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Exclusive: Consultancies on second tier as Justice Department seeks HSBC compliance monitor

May 10 2013 Brett Wolf, Compliance Complete

Although a federal judge in Brooklyn has not yet signed-off on a deal between HSBC and the Justice Department that would settle allegations that anti-money laundering failures at the bank allowed drug cartels to launder hundreds of millions of dollars, candidates for a lucrative job policing the bank's compliance with the pact are scrambling to win the work. Consulting firms are not being considered to lead the work, but may be hired to carry it out once a well-recognized anti-money laundering expert is hired as monitor, a source said. "We're talking about a five-year, ironclad, wealthy contract. This is not hustling for billable hours," said a source familiar with the Justice Department's search for a so-called independent monitor. "There is an extraordinary amount of political jockeying going on to secure this work." There is no reason for the Justice Department to rush its selection process. It cannot name a monitor – a key requirement of the deferred prosecution agreement

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