HSBC to Apologize at Hearing on Money Laundering, Memo Shows

I hope the next time I get caught laundering money that my apology is accepted!

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HSBC to Apologize at Hearing on Money Laundering, Memo Shows

HSBC Holdings Plc (HSBA) will apologize at a July 17 U.S. Senate hearing for anti-money laundering controls that weren’t effective enough, according to an internal memo obtained by Bloomberg News.

“We failed to spot and deal with unacceptable behavior,” Chief Executive Officer Stuart Gulliver said in the note sent to employees yesterday, referring to the period between 2004 and 2010. “It is right that we be held accountable and that we take responsibility for fixing what went wrong.”

Europe’s largest bank will be questioned by U.S. lawmakers about two weeks after a record fine was levied against Barclays Plc (BARC) for rigging interest rates and its ex-CEO Robert Diamond was grilled in the U.K. HSBC (5), which has doubled spending on compliance since 2010 to curtail illicit money transfers, may also face a “hefty fine,” Mizuho Securities Asia Ltd. said.

“The real issue here is that the U.S. agencies have cited HSBC several times for being deficient at money-laundering practices as long ago as 2003,” Jim Antos, a Hong Kong-based analyst at Mizuho, said by telephone today. “Nine years later, the situation is apparently not yet under control.”

Rest here…

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Comments
6 Responses to “HSBC to Apologize at Hearing on Money Laundering, Memo Shows”
  1. Ron Moss says:

    Can they apologize for stealing my home also?

  2. 1ofthemany says:

    oh silly us for being PUSHED into poverty and our homes stolen…very unlawful…. UNLAWFUL–common law “Do no harm” ..Homes stolen from .our fellow men, women and CHILDREN who were/are sent into the streets by these bad bad banks, these banks are outrageously EVIL…!!! How does this continue??????? Jail is not good enough for the knowing thieves. We need to use them to rebuild our country one brick at a time, one home at a time….One life at a time with pure hard labor as restitution,ownership of them given to the very ones they have harmed…. it is only fair and I am not too sure about that either as the robbery and destruction continues in full force. RESTITUTION NOW!!!! actually a good stoning in public May give some relief for some.. but… again I am not too sure that this will suffice. Creating a level “playing” field is mounting by the patient public and the feeling of making the WRONG a Right is swelling up inside so many as ” they”.. the banks steamroll ahead, one robbery at a time. Yep we will find “CHANGE” 4 sure.

  3. HERMAN VERGARA says:

    Send these people to jail. There are more dangerous that all the crooks in the world, because they take advantage of poor people and robed their homes.

  4. Ron Moss says:

    HSBC Now owns my former house, Where are my treble damages

    • Pamela Edwards says:

      Check to see if they even were allowed to conduct business in Wa. state.Some of these banks were not.

  5. TheHutMaster says:

    Apologize, my ASS! JAIL these scumbags!

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