HSBC Vows To Strengthen Money-Laundering Controls

HSBC’s Retail Banking and Wealth Management Units work in compliance with the international supervisory and disclosure standards, said Francesca McDonagh, HSBC’s Regional Head of Retail Banking and Wealth Management for the Middle East and North Africa.

HSBC had earlier admitted that in the past it failed to meet the compliance standards that regulators and customers expected, leading to money-laundering incidents, but it promised to strengthen its money-laundering controls, she affirmed.

On the sidelines of the media roundtable held at the bank’s headquarters in Cairo, McDonagh said HSBC has injected large investments in order to be able to comply with the international standards and avert possible mistakes in the future. HSBC adopted a centralized strategy in this matter in order to achieve such aim.