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HSBC Prodded To Speed Up Anti-Money Laundering Fixes

Law360, New York (April 1, 2015, 5:04 PM EDT) -- The monitor overseeing HSBC Bank USA NA’s compliance with a 2012 anti-money laundering settlement said that the bank has been “too slow” in adopting the changes required under the agreement, according to a Wednesday court filing.

While HSBC has been acting “in good faith” to comply with the terms of the deferred prosecution agreement, Michael G. Cherkasky, the independent monitor, found that in many cases the corporate culture within the bank has not adjusted to the heightened focus on anti-money laundering compliance and that the adoption...
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