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November 08, 2012

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james

HSBC sent Funds for Salvatore Frieri Gallo from HSBC Swiss acct to HSBC Panama then HSBC Venezuela. This money was so Frieri and his brother and other brokers could buy 100 of million in Venezuela bonds illegally. Money would go to black money
markets then buy bonds at deep discount sell them move money to Merrill Lynch Grand Valoro Swiss they never pay taxes in any country they do business. Salvatore is wanted by Colombian police for AML and fraud. He is hiding from the police in Roma. His name should be on Interpol list but he paid money to keep his name out of the system.

Rahul Shayar

HSBC and other banks should be aware that they will be held accountable for their actions if not now then later and then they cannot hide behind that he said this and she said that. They should follow the laws of the country or they should be kicked ot of the country. All banks and entities who take advantage and loopholes in the law should be held responsible for their past actions even if they come up with stupid excuses

David Landsman

Government has failed to prescribe a simple set of actions the bank and the MSB can to take to get on with their business. Until government makes it an affirmative public policy goal to make sure licensed entities have full access to the banking system, and provide banks and MSBs with a pathway to "Yes," this situation will only get worse.

Ricardo Jaoude

We are being hit by this decision. I am a compliance officer and director of a MSB in London. It's been extremely difficult to even start talks with the banks. There is only one bank in the market and is in the position of choosing who they will take onboard or not, and they will impose as much as they want in charges. This will make existing business to struggle due the lack of competition amongst the banks. This decision will force some MSBs to register themselves as agents of other companies if they still want to be in business (working on a profit zero margin) or close for good, as this situation is not commercially viable for anyone in this scenario. The situation is heading for something catastrophic. If they do not change their position I think HSBC should be held accountable for the financial losses these companies will suffer if the bank do not secure a safe transition for these companies that made profit for them in the past. They were naughty, they helped the bad guys and it is not acceptable to force the good guys in the sector to pay for their mistakes. This issue concerns me a lot.

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