HSBC Money Laundering Scandal Analysis

This assignment requires a comprehensive analysis of the HSBC money laundering scandal, including its historical context, key events, and implications for global financial governance. It involves reviewing relevant literature, case studies, and online resources to provide an in-depth examination of the scandal's impact on international banking regulations and the importance of AML compliance in preventing similar incidents.

DISSERTATION

Table of Contents
CASE STUDY of HSBC Bank........................................................................................................1
INTRODUCTION ..........................................................................................................................1
Purpose of study:.........................................................................................................................1
Importance of case:.....................................................................................................................1
Structure of case study:...............................................................................................................1
CONTEXT.......................................................................................................................................2
CASE STUDY ANALYSIS............................................................................................................4
1) Major corporate governance and ethical issues related with Scandals of HSBC...................4
Ethical issues related to HSBC...................................................................................................5
2) Public Controversy related with the case and the measures taken to resolve it......................6
Board effectiveness issue............................................................................................................7
3) Major justice approaches........................................................................................................7
4) Main lessons which were learnt from the HSBC Scandals and learnt from case about
ethical factors..............................................................................................................................8
5) General lessons learnt from this case......................................................................................9
6) Invest money in HSBC firm.................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
.......................................................................................................................................................16

CASE STUDY of HSBC Bank
INTRODUCTION
Purpose of study:
HSBC bank provides the financial and banking services to people. It has dual primary
listing on London Stock Exchange and Hong king Stock Exchange. This bank drawn line under a
scandal in which it fined $1.9bn (£1.4bn) five years ago in United States for failing in order to
prevent the Mexican drug from the laundering of the thousand million dollars. HSBC bank
closed the accounts which are connected to the Gupta family in south Africa corruption
investigation and admit for first time concern regards potential ties to snowballing scandal. It
becomes necessary to measure and study firm and also about the arising scandals. The main
focus of this project on different scandals which arise in HSBC bank. This mention report
emphasis on various methods which are adopted through HSBC for purpose of solve different
problems arrived throughout procedure (Bavoso, 2016).
Importance of case:
HSBC is one of the multinational financial and banking services holding organisation and
its origin in Hongkong. In all over the world, it is seventh biggest bank through the total assets
and also largest in the Europe with the total assets of US$2.374 trillion. This bank contribute
towards overall growth and development of society in context to social as well as economic
standards to big context. In this present time period, there are some incidents such as money
laundering, close accounts of Guptas etc (Bonić and Stojilković, 2018). which are pointed
towards delineating the reputation of firm. In order to overcomes from all issues, it is necessary
for HSBC organisation for develop the better steps.
Structure of case study:
1. What is the major government and ethical issues related with Scandals of HSBC
2. What is the main Public Controversy related with the case and the measures taken to
resolve it?
3. What is the major justice approaches applied with the case study?
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4. What are the major lessons which were learnt from the HSBC Scandals? What you have
learnt from the case about ethical factors and role of governance?
5. What were general lessons learnt from this case? What have you learnt regards
governance and ethics from this case?
6. Would you invest money in HSBC firm? Give the reasons for your decision?
CONTEXT
HSBC bank is regarded as one of leading finance provider in this present time. It is
public limited organisation and its headquarter in London, United Kingdom. HSBC bank has
almost 3900 offices in 67 countries and also territories across Asia, North America, Africa,
South America and Oceania with almost 38 million consumers (Carlin and Lokanan,2018). This
firm is organised with the four business groups like for an instance Global Private Banking,
Commercial Banking, Retail Banking and Wealth Management and International financing and
Markets. On the basis of statistics, this firm is run on loss and work on get over from the all
issues which develop negative impact on business. Problems with are arising in company will be
measured for the possible criminal complicity in a connection with the allegation of corruptions
in South Africa.
