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. Treasury Department's sanctions enforcement agency fined a Japanese bank nearly $8.6 million Wednesday for violating sanctions against Iran, Sudan, Myanmar, Cuba and weapons proliferators.
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 nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.
Expected criminal and civil settlements over anti-money laundering lapses will likely cost HSBC Bank USA $1.5 billion or "significantly" more, the financial institution said in a regulatory filing Monday.
U.S. sanctions against an international gang with thousands of American members will challenge compliance officers of small and midsize banks, say attorneys and former government officials.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
U.S. financial institutions must freeze any account and block any payment linked to the Syria Islamic International Bank (SIIB), the U.S. Treasury Department announced Wednesday.
The U.S. Treasury Department Tuesday disclosed an $111,359 fine against the New York branch of Société Générale for violating American sanctions against Iran in late 2006 and early 2007.
American banks must block any transaction tied to Syria's largest bank and report the freeze to the U.S. Treasury Department's Office of Foreign Assets Control, under sanctions issued Wednesday.
A London bank in talks with the United States for potential violations over its economic sanctions compliance program spent $150 million in 2010 on related transaction reviews and upgrades.
One of the United Kingdom's largest banks has agreed to pay nearly $300 million to settle charges with U.S. and New York authorities that it stripped payment information from wire transactions to do business with countries on U.S. sanctions lists, according to court documents released Monday.
The U.S. Treasury Department Tuesday blacklisted seven individuals and 22 organizations, including two banks in Belarus and one in Iran over their alleged ties to Iran's nuclear program.