HSBC has appointed former MI5 director general Sir Jonathan Evans to its financial system vulnerabilities committee.
On 6 August, Evans will join the lender as an independent non-executive director and as a member of the committee which has been specifically launched in order to pinpoint any part of the bank’s operations which could prove vulnerable to financial crime.
He will be paid a director’s fee of £95,000 per annum, as authorised by shareholders at the 2011 Annual General Meeting and a fee of £30,000 per annum as a member of the committee.
HSBC has made several public attempts to ramp up its governance capabilities after it was fined £1.2bn by US authorities over money laundering and sanctions law breaches in November.
A report by the US Senate specifically noted that large sums of Mexican drug money likely passed through the bank.
The financial system vulnerabilities committee was set up in January in order to deliver governance, oversight and policy guidance on subjects including anti money-laundering systems and the prevention of both illegal drugs activity and terrorist financing.
Chadney Bulgin mortgage partner Jonathan Clark says: “‘Sir Jonathan Evans’ recent appointment is clearly designed to give HSBC’s credibility a shot in the arm after its huge fine last year.”