HSBC Falls Short on Compliance, Monitor Said to Report
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HSBC Holdings Plc is falling short on its agreement with the U.S. to clean up operations after clients laundered drug money and did business with terrorist regimes, according to two people familiar with a report from the bank’s monitor.
The critical, 1,000-page report, which summarizes HSBC’s first year under a court-appointed monitor, raises doubts about how effective the government’s use of deferred- and non-prosecution agreements is in reining in wrongdoing and changing culture at the world’s largest banks.