This paper aims to provide a brief overview of the anti-money laundering (AML) failings documented by the US Permanent Subcommittee on Investigations found in Hong Kong and Shanghai Banking Corporation (HSBC) Mexico. To rent this content from Deepdyve, please click the button. The report found that corporate culture and attitude at the governance level were key factors in the difficulties that HBUS faced. Some banking institutions have become so large criminal prosecutions resulting in revocation of banking charters may negatively affect the national, and perhaps the global, economy. All the content was correct at that point of time (October 2014). Although generalisations are limited, the report does highlight areas to consider with all banks. To examine the current money laundering and terrorist financing threats associated with correspondent banking, the Subcommittee selected HSBC as a case study. If you think you should have access to this content, click the button to contact our support team. The author acknowledges being a recipient of a research grant awarded by Princess Ālae as part of Seven Foundation’s “2020 Banking Vision – building banks of the future” and he thanks her for the continued support and motivation both to himself and other students who benefit through her generosity (www.sevenfoundation.ch). 2, pp. The banking industry is constantly evolving, and new material from academic research is also emerging. To rent this content from Deepdyve, please click the button. The detailed analysis of one case that considers the governance response to AML regulation is new in this paper, and the detailed recommendations for improving and developing stronger AML risk-assessment frameworks apply to the banking, financial services and auditing professions. The FinCEN Files show that people in HSBC’s US compliance office — the department charged with making sure the bank follows anti–money laundering laws — filed reports identifying more than $2 billion in transactions through the company’s Hong Kong subsidiary that bore the hallmarks of possible criminal activity. You may be able to access teaching notes by logging in via Shibboleth, Open Athens or with your Emerald Account. The key point is that the failings evident in HBMX may very well arise in other institutions, and this paper proposes how these failings may be resolved. You may be able to access this content by logging in via Shibboleth, Open Athens or with your Emerald Account. If you would like to contact us about accessing teaching notes, click the button and fill out the form. This paper uses a case study approach using the Permanent Sub Committee on Investigations (PSI) report on HBUS to determine where gaps in anti-money laundering (AML) regulation and compliance are within the banking sector. 3, pp. 208-218. https://doi.org/10.1108/JMLC-03-2015-0008, Copyright © 2016, Emerald Group Publishing Limited. Further disclosures in 2015 have since highlighted similar discrepancies in HSBC beneficial ownership in banks in Europe. The paper is the only one to date to focus on one geographical strand of the AML failings at HSBC and then comment on this from an academic perspective. 19 No. Naheem, M.A. This paper aims to provide a brief overview of the anti-money laundering (AML) failings documented by the US Permanent Subcommittee on Investigations found in Hong Kong and Shanghai Banking Corporation (HSBC) Mexico. HSBC is one of the largest financial institutions in the world, with over $2.5 trillion in assets, 89 million customers, 300,000 employees, and 2011 profits of nearly $22 billion. The PSI highlighted five areas of serious weakness and fundamental flaws in the HBUS AML risk assessment.
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