DESCRIPTION OF KEY EVENTS
Scenario 1: Under this, the first case is related with the closed account of Gupta family. HSBC
admit for first time regarding its issues to snowballing scandal. In United Kingdom, regulators
are already look towards HSBC and some other ban had to tied up with Gupta after passing a
transaction list by cabinet minister Peter Hain to chancellor warning of their “possible criminal
complicity”. Previously, bank declined to the comment on its involvement but also revealed its
concern after the transaction details connected to the merged of Gupta (Chatterjee, 2016). At that
time reputation of HSBC bank declined. Under this, there is a requirement to HSBC bank to
review its exposure to Gupta for some period of time and close those accounts which are related
to the front organisations. It has been notified the Michael Cherkasky that monitor and control
anti- money laundering of bank control as situation of settlement in 2012 with United States
Justice Department and Financial Conduct Authority (FCA) of United Kingdom. On the basis of
reports that FBI examine whether firm connected to Guptas money that is moved by financial
system of America. Financial institution has been battle for enhance its resilience to the financial
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crime since year 2012 when it is reach at settlement with authorities of United States over an
allegation that it permit money from Sinaloa drug cartel to laundered through Mexican branches.
Scenario 2: In year 2012, HSBC bank was penalized record of $1.92 billion through United
States for the purpose of violating the laws which are designed in order to prevent the money
laundering and some of the other illegal financial activities (Furedi, 2013). Under this, HSBC
was in the consistent suspicion and also twice provided the warnings as well as order to strengths
anti- money laundering programmes through United States among 2003 to 2010 bot it failed to
make proper or systemic adjustments. Under Bank Secrecy Act, about $1.92 billion penalty
issued which was handed down after subsequent investigation as well as report which confirmed
bank has been set up the offshore accounts for the suspected criminals and drug cartels in Jersey.
The executives of HSBC banking admitted about laundering of $881 billion dollars.
Scenario 3: Under this, an ethical banking related to the investment along with lending that
used and follows the set guidelines with the help of international standards and also guided
through lending policies of HSBC Group’s preserve. In addition to this, HSBC executed
sustainability the local, lending policies and also adhered to the international standards by the
risk management as well as credit department.
This scenario can be solved through using the Utilitarian Approach and Justice Approach.
Scenario 4: Attorney General Eric Holder defended decisions of United States not for pursue the
criminal prosecution of the HSBC bank through clam the prosecution of large institutions has
negative affect on national economy (Gray and Ehoff Jr, 2015). Under this, there is a prosecution
advocate Senator Elizabeth Warren who voice in the public for decision not for prosecute the
HSBC bank for the purpose of money laundering. Under this, the Department of Justice seems
for holding the cards in order to decide HSBC ability fate for continue operate its business or
operations in United States. Comptroller can not be revoke its charter without any kind of
criminal conviction and also role of treasury to advice Department of Justice on affect of bank on
an economy. In addition to this, Debate represent an ethical dilemma among utilitarianism and
justice.
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CASE STUDY ANALYSIS
1) Major corporate governance and ethical issues related with Scandals of HSBC
Ethics are developed through the society in which HSBC bank operate its business.at the
time of conduct business, it is necessary for company to follow all the rules, norms and
regulations of society in significant manner. HSBC Holdings Plc was agreed to be paid about the
$1.92 billion as fine to the United States for permit itself to used to launder the drug money flow
out of Mexican and some of the other banking lapses (Jimenez-Andrade, 2018). On the other
hand, government of United States explain the corporate governance that has to maintain through
firms which are operate their business in United States. Corporate governance refers to system of
practices, processes and rules through which the company is controlled as well as directed.
Under this included balance of interest of many stakeholders of firm like for an instance
suppliers, government, consumers, management, financiers and also community. It also gives
framework for achieving set objectives of firm and also encompasses the each sphere of
management from internal controls as well as action plan in context to measure performance
along with the corporate disclosure. On the basis of given criteria every opening operate their
opening to submit corporate governance by following the all guidelines and also acceptance. It is
mainly developed for business firms so that they can not be perform any type of fraud activities
at market place. Better corporate governance is helpful in assure about the firms which are
managed in long term interest of shareholders. Government encourage the organisations to
support firms to adopt the best practice as corporate governance and recognise in globe. The
money laundering problem of HSBC in Maxico and United States have led to be questions
regarding the corporate governance.
