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banking

Yes, yes, yes, we all know: HSBC is officially a UK bank except we all know it isn't. Not really. Yes, it has a big office in London and because of Stock Market rules its big bosses all have desks there but in truth, HSBC is still what it says on the tin. Even the Shanghai bit is coming back into use. So when HSBC in Hong Kong announced that it is starting to collect more detailed Know Your Customer information, it's good to take notice. And one reason it's good to take notice is that almost every other bank in the world is going to have to follow the HSBC lead as Compliance/Risk Management decisions inform business direction. And if they don't, they face appearing on a new OECD blacklist, an OFAC list and many more.

The USA's Federal Reserve Board is planning to fine and issue prohibition orders against two former Managing Directors of J. P. Morgan Securities (Asia Pacific) Limited. It follows on from the Board's fining of the bank in November 2016. The offence? Excuse us while we choke on our own laughter: giving jobs to the boys. But they did it in China. On Wall Street, it's standard operating procedure, as it is across a wide range of industries in the USA. There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

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