British banking giant HSBC is planning to hire thousands of additional compliance officers in an effort to fight a series of legal issues.
The bank’s move follows a US$1.9 billion settlement it reached with US Justice Department (DoJ) for breach of anti-money laundering and sanctions.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new hiring will bring the bank’s total compliance staff to more than 5,000, about 2% of its workforce worldwide.
The bank’s compliance restructuring plan separates financial crime compliance from other areas of compliance.
Susan Wright, HSBC head of financial crime external relations, said that the bank’s compliance resources have increased substantially, reported Compliance Week.
"We have four business lines and heads of finance crime embedded in each one," Wright added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLast year, the bank hired Robert Werner as head of group financial crime compliance, and group money-laundering reporting officer to improve its anti-money laundering controls.
