HSBC has revealed it faces a hefty fine - estimated at $1bn by analysts - from US regulators for failing to have the right anti money laundering controls in place from 2004 until 2010.
Stuart Gulliver, chief executive, wrote a memo to staff saying he could not reassure regulators the bank did not facilitate the financing of terrorism and other criminal activities, the FT reported. ...
Zero-tolerance approach to ailing companies
There are some long-standing practices in the asset management industry which are clearly ripe for review. However, removing past performance data from key funds documents appears a dangerous step and one likely to create worse outcomes for consumers.
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