HSBC issued with cease-and-desist order for AML failures

The US Office of the Comptroller of the Currency (OCC) has served HSBC North America (HSBC NA) with a cease-and-desist order, demanding improvements in internal controls. The OCC claims the bank violated the Bank Secrecy Act, demanding immediate "comprehensive corrective actions".

According to a statement from the regulator, the OCC found deficiencies in wide-ranging areas of HSBC NA's compliance programme, including suspicious activity reporting, monitoring of funds transfers and cash purchases

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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