Conservative MP Adam Chambers has notified Parliament of his proposal to examine circumstances of Royal Bank of Canada’s purchase of HSBC Canada and to have at least $100-million set aside to cover the possibility of fines from “any current or future investigations by regulators.”
The notice of motion to Ottawa’s Finance Committee is in response to The Bureau’s investigation of an HSBC Canada whistleblower’s allegations of surging mortgage fraud and money laundering concerns in Toronto-area HSBC branches during the Covid-19 pandemic.
The whistleblower, who left HSBC Canada after making internal complaints in April 2022, believed bank staff were complicit in a fraud that enabled Chinese diaspora real estate investors to secure at least $500-million in questionable mortgages since 2015, by claiming faked or exaggerated incomes in China . . . .
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