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Senate Subcommittee to Publish Report on HSBC’s Alleged AML Lapses
By Brian Monroe
printU.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. The congressional report, scheduled to be released on the same day as a hearing on the subject, comes as the U.S. Justice Department has been negotiating an expected deferred prosecution agreement with HSBC over allegations that the bank potentially violated anti-money laundering (AML), sanctions and tax reporting laws. The bank first disclosed the investigation in an August 2010 regulatory filing. In a statement Monday, the Senate's Permanent Subcommittee on...
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