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Justice Department mulling over HSBC's choices for AML compliance monitor, decision likely in coming weeks, say sources

Feb 07 2013 Brett Wolf, Compliance Complete

The Department of Justice has received a shortlist of candidates from HSBC to serve as the bank's anti-money laundering (AML) compliance monitor for the next five years. Department officials are expected to vet the choices in the coming weeks and decide which, if any, will be awarded the potentially lucrative assignment, according to court documents and current and former Department sources. HSBC last month submitted the names of three candidates for the job, which will involve evaluating the British banking giant's continuing efforts to bolster its compliance with U.S. AML and sanctions laws and its adherence to an agreement it made with the Department, documents filed in federal court in Brooklyn stated. The documents did not name the candidates. These documents were filed at the request of the District Court judge overseeing HSBC's settlement with the Department, in which the bank agreed to forfeit nearly $1.3 billion and revamp its compliance program as part of a deferred prosecution

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