US banking reports put compliance in the spotlight

Standard Chartered and HSBC attract attention for compliance failures


The role and efficiency of the compliance function in financial institutions is targeted by two reports published by US regulators. The report by New York's Department of Financial Services (DFS) on Standard Chartered Bank described breaches of sanctions (primarily related to Iran) concerning $250 billion worth of funds. The report of the Senate Subcommittee on investigations into HSBC claimed the bank was involved in several billion dollars worth of money laundering, primarily involving fund

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