The Young Turks
Headquartered in London, HSBC is one of the largest banking and financial services institutions in the world.
Recently, HSBC has been ordered to pay a record 40 million Swiss francs and been given a final warning by the Geneva authorities for “organizational deficiencies” which allowed money laundering to take place in the bank’s Swiss subsidiary.
The settlement means the Swiss will not prosecute HSBC or publish the findings of their investigation into alleged aggravated money laundering. However, Geneva’s chief prosecutor, Olivier Jornot, cautioned that the bank was on notice, saying: “This is an excuse which will only apply once,” writes the British newspaper The Guardian.
Recently (and defiantly?) a group of HSBC bankers decided to do a fake ISIS beheading video which has been leaked to the public.