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HSBC chairman vows to put ethics at heart of sales

In the wake of furore over terrorist links and money laundering controls failings that have cast a cloud over banking group HSBC, its chairman has vowed to change the way business is done by reducing complexity and implementing a more stringent set of global standards. The bank was recently chastised by a US senate committee for failing to do proper anti-money-laundering checks and disregarding clients’ terrorist links, which led to HSBC issuing an apology and its compliance head stepping down. In the bank’s interim report on the London Stock Exchange, HSBC group chairman Douglas Flint said the bank’s failings were “extremely frustrating and infuriating” and promised deep structural and cultural changes. A new, more rigorous set of standards will enhance risk management controls “to prioritise behaviour and values”, particularly around ethical sales practices. He said: “It means that where we conclude that any customer or potential customer poses an unacceptable reputational risk – or otherwise does not meet our standards – we should exit or avoid the relationship. More…

News selected by Covalence | Country: Global | Company: HSBC  | Source: Financial Times

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