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HSBC says it is serious on compliance with law

First published: November 9, 2012, 7:28 PM IST | Updated: November 9, 2012
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HSBC says it is serious on compliance with law
The bank, however, refused to comment on the specific details of the allegations made by Arvind Kejriwal.

New Delhi: HSBC Bank in India on Friday came out with a cautious reaction to the money laundering allegations made by activist-turned-politician Arvind Kejriwal saying it takes compliance with the law very seriously. Earlier in the day, Kejriwal targeted several top Indian business groups and a Congress MP, alleging that they had stashed black money worth several hundred crores in the HSBC Bank in Geneva, Switzerland.

"HSBC Bank in India notes certain allegations made today. The bank cannot comment on the specific details of the allegations that have been made, which relate to issues in the past," the bank said in its statement. "HSBC takes compliance with the law, wherever it operates, very seriously. With a new senior global leadership team and a new strategy in place since last year, HSBC continues to take concrete steps to strengthen compliance, risk management and culture," the bank added.

The bank said India is the key strategic market for HSBC. The group remains committed to investing in and growing its operations in the country.

(With additional information from PTI)

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