Our people play an important role in the fight against financial crime. We have built a dedicated team of financial crime specialists and equip our employees to speak up when something does not look right.
Our team of specialists has been significantly strengthened and is five times bigger than in 2013. In 2016 we created a dedicated Financial Crime Risk (FCR) function that brings together all areas of financial crime risk management within the bank.
The function’s eight specialist areas include a Financial Crime Threat Mitigation capability to leverage intelligence, investigations, analytics, technology and public-private partnerships so we stay one step ahead of the criminals.
A dedicated Board committee provides independent supervision. The Financial System Vulnerabilities Committee reports to the Board on matters relating to financial crime and financial system abuse, and provides a forward-looking perspective on financial crime risk.
We have invested significant amounts of time and money to make sure our employees are properly equipped to combat financial crime.
of staff training on tackling financial crime in 2016
We delivered more than 3.1 million hours of targeted training on financial crime to employees in 2016. As a minimum requirement, all HSBC employees must complete mandatory on-line learning in areas such as sanctions and anti-money laundering every year, with individuals in higher risk roles receiving targeted training specific to their role.
Our internal communications activity also has an important role to play in deepening deepen employee understanding. A recent global campaign, ‘Safer Today, Stronger Tomorrow’, used real cases that were investigated by HSBC for financial crime breaches. The bank has also created a series of documentaries that aim to bring home the human impact of financial crime to our employees.
We have identified three behaviours essential to managing financial crime risk: speaking up, taking accountability and using good judgement. We track these behaviours regularly and are implementing a range of initiatives to influence them and help create a culture where we manage risk effectively.
Working in partnership is vital to understand and tackle financial crime.
We are investing heavily to create an integrated system that keeps criminals out of banking.