In 2012 HSBC paid US$1.92 billion in fines to US authorities for anti-money laundering lapses. Photo: Reuters
Opinion
Opinion
Outside In
Criminals hide behind regulatory barriers while banks pay the price
Current practises – in particular rules barring lenders from sharing suspicious activity reports across borders – are leaving banks and regulators ignorant and exposed to criminals and money launderers
In 2012 HSBC paid US$1.92 billion in fines to US authorities for anti-money laundering lapses. Photo: Reuters
