HSBC under scanner for hiring people related to government officials

HSBC is being probed in the US for hiring candidates related to government officials in Asia Pacific. This is amidst the ongoing black money investigations in India and several other countries.

The bank hasn’t disclosed the specific country where such hirings could have been made. However it has said that it is cooperating with the investigation by the US markets regulator SEC (Securities and Exchange Commission).

UK-based HSBC also said it has received inquiries from the US Department of Justice regarding its banking relationships with certain individuals and entities that are or may be associated with the global football body FIFA.

"The DoJ is investigating whether multiple financial institutions, including HSBC, permitted the processing of suspicious or otherwise improper transactions, or failed to observe applicable AML (Anti Money Laundering) laws and regulations. HSBC is cooperating with the DoJ's investigation," the bank said.

For both the cases, the bank said "it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any possible impact on HSBC, which could be significant".