The HSBC company is trying to operate business in an ethical manner in a best possible
manner and it develop the ethical problems in past like scandal of money laundering (Kenward,
2014). This band is known for the stable as well as steady bank in context to invest and also gain
the trust of consumers. In HSBC bank, ethical approach is lending as well as investment that
follows the guidelines which are set through standards and also guided through sustainability of
HSBC group to lending the policies. It is necessary that company should fulfil the expectations
of society. HSBC group create the sustainability of lending policies which are address the social
as well as environmental problems which are going to be govern for lending specific sectors and
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also determine fields where prohibited involvement (Kerzner and Chodikoff, 2016) . On the
other hand, credit executives use First-level Checklist related with the environment to assess all
environment related risks of lending the proposals concerned to sectors which are exposed to
“Two Highs” (high pollution and consumption of high energy) situated through Chinese
government. In China, HSBC firm employs the Sustainable development and full time
environmental officer with the consultancy experience to strengthen monitoring as well as
assessment of lending activities of bank along with the operation of consumers in context to
assure the full compliance with a international standards.
The sales of HSBC can be enhanced if it can act ethically and also make trustworthy. The
goodwill of HSBC organisation has suffered number of times over the recent years. After the
revelations concerned rigging of Euribor and Libor benchmarks along with the role in sub prime
crisis of United States. HSBC company revealed to have the bypass this kind of regulation
through transfer the funds of people towards foundation organisation as new regulatory measures
on focus on the individual accounts (Kerzner and Chodikoff, 2016).
Ethical issues related to HSBC
Under this, there are three different different ethical issues related with the HSBC bank
given below:
Rights- HSBC bank is one one the employee friendly organisation. This bank always
notice for advantages of staff members. The main objective of bank is maintain the work life and
also balance the policies. Staff members are open to provide their opinions to line manager. It is
a right to staff members to take part in strategy for develop the meetings in better manner
(Ethical Issues, 2018). HSBC bank also offering the share related options to staff members. This
bank give its participation in the Corporate Social Responsibility in order to employ the
vexatious able persons.
Responsibilities- It is a main responsibility of bank to keep consumers money secure and
safe. Invest money in those industry which will able to provide the high return to bank. On the
other hand, it is necessary for bank to give the high rate of return to shareholders. The HSBC
organisation perform all these given responsibility in well manner (Khan, 2016) .
Conflicts- It is a right of staff member to provide her or his opinion to meeting and also
time of developing the better strategic plan. Under this, there may be some disputed arise among
the staff members in bank. HSBC bank employed about 325000 staff members in all over the
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world. There are many kind of interbank disputes arise in context to giving profit to shareholders
and also recruit the most capable employees from market place.
2) Public Controversy related with the case and the measures taken to resolve it
In year 2013, Attorney General Eric Holder defend the decision of United States
government not to be continue the criminal prosecution of the HSBC through claiming that the
prosecution of large size companies has develop the negative affect on national economy. Under
this, large companies deemed equal to the persons which are under legislation through supreme
court of United Stated in year 2010 and now afforded freedom from the criminal prosecution
(Kummer and Novicevic, 2015). At prosecution forefront advocated Senator Elizabeth Warren
voiced in public her disdain for decision but not to the prosecute the HSBC for the purpose of
money laundering. She asked some questions to Department of Justice (DOJ) that which amount
of money do you have for launder before shut down the bank. Department of Justice seems to
hold all cards in order to decide face of ability of HSBC organisation to continue the operations
in United States. In addition to this, Comptroller can not be annul its charter without any type of
criminal conviction and also role of treasury that is simple to be advise Department of Justice on
impact on institutions on an economy.
Under this, record setting fine is comprised of $1.256 billion in the forfeiture and also
$665 million as civil penalties which permit the HSBC bank to thwart the criminal prosecution to
pending the probationary compliance period with the anti- money laundering standards. In
addition to this, probationary period included the agreement of five year agreement with
Department of Justice that consists an independent monitor of the internal anti- money of the
laundering programs of HSBC deference through top executive of banks and also bonus
retraction from some of the existing as well as former executives which has specific involvement
in wilful US regulations breach (Kynaston and Roberts, 2015). Under this, risk of money
laundering is related with conduct business with the Maxican consumers which were compliance
as well as ignored problems at the HSBC Maxico to be overlooked and also problems of anti-
money laundering was not to be executed.
