HSBC in new US money-laundering inquiry
Thursday 26 January 2012
HSBC is again facing trouble as a result of the increasing clampdown on money laundering in the US.
The bank, which has been progressively reducing its US exposure, is the subject of an investigation by the Senate Permanent Subcommittee on Investigations. It is conducting a money-laundering inquiry.
The subcommittee, which has a history of bringing high-profile global banks to book, could hold a hearing and report this spring.
US officials have run a series of investigations into how big banks have processed transactions involving countries which the US government claims support terrorism as well as those which could involve criminals or potentially corrupt foreign officials. It is not known exactly what the focus of the subcommittee's inquiries into HSBC is.
The bank yesterday admitted it was holding "ongoing discussions" with US officials over "a number of regulatory and compliance matters". In a sign it is taking the increasing hard line of US watchdogs seriously it recently named former top US Treasury Department official Stuart Levey (pictured) as its London-based chief legal officer.
The bank has a history of run-ins with American authorities over its anti-money laundering systems and has twice been ordered to improve. It said it was working with regulators to resolve problems and had been hiring staff and consultants and improving training and monitoring. HSBC said it supported "US efforts to strengthen anti-money-laundering defences".
- 1 Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
- 2 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Cee Lo Green: It is only rape if the victim is conscious
- 5 Nigerian witch-finder Helen Ukpabio threatens legal action against human rights organisations
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Kate Upton nude photos leak: Model's spokespeople 'looking into' authenticity of indecent images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...
£700 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, J2EE, J...
£500 per day: Harrington Starr: SQL Developer SQL, C#, Stored Procedures, MDX...
£500 per day: Harrington Starr: C#.NET Developer C#, WPF, WCF, ASP.NET, Prism...