LONDON (CU)_Over the recent years, HSBC has been facing a series of problems in relations to its financial crime compliance efforts. Nine years ago, the British multinational investment bank was forced to pay £1.2 billion (US$1.9 billion) in the United Sates for failing to track drug-related money laundering in Mexico. After reaching a settlement with the US authorities, HSBC launched several efforts to strengthen its financial crime control capabilities. However, these efforts were proven to be insufficient, as the investment banking company agreed to settle another multi-billion pound penalty, which was recently imposed by British authorities.
Announcing its decision on Friday (17 Dec), the Financial Conduct Authority (FCA) revealed that it found…
