HSBC FAILURES

In HSBC's flawed operations and so deceptive conduct, what I can see is the following criminal elements:

• HSBC, senior executives deceptive conducts- President, Chief Executives.
• Deception is the heart of money laundering. Deceiving authorities by making assets appear to have been obtained through legal means with legally-earned income or to be owned by third parties who have no relationship to the true owner.

1. Wilful negligence of HSBC's directors,
2. Failure to comply with AML laws and regulations,
3. Failure to change the culture at the bank,
4. Failure to monitor and report suspicious funds comes from high risk countries/customers
5. Failure to keep up with regulators, customers, employees and the general public expectations,
6. Failure of AML Controls,
7. Failure in all main elements of KYC Rules,
8. Other Matters: manipulation of the Libor inter-bank lending rate and 
9. Government failure in the face of HSBC's deceptive conducts.  

In short, HSBC, knowingly accepting money or funds that it is derived from a criminal offense or deliberately avoiding knowledge of the facts that the illegal source of funds or the intentions of a customer in a money laundering transaction. HSBC was a"gateway" for money laundering, terrorist financing and other illicit transactions.

FAILURE: CAUSES, CONSEQUENCES, CURES

1. Poor Oversight (intentional)- wilful negligence of directors,
2. Weak Regulations (intentional)

Can we go a little further and advice/suggest other Local Governments and its Agencies to start ML investigations where HSBC present to do banking activities ?

Source:
1. HSBC Failure (1)
2. HSBC Failure (2)
3. HSBC Failure (3)
4. HSBC Failure (4)
5. HSBC Failure (5)
6. HSBC Failure (6)



HSBC