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Federal officials balked at criminally charging HSBC Bank USA in 2012 over concerns that an indictment could harm the global economy and strain relations with the United Kingdom, Republican lawmakers said Monday.
HSBC should have done more to vet the anti-money laundering compliance controls of banks it acquired in Mexico and Switzerland, the institution's former chief executive officer told British lawmakers Tuesday.
The axe may be falling on up to 50,000 positions at HSBC Holdings Plc but at least one department seems sheltered from the cost-cutting measures: the bank's compliance team.
Following last month's reports that HSBC's Swiss private bank served thousands of possible tax cheats, the U.K. government outlined plans Thursday to target tax evaders and those who assist them.
British lawmakers Monday sharply criticized HSBC’s leadership for failing to prevent widespread tax evasion by clients and take responsibility for the institution’s compliance lapses.
The U.K. is considering a money laundering investigation of HSBC's Swiss operations in light of recent allegations that the bank maintained accounts for financial criminals, a British official said Wednesday.
London-based HSBC Holdings Plc could find itself paying more to rectify past compliance problems following disclosures this week about the bank's services for clients with criminal ties, according to analysts.
HSBC Bank USA will seek a new chief compliance officer after the departure of the executive who filled the role for over two years.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
A newly implemented plan by HSBC Holdings Plc to export U.S. anti-money laundering standards to its global offices faces a difficult but common challenge for big banks: approximately half of its estimated 80 affiliates are located in bank secrecy jurisdictions.
Most news accounts of Tuesday's U.S. Senate inquiry into HSBC Holding Plc's compliance failings led with the bank's anti-money laundering compliance chief's announced resignation before lawmakers. But what he meant, it turns out, is that he is only taking another job inside the bank.
HSBC Holdings Plc will close all of its U.S. accounts in the Cayman Islands after a congressional investigation found that the Caribbean branch functioned solely as a dollar-clearing shell bank.
HSBC Holdings Plc could pay as much as $1 billion for Bank Secrecy Act and U.S. sanctions violations, an amount that would overshadow previous fines for similar infractions, say sources.
