LONDON (Reuters) - HSBC
Prudential Regulation Authority regulators had highlighted the weaknesses and HSBC
Samir Assaf, HSBC's global banking and markets division head, told senior bankers on a conference call on Tuesday of the issue, said the source, adding the weaknesses had been identified during routine regulatory work.
HSBC has been dogged by compliance problems, with the most high profile scandal involving helping Mexican drug cartels launder money, leading to a $1.9 billion U.S. settlement in 2012.
A Department of Justice deferred prosecution agreement ended five years later, after HSBC invested hundreds of millions of dollars in compliance measures.
The PRA compliance issue adds to HSBC interim chief executive Noel Quinn's workload as he begins a costly overhaul to address sluggish European and U.S. performances.
(Reporting by Iain Withers; Editing by Alexander Smith)
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Updated Date: Nov 08, 2019 00:07:12 IST