Page 30 - HSBC (D) Case Study

“HSBC said it had $604m of provisions outstanding
at the end of December (2017) relating to its private

bank, which is being investigated in several
countries, including the US, Belgium, Argentina, India

and Spain. But it said “management’s estimate of the

possible aggregate penalties” could exceed $1.5bn,

which a spokesman described as a worst-case

scenario. “ (13)

HSBC is also being investigated by UK regulators for its

alleged links, through Dubai and Hong Kong, to money

laundering by South Africa’s billionaire Gupta family,

whose links to president Jacob Zuma are at the heart of a

political storm in that country.

Nevertheless, for Flint compliance will remain a top

priority for HSBC as it moves forward.