CIMA finally pulls HSBC Mexico license

(CNS Business): More than eight months after it began an investigation into the Cayman Islands Branch of HSBC Mexico SA and some four months after the bank’s parent company admitted the money laundering at the subsidiary registered in this jurisdiction, the Cayman Islands Monetary Authority has finally pulled its Category “B” Banking License under the Banks and Trust Companies Law (2009 Revision). “CIMA concluded that the Cayman Islands Branch of the company is conducting business in a manner detrimental to the public interest, the interest of its depositors or of the beneficiaries of any trust or other creditors and that the direction and management of its business has not been conducted in a fit and proper manner,” the authority said in a 27 February statement. Read more and other stories on CNS Business