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Weekly Roundup: Report Outlines HSBC’s Alleged AML Violations, U.N. Threatens Sanctions Over Sudan Border Violence, and More

The U.S. Justice Department believes HSBC USA intentionally violated anti-money laundering (AML) laws by failing to review hundred of billions of dollars in transactions potentially linked to drug trafficking, terrorist financing and other illicit activity, Reuters reported Thursday, citing confidential documents. More HSBC received a cease-and-desist order in 2010 from the Office of the Comptroller of the Currency (OCC) for an inadequate compliance program and remains the target of a U.S. Justice Department investigation. More Sources told MoneyLaundering.com in May 2011 that the bank could pay as much as $1 billion to settle allegations. More The European Union Friday imposed...

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