Remember when HSBC got caught laundering billions for Mexican narco-terror cartels? Remember how they offered to pay five weeks' profits in fines and to defer their executive bonuses to escape criminal charges?
The crime-fighting legal eagles at the Department of Justice approved the settlement last week. Remember, though, if you are suspected of laundering money or selling drugs, the DoJ will take your house away and put you in jail for the rest of your life. Nice to be "too big to jail." Still, deferring multimillion-dollar bonuses has gotta hurt, huh?
HSBC's struggles with its correspondent banking controls have been a long-standing issue for the bank. A 2010 OCC order flagged the issue as the bank's primary anti-money laundering problem and said HSBC had failed to properly police some high-risk cash transactions of its affiliates.
HSBC operates hundreds of affiliates around the world and its US arm acts as the gateway into the U.S. financial system for this network by processing US dollar-denominated payments.
A US Senate report released in mid-2012 said HSBC failed to assess the money laundering risks associated with affiliates before opening correspondent accounts for them.
The interaction between HSBC's US arm and HSBC affiliates around the world continues to be a concern for the OCC, the sources said. In response, the bank has begun advising units that those that fail to implement full anti-money laundering regimes could have their correspondent accounts closed, one of the sources said.
HSBC is paying $2 billion, or 5 weeks' worth of its profit, to avoid criminal charges in drug cartel laundering case [Brett Wolf and Aruna Viswanatha/Thomson Reuters]
(Image: HSBC_valentinesdemo_DSC_0163, a Creative Commons Attribution Share-Alike (2.0) image from fleshmanpix's photostream)
The new data-sharing rules enacted by the Obama administration will allow the NSA to lawfully share the unredacted, full take of its surveillance databases with sixteen other US government agencies — meaning that, for example, Trump’s door-to-door deportation squads could use that data to figure out who’s doors to break down, and his Muslim surveillance […]
Kamala Harris was just sworn in as a senator from California, but her last gig was as California’s Attorney General, and in that role, she decided not to prosecute Trump Treasury Secretary pick Steve Mnuchin, whom her office had identified as presiding over “widespread misconduct” in foreclosing on Californians — that is, stealing their houses.
Update: They’ve backed down because Trump warned them it would be a distraction from taking away healthcare and giving tax cuts to rich people. The independent Office of Congressional Ethics — created in 2008 after three Congressmen were jailed for corruption — has been stripped of its powers by the House GOP, who held an […]
One of the best ways to progress a career in project management is through earning recognized certifications. These certifications carry significant clout and don’t require expensive tuition or student loans. This Ultimate Project Management Certification Bundle is a great example of an affordable way to get ahead. It includes training for 9 certifications including PMP, […]
There’s nothing quite like the rush of playing against a real human opponent. But from a developer standpoint, creating fun multiplayer experiences is incredibly complex. Fortunately, the Unity3D game engine has made all aspects of game creation, including multiplayer functionality, as accessible as ever.This Unity Course Bundle introduces all of the necessary elements of creating […]
The 2016 World Series game 7 will undoubtedly go down in history as one of the greatest baseball games of all time. With endless suspense, a nefariously-timed rain delay, and extra innings, it reminded over 40 million viewers why they love America’s pastime – and why all bets were truly off in 2016. Savor the […]