Instant International
Written by: Xu Yi'an
2020-09-21 19:21
Last update date: 2020-09-21 19:21
A leaked confidential document disclosed that HSBC Holdings (0005) knew that the United States was investigating a Ponzi scheme involving US$80 million and still allowed suspicious funds involved in the case to be transferred to Hong Kong accounts via the United States.
HSBC responded that it has made reforms to combat financial crimes.
Recently, HSBC broke out more than one piece of negative news. After it was reported earlier or was included in the "Unreliable Entity List" by the Chinese authorities, the British Broadcasting Corporation (BBC) quoted a leaked secret report and HSBC learned of a Ponzi scheme. Later, fraudsters were still allowed to transfer tens of millions of dollars from the United States to Hong Kong.
HSBC said it does not comment on rumors that it may be included in China's "list of unreliable entities."
HSBC responded to reports on leaks and stated that in 2012, it had launched several years of reforms to improve the ability to combat financial crimes in more than 60 jurisdictions. Compared with the previous year, it is now a safer institution. The US authorities also confirmed that HSBC has fulfilled all the obligations stipulated in the agreement with the US prosecutors.
HSBC U.S. fraud
