Post by Logan on Mar 11, 2016 6:31:36 GMT -6
HSBC has lost its latest bid to keep some portions of a potentially explosive report about its anti-money-laundering efforts from being made public.
A Brooklyn federal judge nixed many of the UK bank giant’s requests to black out parts of the 250-page report produced by an outside monitor in the wake of HSBC’s $1.9 billion settlement with the Department of Justice.
Judge John Gleeson — who has already rejected requests from the Justice Department and HSBC to keep the January 2015 report sealed — said many of HSBC’s proposed redactions were “over-inclusive.”
The bank, for instance, wanted to strike the monitor’s finding that the bank “moved too slowly and made too little progress toward instilling the type of culture it will need” to fix its money-laundering controls.
Read more: nypost.com/2016/03/10/hsbc-loses-latest-bid-to-redact-money-laundering-report/
A Brooklyn federal judge nixed many of the UK bank giant’s requests to black out parts of the 250-page report produced by an outside monitor in the wake of HSBC’s $1.9 billion settlement with the Department of Justice.
Judge John Gleeson — who has already rejected requests from the Justice Department and HSBC to keep the January 2015 report sealed — said many of HSBC’s proposed redactions were “over-inclusive.”
The bank, for instance, wanted to strike the monitor’s finding that the bank “moved too slowly and made too little progress toward instilling the type of culture it will need” to fix its money-laundering controls.
Read more: nypost.com/2016/03/10/hsbc-loses-latest-bid-to-redact-money-laundering-report/