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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.
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.
Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Financial trade groups are asking the U.S. Treasury Department for more time to comply with intergovernmental agreements intended to shine a light on bank accounts held by American tax dodgers.
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. Internal Revenue Service's criminal division will open more investigations into members of an anti-government group that refuse to pay income tax, according to a senior agency official.
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.
As the United States continues its crackdown on foreign banks that aid American tax evaders, the role compliance officers can play in reporting the crime remains unclear, say bankers.
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.
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.
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.
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.
Two U.S. lawmakers and a coalition of small businesses called Tuesday for stricter requirements on collecting beneficial ownership data as part of an effort to clamp down on corporate tax avoidance.
U.S. investigators are increasingly relying on suspicious activity reports filed by depository institutions in their efforts to find tax evaders who hide their assets in foreign bank accounts.
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.
