Compliance lessons: FSA statement on HSBC

14 Dec 2012　

The Financial Services Authority (FSA) has issued a statement setting out the actions required of HSBC Holdings plc to remedy the widespread failings with regard to compliance with anti-money laundering rules and U.S. sanctions requirements. The FSA has issued the statement

as the lead regulator for the HSBC Group globally, and with a view to ensuring that all parts of the HSBC Group comply with the relevant legal and regulatory requirements, to prevent similar failings from happening in the future. The requirements imposed on HSBC by the FSA have

been coordinated with the U.S. authorities which have taken enforcement action. While the FSA’s actions are deemed to be separate from those of the U.S. they are intended to assist the U.S. authorities by supervising the orders made. The FSA itself has so far been silent about

whether or not it intends to take additional enforcement action against HSBC