When Your Anti-Money Laundering Unit is Compared to A Nuclear Waste Dump
It’s bad enough to have U.S. attorneys poking around your anti-money laundering unit, worse still when those pesky reporters get hold of the documents. That’s the spot HSBC finds itself in this morning, after Reuters put out a massive story on the state of affairs at the British lender’s U.S. bank.
The short-story: Reuters got hold of a draft letter from U.S. attorney William J. Ihlenfeld II to justice department officials alleging HSBC had created an anti-money laundering operation that was a “systemically flawed sham paper-product designed solely to make it appear that the Bank has complied.” Read More
