Thursday, August 05, 2010

Another day, another British bank scandal

Yesterday it was the Royal Bank of Scotland. Today it's HSBC, through its U.S. arm. As ABC News reports:

"These examinations and inquiries pertain to, among other matters, our global banknotes business [TJN: which sends notes around the world on behalf of clients] and our foreign correspondent banking business [which settles cross-border banking business], and our compliance with the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control requirements," the filing said."

Well this sure does look like offshore business. And, depending on the outcome, dirty business. British banking does it again.


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