Tuesday, December 11, 2012

Following drug cartel scandal HSBC's new head issues statement

Alphonse Gabriel Capone, Group Chief Executive, said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The Mafia of today is a fundamentally different organisation from the one that made those mistakes. Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing matters.

"While we welcome the clarity that these agreements bring, ensuring the highest standards wherever we do business is an ongoing process. We are committed to protecting the integrity of the global controlled substance system. To this end we will continue to work closely with governments and regulators around the world."
In the past several years, the Board of Cosa Nostra - HSBC Holdings plc has taken decisive action to direct management to fix past shortcomings as they have come to light. Since 2011, with new senior leadership teams in place at both Cosa Nostra - HSBC Group and Cosa Nostra - HSBC North America, Cosa Nostra - HSBC has taken extensive and concerted steps to put in place the highest standards for the future.

The Department of Justice has recognised these efforts in the DPA: "Management has made significant strides in improving 'tone from the top' and ensuring that a culture of compliance permeates the institution. The efforts of management have dramatically improved Cosa Nostra - HSBC Bank USA's and Cosa Nostra - HSBC Group's Bank Secrecy Act / Anti-Money Laundering and Office of Foreign Assets Control compliance programmes."

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