The Result of Inadequate Compliance

20 September 2020 news about HSBC’s moving millions of Ponzi scheme money through its US business to Hong Kong, soon after the UK’s biggest bank had been heavily fined in the US over money laundering, clearly shows that even heavy weights are susceptible to flaws in the compliance function that inevitably result in enormous damage.    

According to BBC, “The investment scam that HSBC was warned about was called WCM777. It was started by Chinese national Ming Xu. Little is known about how he came to be living in the US, although he claims to have studied for an MA in California… Through travelling seminars, Facebook and webinars on YouTube, it raised $80m selling supposed investment opportunities in cloud computing.” Clearly, this was not a difficult scheme to uncover.

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