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HSBC creates committee to fight financial crime

Published on Jan 31, 2013 6:15 AM
The HSBC building is pictured in Mexico City, in this Dec 11, 2012 file photograph. HSBC is hiring a former US deputy attorney general with a background in fighting drug cartels to help the global bank avoid a repeat of lapses in its anti-money-laundering controls that led to a US$1.9 billion fine. The penalty, the largest ever paid by a bank, followed a long U.S. investigation into HSBC's Mexican and U.S. operations that concluded last month with scathing criticism of the systems it used to stop the proceeds of organised crime passing through its accounts. -- PHOTO: REUTERS  

LONDON (AFP) - HSBC on Wednesday said it had formed a board committee tasked with tackling financial crime, after the global banking giant was recently hit with huge fines to settle allegations of money laundering.

The Asia focused bank that is headquartered in London added in a statement that it had hired former US Deputy Attorney General James Comey to join the newly-created Financial System Vulnerabilities Committee.

"The new committee, which will benefit from the experience of the expert advisers, will provide invaluable guidance and advice as we strengthen our capabilities and enforce the highest standards, in particular in relation to combating financial crime," HSBC chief executive Stuart Gulliver said in the statement.

"The calibre, status and experience of the individuals reinforce once more how seriously we are taking this," he added.

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