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在线翻译:
szdaily -> World Economy
HSBC exec steps downafter probe
     2012-July-19  08:53    Shenzhen Daily

    THE head of compliance at Europe’s largest bank resigned from his position and apologized yesterday after a U.S. Senate investigation found HSBC had lax controls that exposed it to money laundering and illegal financing.

    David Bagley told the Senate investigations panel that he will remain at the London-based bank in a new role.

    Other HSBC executives also apologized at the hearing, which focused on the bank’s lapses. But all said they weren’t fully aware of illicit transactions flowing through the bank.

    The executives said the bank has made deep changes to its policies and corporate culture to prevent further exposure to illegal transactions.

    But U.S. senators expressed skepticism. They noted that the problems persisted for seven years.

    New policies “are all good steps” and apologies are welcome, said Senator Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations. But “accountability is essential as a deterrent and that accountability has been missing.”

    The panel released a report Monday that found the bank’s poor oversight of its operations allowed Mexican drug cartels to launder billions of dollars through its U.S. division.

    HSBC bank affiliates also skirted U.S. bans against financial transactions with Iran and other countries, according to the report. And HSBC’s U.S. division provided money and banking services to some banks in Saudi Arabia and Bangladesh believed to have helped fund al-Qaida and other terrorist groups, the report said.

    The report also blamed U.S. regulators, saying they knew the bank had a poor system to detect problems but failed to take action.

    Thomas Curry, the head of the Office of the Comptroller of the Currency that oversees HSBC’s U.S. operations, also apologized at the hearing.

    Curry, who has been the comptroller for only three months, said the agency will take “a much more aggressive posture” from now on.

    Bagley has been the head of compliance at the bank since 2002. The Senate investigation found that HSBC’s lack of oversight dated back that far.

    Bagley said he lacked full authority over the bank’s far-flung affiliates. Each had its own compliance officer. HSBC had a net income last year of US$16.8 billion and operates in about 80 countries and regions.

    Paul Thurston, who headed HSBC’s Mexican affiliate in 2007 and 2008, said he tried to clean up deficiencies he found in the operation.(SD-Agencies)

    

                               

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