after Lord Peter Hain accused it of facilitating money laundering for a wealthy family in South Africa.

The FCA declined to comment on the matter.

Read more:

Ex-Swiss Banker jailed for billion-dollar global money laundering scheme

Danske Bank investigation: Employees implicated in $234 billion money laundering scandal

Money laundering in Nigeria: HSBC, Standard Chartered named and shamed over ‘murky past’

Bank fined $100m over suspicious activity reports, poor anti-money laundering

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