« Things worth reading: 8th November 2012 | Main | Things worth reading: 9th November 2012 »

November 08, 2012


Feed You can follow this conversation by subscribing to the comment feed for this post.


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.

Nick Hampton

Can anyone suggest a bank that will accept a MSB in the UK? We have been told by HSBC that our account is being closed and we have talked to all the banks and nobody wants our business... can anyone help or know of a bank?

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)

Twitter FSClub

    follow me on Twitter

    Your email address:

    Powered by FeedBlitz

    Search blog

    Amazon Digital Bank

    Financial Brand Editor's Choice

    Alex: The Finanser BlogAlex at the Financial Services Club
    Gaping Void: The Finanser BlogGaping Void's Hugh MacLeod worked with the Finanser
    Wordle: The Finanser Blog

    The Financial Brand


    Payments News - from Glenbrook Partners

    Payments RSS

    Tomorrow's Transactions blog