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)
Indian Prime Minister Narendra Modi is an authoritarian war criminal who is part of the worldwide surge of trumpist leaders and hopefuls, including Philippines president Rodrigo Duterte; Hungary’s Viktor Orbán; Russia’s Vladimir Putin; South Korea’s Park Geun-hye; France’s Marine Le Pen; the UK’s Nigel Farage, Turkey’s Recep Tayyip Erdoğan and others — bound together by […]
Though the October polls that predicted a great showing for the Pirate Party in the Icelandic elections turned out to be wrong, that election did end with a deeply divided parliament that has been unable to find enough common ground upon which to form a new government.
With the passage of the Snoopers Charter earlier this month, the UK has become the most-surveilled “democratic” state in the world, where service providers are required to retain at least a year’s worth of their customers’ browsing history and make it searchable, without a warrant, to a variety of agencies — and no records are […]
The Boing Boing Store’s Gift Guide is full of ideas for pretty much anyone in your life like hipster ice cub trays, Xbox controllers, Halo Boards, and even diamond necklaces. As always, all products in the Boing Boing Store come at great discounts, too. Shop by price bucket starting at under $20. Under $20:Bloxx Jumbo Ice Trays […]
Unlike traditional lighters, the SaberLight features an electronic plasma beam that’s both rechargeable and butane-free. This sleek lighter is even approved by TSA, so you’ll never be stuck buying lighters you’ll just have to throw away partially used. For some people, like me, this is a pretty big game-changer. The SaberLight’s beam is actually both hotter and cleaner […]
Holiday shopping is in full swing, and the Striiv Touch is one of the best gift ideas I’ve landed on. Its simple design works for females and males, and its wide range of features makes it suitable for even the non-fitness enthusiasts in your life.Unlike traditional fitness trackers, the Striiv Touch also acts as a smartwatch. It […]