HSBC Names Interim Compliance Chief

Kirsty Everett, the compliance chief operating officer at HSBC Holdings PLC, will serve as the U.K. bank’s interim compliance chief as it looks to fill the role permanently, the bank said Monday.

The vacancy was created by the appointment of Colin Bell, HSBC’s group chief compliance officer for the past four years, who will become chief executive of HSBC Europe and HSBC Bank PLC, according to the bank.

Mr. Bell had been closely involved with a strategic transformation plan for Europe and was therefore well positioned for the role, the company said. The move was part of a broader shuffle in senior management across divisions at HSBC.

Ms. Everett will take up Mr. Bell’s role in addition to her existing responsibilities, a company spokesman said. Ms. Everett joined HSBC in 2019 to head the digital transformation of the bank’s compliance function, according to the bank. Before arriving at HSBC, she served in compliance roles at the UBS Group AG .

HSBC has faced regulatory challenges across its operations in recent years, paying penalties to settle allegations of defrauding clients through a practice known as front-running and helping Americans evade taxes.

In 2012, the bank entered into a settlement with U.S. prosecutors that allowed it to avoid criminal charges over anti-money-laundering failures on the condition that it undertake compliance reforms over a five-year period under the watch of an independent monitor.

The bank also paid a then-record $1.9 billion to settle the U.S. Justice Department’s allegations it failed to spot the laundered proceeds of drug trafficking in Mexico, and that its employees stripped data from transactions involving sanctioned nations such as Iran to avoid detection.

Source: The Wall Street Journal

Leave a Reply

Your email address will not be published.