HSBC's Money Laundering Scandal 2012, money laudering for Mexican Drug gangs

Re:HSBC's Money Laundering Scandal 2012, money laudering for... by bitcharmer on Sunday February 05, 2023 @11:02AM (#34665922)

This is exactly how these things happen. In an organisation that employs quarter of a million employees it's impossible to have perfect transparency and controls everywhere. At this scale you just have to trust that people below you do the right thing. That's not to say there should be no criminal charges for individuals. Just explaining how this transpired.

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Re:HSBC's Money Laundering Scandal 2012, money laudering for... by mnau on Sunday February 05, 2023 @11:52AM (#34666402)

It's responsibility of the CEO/BoD to ensure compliance. At that size and in that market, compliance departments are huge.

We get regular audits of our work by an outside company. The exact auditing company rotate to ensure no incompetence/cronyism hides something.

As the article states:

> Indeed, prior to 2010 when the OCC cited the bank for many AML deficiencies—including a huge backlog of unreviewed accounts and failure to file Suspicious Activity Reports (SARs)—for the previous six years the agency failed to take any enforcement action against the bank

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Re:HSBC's Money Laundering Scandal 2012, money laudering for... by rqtwteye on Sunday February 05, 2023 @12:18PM (#34666628)

If the big guys aren’t able to be responsible for bad things they also shouldn’t take responsibility for good things and not get their big paychecks.

In the end if an organization is too big to be controlled and to take responsibility it shouldn’t exist and be broken up.

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