Compliance

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Melanie Rodier
Melanie Rodier
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Wall Street Ethics, Derivatives Rules Loopholes, The Weirdness of PFGBest and More

Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
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3. It Takes Time

The real issue here is that the U.S. agencies have cited HSBC several times for being deficient at money-laundering practices as long ago as 2003. Nine years later, the situation is apparently not yet under control.

—Jim Antos, a Hong Kong-based analyst at Mizuho, after HSBC chief executive Stuart Gulliver admitted to failing to have anti-money laundering controls in place between 2004 and 2010.

Source: Bloomberg Businessweek

 

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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