HSBC is one of the largest bank in Europe and it paid fine of $1.9 billion in year 2012 in
order to neglect the prosecution for allow around $881 million from sale of the illegal drugs. In
regards to this, facilitating the money laundering through drug cartels and evidence was also
found of the moving money of HSBC bank for Saudi bank tied to the group of terrorists. On the
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basis of deferred prosecution agreement (DPA) HSBC bank has to be entered with Department
of Justice officially and also offer the confirmation which United Kingdom bank had and also
generate the share of revenue in Asia and also would not pay the penalty for control of money
laundering (MacDonald, 2017) .
Board effectiveness issue
HSBC bank is committed with the high standards of the corporate governance. It has
comprehensive range of systems as well as policies in order to assure that the bank is well
management with better control as well as oversight. Conduct is critical elements of business
activities of HSBC. It is embedded with strategy of groups, planning and also models of
business. In large size organisation, board of directors may develop the oversight of strong risk
by adopting the leading practices. HSBC organisation pat the record of $1.92 billion as fine to
authorities of United States country. Under this, HSBC organisation face large number of
challenges as well as threats. At market place, there are many controversies which are related
with the technical management of HSBC. In context to ongoing financial crisis, the HSBC bank
is hoping to be applied £25b. Funds are unveiled through government of United Kingdom in
regards to save the banking system of country. The whole approach is varied from the presently
led through Group from major competitors (Naheem, 2015). HSBC company intend to be lend
£750 m in order to reinforce capital base of United Kingdom. For minimise risk, HSBC
organisation identify way to determine the better conclusion to commercial users.
3) Major justice approaches
On the basis of given case study, HSBC bank breach norms as well as regulations of
government. In context to this, corporate governance is under designed about to perform for
people at market place. It is necessary for company to assure about take care the demands as well
as expectations of stakeholders. Under this, there are two main approaches are mention below:
Utilitarian Approach
This theory takes into consideration the rights and wrongs depending upon the
consequences of an action. The theory states that when something is morally carried out it is
bound to produce greatest results and vice versa (Rixen and Dietsch, 2015). In layman terms, it is
said that actions which leads to happiness of the people can be considered to be good and tend to
influence overall utility in the world. It is essential to embed this utilitarian approach in context
of HSBC bank, so that it leads directly to more contented and satisfied stakeholders. This can be
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considered as one of the reason for which the government have not been prosecuting the
company as it has been influential for a large section of people in the society. The government is
more inclined into taking moral grounds seriously and undertake decision leading to utility of a
large section of people. The measure which has been considered in this scenario is imposing a
file which leads to penalty of approximately $1.92 Billion on the company. This theory has been
criticised as well as fails to contradict with the practice which states that lying and cheating leads
to fall of a business which can not be considered with paying a minimalistic fine (Ryding, 2018).
There has been a failure of justice in this scenario as people who are affected in these
wrongdoings of a company are not satisfied with this theory.
Justice Approach: Retribution and Deterrence
This approach defines that ethical decision is that one which is able to distribute benefits
and harms of the situation amongst stakeholders in an fair and equitable manner. The moral
question in this approach is put forward on the fairness of decision taken by the concerned. The
justice approach is further fragmented on the basis of retribution and deterrence. The retribution
focuses on providing punishment to offenders of the law whereas deterrence undertakes
instillation fear of punishment in the minds of offenders so that even others could be prevented
from committing similar crime. The major distinction amongst the two is that retributive is
provided as per the scenario whereas deterrence outweighs the crime committed. Therefore, it
can be finally said that a mere financial penalty is not enough for the money laundering crime
which has been carried out by the HSBC bank. The wrongdoings of this institution is to be
served with deterrence so that people who are being affected by money laundering achieve
justice (Toms, 2016).
