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Bob Werner Appointed Head of Group Financial Crime Compliance and Group Money Laundering Reporting Officer (MLRO)
10 December 2012
HSBC is pleased to announce that Robert (Bob) Werner, previously head of the US Treasury Department's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FINCEN), is taking on a new role as Head of Group Financial Crime Compliance and Group Money Laundering Reporting Officer (MLRO).
The new role follows a compliance restructure which separates financial crime compliance from other areas of compliance. Bob will be responsible for developing HSBC's global strategy, standards, systems and policies in areas such as anti-money laundering, counter-terrorist financing, proliferation funding, anti-bribery and sanctions. He also will have global responsibility for their implementation and operations.
He will also oversee global financial crime compliance assurance by working with regional and local assurance teams to ensure consistent and effective application of, and adherence to, global financial crime standards, policies and procedures across the Group.
Bob will work with Security & Fraud Risk to establish a Global Financial Intelligence Unit to work with the business financial intelligence units, creating the capacity to conduct sensitive in-house investigations into potential regulatory breaches.
Since joining HSBC in August 2012 as Head of Global Standards Assurance, Bob has brought to HSBC a wealth of experience from both global financial institutions and the US Government. He has worked at the Department of Justice and also served in the Treasury Department in various senior roles, including heading OFAC and FINCEN. More recently, he has worked at senior levels at Goldman Sachs and Merrill Lynch in compliance enforcement and business intelligence.
Bob will report to Marc Moses, Group Chief Risk Officer with continued accountability to Stuart Levey, Chief Legal Officer in relation to the policy surrounding global standards and the conduct of certain internal investigations. He becomes a Group General Manager and one of about 40 senior executives responsible for the strategic direction and day-to-day operations of HSBC's global network.
An announcement on the leadership of the non-financial crime responsibilities will be made shortly.
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC Group is one of the world's largest banking and financial services organisations.
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