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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 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.
Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
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.
In the wake of Senate hearings on HSBC and New York State's $340 million settlement with Standard Chartered, the popular press is giving anti-money laundering issues a lot more attention. That's good and bad news for compliance officials.
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.
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.
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.
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.
HSBC USA is restructuring its compliance department in the wake of the disclosure last week that the bank is bracing for a potential fine over Bank Secrecy Act and sanctions violations.
An expected fine for Barclays Plc totaling at least $300 million is tied to the bank's removal of data on wires involving Iran, according to a person with knowledge of the matter.
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.
