Indeed. It will be interesting to see how the government responds to non compliance with the terms. The government appointment monitor at HSBC has apparently b

Indeed. It will be interesting to see how the government responds to non compliance with the terms. The government appointment monitor at HSBC has apparently been highly critical of the firm in his first annual report: The critical, 1,000-page report, which summarizes HSBC’s first year under a court-appointed monitor, raises doubts about how effective the government’s use of deferred- and non-prosecution agreements is in reining in wrongdoing and changing culture at the world’s largest banks. The report cites a litany of problems with the bank’s reforms and compliance procedures, finding that the pace of change is inadequate, said the people, who asked not to be named because the report isn’t public. In at least one instance, a bank manager shouted at an internal auditor who was critical of his work. In another example, the monitor discovered that documents justifying a decision to resolve a client alert were created after the fact although they were presented as being contemporaneous. http://www.bloomberg.com/news/articles/2015-03-30/hsbc-falls-short-on-compliance-monitor-said-to-report http://www.bloomberg.com/news/articles/2015-03-30/hsbc-falls...