Regulators open inquiry into HSBC in Jersey
Wednesday 14 November 2012
Jersey's financial regulator has launched an investigation into HSBC's operations on the island following allegations that the bank opened offshore accounts for serious criminals.
The Jersey Financial Services Commission said it would "examine in detail" anti-money laundering systems and controls executed by HSBC. The JFSC will also investigate how details of thousands of accounts held at the bank's Jersey unit were leaked to HM Revenue and Customs.
On Friday, news emerged that HMRC had been handed details of more than 4,000 HSBC clients in Jersey.
The account holders are believed to include Daniel Bayes, a drug dealer now living in Venezuela, Michael Lee, who was convicted of possessing more than 300 weapons at his house in Devon and three bankers facing fraud allegations.
The disclosure came less than a week after the bank said it had set aside $1.5bn (£944m) to cover fines for United States regulatory breaches, including a failure to stop Mexican drug money laundering.
Responding to yesterday's news, HSBC said: "We are aware of JFSC's announcement today and will cooperate fully. We are pleased that the JFSC will look into how the misappropriation of data occurred, and apologise again to our customers for this."
The bank has already opened an investigation into the leaked documents and has visited Jersey to meet the island's regulators.
Last week, HMRC said it was "studying data" understood to have been sent by a whistleblower. "We value the information we receive from the public and business community," it added.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...