Although headline-grabbing settlements north of $1 billion have become the new normal for depository institutions operating in the United States, how those deals are impacting bank behavior is still unclear, at least for now, according to Brandon Garrett.
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.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
Examiners from the nation's top regulators of broker-dealers are investigating whether HSBC Securities USA sufficiently scrutinized and reported suspicious transactions, according to an individual with knowledge of the matter.
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.
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.
U.S. senators will question representatives from HSBC Holdings Plc and its financial regulator next Tuesday over the findings of an unreleased report outlining concerns about the bank's anti-money laundering compliance program.
Even prior to the disclosure last month by HSBC Holdings Plc that it would "likely" be the subject of a formal enforcement action related to anti-money laundering (AML) and other violations, things did not look good for the bank, according to Saskia Rietbroek, a partner with nomoneylaundering.com.
An appellate court decision rejecting a Zimbabwean couple's demand to know the names of HSBC employees who identified them in a suspicious transaction report could also establish new compliance requirements for British banks.
As pressure mounts against HSBC Holdings for purported widespread violations of U.S. regulations, the U.K.-based bank may find it has little wriggle room to negotiate itself out of a costly settlement, say analysts.
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.
Two cease-and-desist orders against a London-based financial institution are highlighting a growing concern among U.S. regulators: how banks structure their national compliance staff, say industry professionals.
The U.S. Treasury Department and the Federal Reserve issued separate enforcement actions Thursday against HSBC North America Holdings Inc. for systemic Bank Secrecy Act compliance violations.
The U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations, say individuals familiar with the investigation.
The United States is investigating the U.S. operations of New York-based HSBC USA Inc. for potential Bank Secrecy Act and sanctions violations, the bank said in regulatory filings released Tuesday.
A U.S. Justice Department criminal investigation of HSBC Holdings Plc clients suspected of tax evasion may prove easier to prosecute than its case against UBS AG accountholders, say tax attorneys.
As the United States and Europe continue to press China to support new sanctions against Iran, North Korea has launched a bank to circumvent international trade and financial prohibitions against it.