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Fed Orders Hsbc To Improve Risk Management

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http://uk.reuters.com/article/idUKTRE6963K420101007

The Federal Reserve said on Thursday that it issued an order against HSBC North American Holdings Inc (HSBA.L)(HBC.N) requiring the bank to improve company-wide risk management, including practices to prevent money laundering.

It said that within 30 days, the bank's board of directors must submit a plan for strengthening oversight of its compliance risk-management program. The plan must show how risk is being managed within and across business lines, legal entities and jurisdictions in which the bank operates.

HSBC is also required to submit to the Fed a company-wide compliance risk assessment that contains recommendations for improving controls and provides an evaluation of its compliance risk exposure.

Last February, a senior U.S. senator said he was referring HSBC Holdings plc to its U.S. bank regulator in connection with questionable accounts it provided for senior Angolan officials.

Senator Carl Levin, who chairs the Permanent Subcommittee on Investigations, said he was referring the issue to the Office of the Comptroller of the Currency, an arm of the U.S. Treasury, because he was concerned that tainted foreign money might be flowing into the United States.

I know Denniger has repeatedly claimed that various US banks have been doing this yet the Fed picks on HSBC?

I can't recall a similar recommendations for US banks although I could have missed it.

Still I'm certain this won't descend into a trade war....

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Odd really. HSBC have been rock solid over the last 3 years, needed no bailouts(?), and kept their nose clean. Most of the board have been ousted for reasons I can't remember.

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Odd really. HSBC have been rock solid over the last 3 years, needed no bailouts(?), and kept their nose clean. Most of the board have been ousted for reasons I can't remember.

Or reasons you don't know about. :lol:

The FED really sucks dick, wtf do they think they are even talking about risk management - they are the biggest risk inducing entity on the planet.

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Or reasons you don't know about. :lol:

The FED really sucks dick, wtf do they think they are even talking about risk management - they are the biggest risk inducing entity on the planet.

Post of the week!

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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