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Finance: The HSBC scandal: a red flag for U.S. regulators?

European financial institutions face stiffer regulation in the aftermath of the recent scandal involving allegations that British banking institution HSBC Holdings handled accounts for tax evaders and criminals. According to Wharton accounting professor Jennifer Blouin, the HSBC case sends warning signals to the U.S. financial services industry as well. “From a U.S. perspective, my worry is … what other institutions are out there [involved in illegal activities], and what are they doing?”? she asked. “Who is facilitating black market criminal activity?

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