Global Investigations Review - The law and practice of international investigations


Friday, 08 November 2019

BoE issues another warning to HSBC over risk control

The Bank of England (BoE) issued a second warning to HSBC over its lack of progress in tackling risks including financial crime, Bloomberg reported on 7 November.

Bloomberg reported, citing individuals close to the matter, that HSBC’s chief of global banking and markets Samir Assaf told executives that BoE’s Prudential Regulation Authority (PRA) warned it was making insufficient progress combatting “non-financial risks”, which include financial crime, compliance breaches, and staff misconduct and culture.

HSBC and the Bank of England have not commented on the report. 

Brazil Supreme Court revokes mandatory imprisonment rule

Brazil's Supreme Court voted on Thursday to revoke a rule requiring mandatory imprisonment for criminals appealing against their convictions, according to Reuters.  

The decision means individuals will be allowed to pursue appeals before beginning their sentences.

The decision could see the release of dozens of executives and politicians jailed for bribery and corruption, including former president Luis Inácio Lula da Silva.

CFTC Whistleblower rewards fall in 2019

The US Commodities Futures Trading Commission’s (CFTC) has revealed in its annual report to Congress that it has given out whistleblower rewards totalling $15 million in the 2019 financial year.

In 2018, the CTFC paid out a record $75 million in whistleblower rewards, including a single payout of $30 million in one case. Whistleblower tips were also down in 2019 with the commission receiving 455 tips, compared with 760 tips the previous financial year.

The CFTC has issued 14 cash rewards to whistleblowers since 2011, handing out over $100 million. CFTC whistleblowing payments can constitute up to 30% of the total penalty that a company is forced to pay as a result of the whistleblower’s tip.

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