HSBC slapped with fine following failings in Mexican division – MoneyWeek

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ThebankearlierthismonthissuedastatementadmittingitsometimesfailedtomeetthestandardsthatregulatorsandcustomersexpectaftertheUSSenatefoundithadignoredclearsignsitsMexicandivisionwasbeingusedasaconduitforbillionsofdollarsofdrugmoneytobetransferredtoAmerica。

HSBCMexicosaidonWednesdaythatitapologisesforitsfailurestrictlytocomplywithbankingregulations,andacknowledgesthatinthepastithassometimesfailedtomeetthestandardsthatregulatorsandcustomersexpect。

Thebankaddedthatitisawareoftheimportanceofstrengtheningcomplianceandriskmanagementcontrolsfortheoverallfinancialsystemandhasalreadytakenactionsandinvestedresourcestoaddressthepastfailuresforwhichithasbeenfined。

HSBChasalreadytakenstepstoputinplacebothanewseniorleadershipteamandanewstrategy,believingthescandalwillprovideimportantlessonsforthewholeindustryinseekingtopreventillicitactorsenteringtheglobalfinancialsystem。

Thestepsthecompanyhastakenincludedthecreationofanewglobalstructure,asubstantialincreaseinresources,andadoptingandenforcingasinglestandardglobally。

Thesharepricewasup0。

9%at515。

20pby15:19。

NR

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