Page 37 - HSBC (D) Case Study

2014 Nov: HSBC pays US and UK regulators $618m when it is one

of six banks fined a total of $4.3bn for their
involvement in a foreign exchange rate-rigging

scandal.

2014 Nov: France, Belgium and Argentina charge HSBC with
aiding tax evasion through its Swiss business.

2015 Feb: The full extent of the Falciani leaks were exposed in
the media.

Feb 2015: More details of the Falciani leaks are published by

media organisations across the world. HSBC apologies
in a full page advert taken out in national newspapers.

Chairman Douglas Flint and Chief Executive Stuart Gulliver
questioned by U.K. Parliament's Treasury Committee about
personal accountability amid allegations that its Swiss private
bank helped wealthy clients, including as many as 1,000

Britons, evade taxes.

Jul 2016 DOJ charge two HSBC executives over an alleged $3.5
billion currency scheme which defrauded HSBC clients

and "manipulated the foreign exchange market to
benefit themselves and their bank" Mark Johnson and

Stuart Scott, both British citizens.

Nov 2017 UK regulator FCA are to investigate claims that HSBC
was involved in “possible criminal complicity” by

aiding money laundering for the billionaire Gupta
family in South Africa. The call to investigate comes as

the scandal surrounding the Guptas’ alleged links to
South Africa president Jacob Zuma intensified, with

the country’s official opposition party walking out of
the parliament in protest over corruption claims.