Comment: Cayman Islands Monetary Authority revokes HSBC banking license

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Cayman Islands Monetary Authority revokes HSBC banking license

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The Cayman Islands Monetary Authority has officially revoked the banking license of HSBC S.A. (Cayman Islands Branch). March 2013.

In a press release dated Friday, 1 March.... “In the Decision notice of 27 February, the Cayman Islands Monetary Authority (CIMA) revoked the [HSBC] Category B Banking license .

... HSBC was conducting business in a manner detrimental to the public interest, the interest of depositors or of the beneficiaries of any trust or other creditors and that the direction and management of its businesses has not been conducted in a fit and proper manner,” read the announcement.

This follows recent reports that HSBC has handed million-pound pay packages to more than 200 staff in a year that saw it fined £1.2billion for money laundering.

... Campaigners said the massive sums showed the ‘culture of entitlement was alive and well in the city’.

HSBC’s profits for 2012 hit £13.7billion – more than 10 times the amount it was fined for its US and Mexican operations channeling money for drugs cartels.

... HSBC Mexico, which was the subject of a US regulators investigation for laundering funds of sanctioned nations including Iran and Sudan. ...

The US financial regulators that fined it £1.2billion said the bank had such a ‘ringing endorsement’ from Mexican drug gangs that it became known as ‘the place to launder money’....

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