HBME Jersey receives a slap on the wrist from the Jersey regulator unlike the punch in the gut from the US….
After a 3 year investigation the JFSC issued an 8 page Public Statement HSBC Bank Middle East Limited (“HBME” or “the Bank”) on the 3 September 2015. This statement followed the appointment of a named (although not disclosed) Reporting Professional on 30 November 2012.
These non-disclosed Reporting Professional was directed to conduct A DETAILED review of the Bank’s compliance with Jersey’s regulatory and anti-money laundering regime on the period from 1 January 2008 to 31 December 2012 (“the Reporting Period”) – there detailed findings make up 6 pages of reading – click here http://www.jerseyfsc.org/pdf/HBME%20Final%20Public%20Statement%2003-09-2105.pdf
In reading this public statement no HBME employee is named for any deficiencies nor have any specifics been recoded as to what HBME did wrong.
Did these non-disclosed Reporting Professional not read the 334 page US SENATE REPORT DATE 2012 “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History[1]”
In this report HBME are mentioned 179 times…..and in these references it seems HBME were up to all sort of things that may not be deemed to be competent nor acting with integrity if someone else had done what they did.
Of course the two report may not be connected and we may hear more…..let’s wait and see and I’ll keep you posted.
[1] MAJORITY AND MINORITY STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE RELEASED IN CONJUNCTION WITH THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS JULY 17, 2012 HEARING
Loading...