Agreement between HSBC and FCA reached on financial crime risk management – interim results – 1st August 2017

HSBC has agreed with the Financial Conduct Authority to achieve integration of a framework and operational processes into its financial crime risk management. The group will continue acting on the recommendations of an independent compliance monitor and fine tuning major compliance IT systems, it said on Monday with its interim results. HSBC said that the FCA agreement involves having a “policy framework and associated operational processes fully integrated into day-to-day financial crime risk management practices in an effective and sustainable way.” The group envisages completing some financial crime-related targets by the end of 2017, including on anti-money laundering and sanctions. “We remain on track to complete the introduction of the major compliance IT systems, to have our AML and sanctions policy framework in place, and to complete all actions committed to as part of the global standards programme in 2013 by the end of 2017,” HSBC said.


Alex Davidson, Regulatory Intelligence