2nd Apr 2015 05:33
LONDON (Alliance News) - A US independent monitor has said that HSBC Holdings PLC is moving too slowly to fix some of its compliance issues. Monitor Michael Cherkasky's report, summarised in a court filing, has lauded the lender for the compliance efforts of top leaders. It has also applauded the HSBC's adoption of anti-money-laundering standards.
However, the monitor is of the view that the bank's corporate culture and rusty technology systems are curtailing the implementation of those standards. The monitor believes "HSBC group can-and must-do more."
Cherkasky was appointed in connection with HSBC's deferred prosecution agreement with the US He was a Manhattan prosecutor, and chaired the New York State Commission on Public Integrity.
Following the report, the US Department of Justice said even as the lender has been working on cleaning up its operations, it has not done enough.
Copyright RTT News/dpa-AFX
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