HSBC To Hire Ex-OFAC Chief To Monitor Bank Practices

Law360, New York (August 14, 2012, 5:12 PM EDT) -- HSBC Holdings PLC is expected to hire the former director of the U.S. government's Office of Foreign Assets Control to a new position overseeing banking standards as it continues to navigate the fallout of allegations that it allowed Mexican drug cartels and groups with terrorist ties to launder money.

A bank source said that it planned to hire Robert Werner to the newly created position of head of global standards assurance. The British banking giant said in its July second quarter earnings report that it expected...
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