4) Main lessons which were learnt from the HSBC Scandals and learnt from case about ethical
factors
HSBC is a multinational bank and it wants to encourage the consumers by use the
internet banking. The global functions of HSBC plays necessary role in support the international
business of bank and also provide the wide range of Career related opportunities in the field of
finance, marketing, communications, sustainability and human resources. Under this, there are
several lessons learnt from case study and also analysis. With the help of study about the case
study, I learned many things and gain some knowledge related with the firm and also see about
the development of company over a period of time (Naheem, 2015). Analysis is helpful in study
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regards to four different scandals as well as scenarios which have to be occurred in an
organisation with the best possible reasons for occurrence of such kind of scandals. In order to
resolve the ethic related solutions, there are some theories used through company. It is helpful in
overcome from the different scandal. This theory is helpful in gain effective knowledge to
resolve the problems related with the ethics as well as corporate governance.
Under this, analysis is helpful in getting the knowledge in a detailed manner related to
regulatory framework of United States and United Kingdom. Under this, the regulatory
frameworks provide possibility in context to gain some knowledge related to different codes and
legislations which direct firms in country. The unethical practices of HSBC organisation is
studied under this. There are many different issues arise related to ethics to consumers. Under
this, the other lesson which I learnt about the money laundering and conduct the illegal finance
related activities. In this, analysis is done on scandals related to the HSBC firm helpful in realise
social affect on business organisation. It given the better lesson on possibilities of firm and also
face the same events in United Kingdom in future context. In simpler words, it can said that case
that has given wide range of the knowledge related to corporate governance and also ethics.
5) General lessons learnt from this case
Under this, there are several lessons which have not to be learnt from case study. It is
helpful in gain some better knowledge related to HSBC bank and helpful in develop with in a
time period. Analysis is helpful in study abut the four different scandals and scenario (HSBC
money laundering failures: 5 points we must all learn - for a start AML is not just a process,
2017). In addition to this, analysis is helpful in provide the information related to US and UK
both in a detailed manner. In this, regulatory frameworks provide possibility for gaining some
better knowledge related to the corporate governance and also ethics which direct firms in
country. As per case study, it has seen that many rumours have been spread about HSBC Bank if
UK. It has conducted some illegal activities in business like drug supplying to overseas in order
to raise profitability of business (O'Brien and Dixon, 2012). Therefore, it has faced various issues
in conducting further activities of business. This firm also has paid various penalties to
government for such resolving kind of issues. Anti Money Laundering is considered as effective
or legal process in discrete terms as it is established to stop activities of generating money by
illegal activities. Government of a nation has strictly prohibited to organisations to operate their
business in illegal manner ( Packin, 2013). If any company found guilty for operating fraudulent
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activity in business then regulatory bodies can charge them as well as can cancel their license
also. Along with this, it has also learnt that if a firm is doing fraudulent activities then it will
majorly impact on reputation and image of business at marketplace. Customers are also avoid to
use services of such firms who operate business in illegal manner.
 For improving image of HSBC and tracking activities for preventing business from
fraudulent activities, it is necessary for employers of this firm to provide training to
workers who are involved in AML. In context with money laundering and terrorist
financing, the salesperson, AML Compliance Group, Client On-boarding Officer needs
to determine overall process. Along with this, instead of giving priority to Customer Due
Diligence, managers of HSBC should concern more on AML controls.
 As giving training once in a year to AML team is not sufficient for money laundering
and terrorist finding, therefore, employers of this financial organisation needs to provide
information based on practical scenario also (Rixen and Dietsch, 2015). In addition to
this, HSBC needs to take appropriate measures through which image of business can be
improved.
 Suspicious Activity Reports is nothing but asking usual and general sense question. This
is to be noted that information that is being gathered from such interrogation should be
kept confidentially. In this context, messages received must not be go out from front line
departments to some other organisations which is not a part of that conversation. If any
illegal and untrusting activity would be observed regarding the similar, then it is the
responsibility of staff members to report to the head of departments about that
phenomenon so that it can be stopped by finding real culprit. On the other hand, if
reporter would not receive success in giving correct data about such illegal action then
this is suggested that such person may not become successful manager in their career.
This has been found from an investigation that most of the companies are still treating
SARs as a numerical game and a problem to be applied for dealing with through the
AML groups.
 AML is not a procedure for keeping regulators satisfied and happy (Yeoh, 2014).
Whereas it is considered as best interests of each individual such as higher
administration, sales personnels, legislation enactment and social group collectively.
