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Foreign missions traditionally deal in large amounts of cash, something which may have raised uncomfortable questions at a bank that has been buffeted by money laundering scandals. The bank declined to comment on "individual customer relationships." The bank said that over the past six months, it had added 1,600 people to its regulatory and financial crime compliance units, and all of its employees are receiving mandatory training on compliance issues. The bank said Monday that former U.S. prosecutor Michael Cherkasky, who was hired in the wake of the American fines, has started work evaluating the group's internal controls as they relate to anti-money laundering laws and international sanctions. But shares fell, trading 4 percent lower in London, as analysts said pre-tax revenue numbers were weaker than expected and amid concerns about China, a key market. "Perhaps the most telling comment is management's view that China has moved from a stimulus agenda to one focused on reform," said Gary Greenwood of Shore Capital Stockbrokers. "This suggests to us that the outlook for growth in China and the surrounding region may be more muted than management had previously anticipated."
[Associated
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