Protecting businesses from criminal and regulatory risks
In January this year, CEO Gavin Durbin flew to Ethiopia to co-facilitate a workshop on behalf of the Global Centre on Cooperative Security.
The workshop was focused the processes and procedures for frozen asset management and seizure and its clear from the Global Centre’s website the workshop was a great success.
For many, HSBC has been the public face of AML compliance breaches since it’s massive $1.8 Billion fine a couple of years ago. By no means has it been the last of the big banks nor the largest, with BNP Paribas facing a $10 Billion fine, handed down by Regulators but the HSBC story has had greater legs than the others. These immense actions are no doubt sending off alarm bells through various sectors of the financial industry, far beyond just the banking sector.
With that in mind, Reporting Entities of all descriptions should be paying attention, and taking appropriate risk mitigation action. The below article asks some key questions relating HSBC which could equally be posed to other enterprises. It is simply a case of learning from the mistakes of others.