The Profound Impact on HBSC and the Financial Industry after HSBC's Involvement in Fraud
Abstract
The report outlooks fraudulent cases in that HSBC allowed fraudsters to transfer 80 million dollars from the US to China, all of which were money from the 'Ponzi Scheme'; the report proffers a stance that this case was fraudulent. To begin with, the report stipulates that the bank failed to close any of the fraudsters' accounts. As a result of fraud, the report asserts that HSBC has a profound result. The report posits the company lost money. On the other extreme, the bank lost its integrity. A company's reputation, logistical, regulatory, and intensity concerns are examples of interconnected negative effects, and each has an effect. The effects of this fraud in the financial sector are also discussed in the report. The report shows that due to the fraudulent case, the laws have been inflicted on financial institutions to ensure monitoring of internal activities.
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DOI: http://dx.doi.org/10.18686/fm.v7i4.6470
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