UPDATE 3-U.S. report says HSBC handled Iran, drug money | Reuters
Wow the banking industry is out of control.
"A "pervasively polluted" culture at HSBC Holdings Plc (one of the largest banking and financial institutions in the world) allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.
While the big British bank's problems have been known for nearly a decade, the Senate probe detailed just how sweeping the problems have been, both at the bank and at the Office of the Comptroller of the Currency [OCC], a top U.S. bank regulator which the report said failed to properly monitor HSBC... despite multiple red flags, allowing money laundering issues "to accumulate into a massive problem.
Thomas Curry, who took over as comptroller less than four months ago, said in a statement on Monday that anti-money laundering compliance "is crucial to our nation's efforts to combat criminal activity and terrorism, and the OCC expects national banks and federal thrifts to have programs in place to effectively comply with these laws."
When are we going to get serious about reining in this industry? It's becoming like the Hydra, or Medusa, or Pandora's Box or something. Becoming uglier and uglier the more that layers of it are uncovered.
Wow the banking industry is out of control.
"A "pervasively polluted" culture at HSBC Holdings Plc (one of the largest banking and financial institutions in the world) allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.
While the big British bank's problems have been known for nearly a decade, the Senate probe detailed just how sweeping the problems have been, both at the bank and at the Office of the Comptroller of the Currency [OCC], a top U.S. bank regulator which the report said failed to properly monitor HSBC... despite multiple red flags, allowing money laundering issues "to accumulate into a massive problem.
Thomas Curry, who took over as comptroller less than four months ago, said in a statement on Monday that anti-money laundering compliance "is crucial to our nation's efforts to combat criminal activity and terrorism, and the OCC expects national banks and federal thrifts to have programs in place to effectively comply with these laws."
When are we going to get serious about reining in this industry? It's becoming like the Hydra, or Medusa, or Pandora's Box or something. Becoming uglier and uglier the more that layers of it are uncovered.
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