Not TBTJ in Cayman...Cayman Islands Monetary Authority (not U.S.) Revokes HSBC Mexico Banking License

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Not TBTJ in Cayman… Cayman Islands Monetary Authority (not U.S.) Revokes HSBC Mexico Banking License

Not TBTJ in Cayman… Cayman Islands Monetary Authority (not U.S.) Revokes HSBC Mexico Banking License

Cayman Net News-

The Cayman Islands Monetary Authority has officially revoked the banking license of HSBC S.A. (Cayman Islands Branch).

In a press release dated Friday, 1 March, the authority said that since last July the said bank had been under investigation to establish whether they had breached any local laws and regulations.

“In the Decision notice of 27 February, the CIMA revoked the Category B Banking license.

Following Section 18 (1) ( i) of the Banks and Trust Companies Law (2009 Revision), CIMA concluded that HSBC was conducting business in a manner detrimental to the public interest, the interest of depositors or of the beneficiaries of any trust or other creditors and that the direction and management of its businesses has not been conducted in a fit and proper manner,” read the announcement.

[CAYMAN NET NEWS]

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One Response to “Not TBTJ in Cayman… Cayman Islands Monetary Authority (not U.S.) Revokes HSBC Mexico Banking License”

  1. Sarah says:

    The Cayman Islands go where official USA won’t announce, even if the laundry machine says made in Mexico. International cartels depend on international banking cartels. The British Overseas Territory is reknowned for washing, so the irony is deep. Ole!

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