Sep 19, 2023 · HSBC's was fined $1.9 billion in 2012 for its flawed anti-money laundering controls. It ranked as one of the largest fines imposed on a bank in the U.S. up to that time.

Sep 21, 2020 · The news stunned one HSBC senior anti-money-laundering executive, who left the bank shortly after the DPA expired. The executive, who asked to speak anonymously for fear of retaliation by the bank, identified Hong Kong as the epicenter of the bank’s financial crime problems and said the issues there had remained “largely untouched” during ...

Dec 11, 2012 · According to court documents, HSBC Bank USA violated the BSA by failing to maintain an effective anti-money laundering program and to conduct appropriate due diligence on its foreign correspondent account holders.

Jul 17, 2012 · Failure after failure at HSBC led to the London-based bank being used as a conduit for "drug kingpins and rogue nations", a 300-page report compiled for a US Senate committee has found.

Dec 11, 2012 · An investigation by U.S. Immigration and Custom Enforcement's (ICE) Homeland Security Investigations (HSI) revealed HSBC Bank USA violated the BSA by failing to maintain an effective anti-money laundering (AML) program and to conduct appropriate due diligence on its foreign correspondent account holders.

Dec 10, 2012 · HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.

Jul 20, 2012 · This week a Senate investigation detailed that HSBC had lax controls against money-laundering and often ignored warnings about clients with ties to drug cartels and terrorists.

Dec 17, 2021 · Banking giant HSBC has been fined £63.9m by the UK's financial regulator for "unacceptable failings" of its anti-money laundering systems.

Jun 18, 2024 · Switzerland’s financial regulator has banned HSBC’s Swiss private bank from taking on prominent public figures as clients after finding the lender violated anti-money laundering regulations.

The OCC and FinCEN announced separate assessments of $500 million civil money penalties (CMP) against HSBC Bank USA N.A. (HBUS), McLean, Virginia for BSA violations. The OCC CMP is being levied for failure to comply fully with a remedial order addressing these violations, issued by the OCC in 2010.