CIMA investigates HSBC Mexico scandal

| 27/07/2012

(CNS Business): The Cayman Islands Monetary Authority (CIMA) has admitted to an “the apparent breakdown of anti-money laundering (AML) procedures” at the Cayman Islands branch of HSBC Bank Mexico (HBMX) in the wake of revelations by a US Senate committee that tens of thousands of accounts at its Cayman branch had possible links to organized crime and were poorly regulated. As the regulator of financial services institutions in the Cayman Islands, CIMA officials insisted they are taking this seriously, as the authority announced that it is investigating whether the bank breached any local laws or regulations. Earlier this week Mexican regulators imposed a fine of nearly $28 million on HBMX for not having sufficient anti-money laundering controls. Read more on CNS Business

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