UK: money-laundering fear over HSBC move
14 Nov 2016

HSBC’s planned move of its UK bank to Birmingham has been described as “a programme in crisis” by the monitor appointed by the American authorities to ensure the bank complies globally with anti-money-laundering rules.

On a visit to the UK this year, the monitor was alarmed by the low level of indications by compliance staff that they were prepared to move to Birmingham. That could lead to the bank’s UK division lacking the ability to maintain proper money-laundering controls, the monitor feared.

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