HSBC Names Head of Financial Crime Compliance
LONDON – The British bank HSBC on Monday appointed Robert W. Werner, a former United States Treasury official, to direct financial crime compliance, a newly established role.
Mr. Werner, who joined HSBC in August as head of standards assurance, also became group money laundering reporting officer, the bank said in a statement. Mr. Werner is based in New York, and in his new role he will report to Marc M. Moses, the bank’s chief risk officer.
HSBC is revamping its risk management and compliance after it became the subject of an industrywide money laundering investigation by United States authorities. The bank has set aside a total of $ 1.5 billion to cover potential fines stemming from the case. In part, the authorities are investigating whether some bank executives ignored warning signs in the firm’s dealings with clients potentially linked to terrorism.
HSBC’s chief executive, Stuart T. Gulliver, said in November that he and the board “deeply regret what took place.”
Mr. Werner was previously head of the United States Treasury Department’s office of foreign assets control and financial crimes enforcement network. As part of his new role at HSBC, Mr. Werner is to develop strategies, standards and policies aimed at preventing bribery, money laundering and financing linked to terrorist groups, the bank said in the statement.