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Midweek Roundup: Senate Investigating HSBC for AML Violations, Obama Calls for Financial Fraud Unit, and More
printThe U.S. Senate is investigating HSBC Holdings PLC for money laundering, according to a Reuters story Wednesday. More The inquiry, by the Senate's Permanent Subcommittee on Investigations (PSI) might mean hearings and a report later this spring, according to the Reuters story. In August 2010, a regulatory filing by HSBC revealed that it was the subject of investigations by bank regulators and the U.S. Justice Department over money laundering and sanctions violations. More As a result of findings from those probes, HSBC is likely to face monetary penalties approaching $1 billion, sources told Moneylaudering.com in May 2011. More In response...
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