HSBC and Standard Charter find cleaning up their acts expensive - The National:
"Last summer, the biggest international banks in the UAE were facing fines totalling billions over failed anti-money laundering practices and even the loss of their licences to operate in the United States.
A year later, and the costs of putting things right are almost as severe. The entire sector is feeling the change - and few are happy about it.
HSBC was censured last July by the US Senate for lax anti-money laundering practices. The bank acknowledged its services were used by Iranian companies subject to sanctions and Mexican drug cartels and made a fulsome apology."
'via Blog this'
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