Thus, it can be said that HBSC is facing these kind of troubles due to the basic and
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dramatic alternations. Therefore, organisation requires to observe costing regarding
reputation, share costs, time interval and effort as well in order to deal with such
problems. It has noticed that 'The Senate Committee had subpoenaed a huge quantity of
informations or evidences (Zerban and Ateia, 2016). Around more than 1.4 millions of
documents were collected for doing the same. In addition to this, approximately over
seventy five (75) interviews had been conducted with the officials of HBSC.
 By examining the situation of company, it is suggested to challenge AML competency
as well as training which is occurring within ventures. This is to be noted that regulators
require to give such challenges. Apart from this, certain recognition about AML is also
needed and identification should be done for finding facts regarding profession of AML
i.e. requirement of technical cognition, effective and ethical judgement along with
critical ideas. If these facts are not recognised then failures may be faced on continuous
basis. By understanding its significance, various jurisdictions like Malaysia & Singapore
started to impose official qualifications for those individuals who are undertaking or
performing the role of AML.
 By observing case of HSBC, some more morals and learning can be acquired by a
personnel. For example, managers should perform at workplace by maintaining
confidentiality in respect to information gained about appreciable or illegal activities. By
this way, they can work honestly by showing their devotion regarding work to
organisation. In return, workers may attain inner peace because they get satisfied by
serving their own company honestly and ethically. This also help them in improving
their professional career since such activities build them strong and skilled. They can
easily raise voice against corruption happening at workplace. This will proved to be
beneficial for both corporation as well as employer (Buchanan and Zabala, 2017).
6) Invest money in HSBC firm
The whole case study as well as analysis is done according to case studied which are
helpful in taking the better decisions on investment that has been made on company of HSBC
bank. Decision that has been shown that how organisation is developing by its last decade. Under
this, different theories, corporate governance and ethical issues and these all are helpful in decide
about invest in this organisation or not because people do not want to waste their money. They
want the proper return on investment. In this present time period, organisation is run with the fast
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rate and events which are happened in firm can provide the outcomes soon to fall of firm. Under
this all scandals develop the negative impact of consumers towards an organisation. Through
these scandals, consumers which taken interest towards company are uneager in future. Issues
which are occurred in United Kingdom. In addition to this, it is necessary for company to comply
or deal with the different legislations, corporate governance and also ethics (Ryding, 2018).
After happening all these scandals related to close accounts of Guptas, corporate
governance, ethics etc. In this present time period, HSBC company is maintain its market
reputation buy conduct its business operation in positive manner. It maintain its development as
well as growth stability in future. It can assure that firm will overcome from its all problems and
sustain at market plan in better manner (Toms, 2016). So, now make investment in this company
is effective and beneficial.
CONCLUSION
It has been concluded from the above given report that all scandals of HSBC bank
develop the negative impact on reputation as well as profit level on business. Case study is
related with the scandals of HSBC bank. It has been more helpful in gain the knowledge related
with the firm that has been developing rapidly as well as in spite deal with all problems which
are arise at workplace. Under this, there are four main issues are charged against firm. Under
first scenario, there has been explained about close accounts of Guptas of South Africa which are
connected with an investigation of family corruption. First time bank admits the concern regards
its potentially ties to developing the scandal of South Africa closing accounts which are held
through the front organisations. In addition to this, second scenario is related with the HSBC
bank was penalized record of $1.92 billion through United States. Under this, money laundering
threatens whole financial systems and also found the ways to combat as well as detect the money
laundering terrorists as well as crime level that attacks to be increased through all activities
which should be reduced. In addition to this, money laundering develops negative affect on
business of HSBC bank. On the other hand, the third case is related with the ethics. At the time
of conduct business activities, HSBC needs to be followed all rules as well as regulations which
are set through society. It is necessary that company should not hurt the feelings of people of
society. The fourth and last scandal of HSBC bank is related with the public controversy of
company and negative affect on mind of consumers.
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These all are the four scenarios which help to measure about the ethics, corporate
governance, money laundering and some of the theories which can be used in order to get over
from all problems. Under this, different legal systems, regulations and also codes aids for the
corporate governance. Analysis is helpful in collecting the different lessons on ethics. Money
laundering and also corporate governance.
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