Anti-Money Laundering (AML) , Standards, Regulations & Compliance , Video

Whistleblower Everett Stern: 'Do the Right Thing'

"If You See Something, Say Something' Applies to Banks, Money Laundering
Everett Stern, CEO and intelligence director, Tactical Rabbit

It's been nearly seven years since HSBC was fined $1.9 billion by U.S. authorities for money laundering violations involving international drug cartels. But Everett Stern, the former employee who blew the whistle on the bank, continues to tell his story because he believes similar criminal activity is ongoing.

"There are clear indications it is still going on," says Stern, now the CEO and intelligence director of the Tactical Rabbit consultancy. "Nobody went to jail. Justice didn't happen. The dove did not fly across the courtroom in this case. There are banks that are constantly violating OFAC [Office of Foreign Assets Control] sanctions, getting money to terrorist organizations and drug cartels, and they're just being fined over and over ... and it seems the fines are just a cost of doing business."

In a video interview at Information Security Media Group's recent Fraud and Breach Summit in Chicago, Stern discusses:

  • Why he continues to tell the HSBC story;
  • The impact this saga had on him personally;
  • Lessons to be learned from his experience.

Stern also will be addressing this topic in a keynote presentation at the ISMG Fraud and Breach Summit: Seattle on June 4.


About the Author

Tom Field

Tom Field

Senior Vice President, Editorial, ISMG

Field is responsible for all of ISMG's 28 global media properties and its team of journalists. He also helped to develop and lead ISMG's award-winning summit series that has brought together security practitioners and industry influencers from around the world, as well as ISMG's series of exclusive executive roundtables.




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