Anti-money laundering practices
Disagreement over 2020 settlement
Richard Faithfull part of organised crime group
According to regulatory survey
Threatening legal action
Firms must ‘turn technology against criminals’
US regulator fined the bank $425m
Failed to stop a client committing market abuse
The Financial Conduct Authority (FCA) has fined EFG Private Bank (EFG) £4.2m for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers.
HSBC is in talks to settle with US regulators over a money laundering investigation, but increased regulatory scrutiny has led to S&P cutting the bank's credit rating.