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)
Trump Town is a Propublica/Columbia Journalism Investigations interactive database of everyone working in the Trump administration; the latest revision reveals that Trump has hired 281 former lobbyists to regulate the industries that used to sign their paychecks.
• Trump lawyer’s bank records examined • Witnesses questioned on work for Ukraine mayor • Feds probing efforts to oust U.S. ambassador Donald Trump’s longtime personal attorney Rudy Giuliani is the subject of a federal criminal investigation.
Google and the other big tech companies are some of the most lavish funders of climate denial "think tanks" and lobbying groups, something they've been at continuously for more than six years, without interruption.
We have a theory about those throw blankets that are barely big enough to cover your legs. The only people who seem to make them or use them are grandmothers, and the blankets are only that small because Nana got bored halfway through the sewing job. Look, we’re sure she means well. But if you […]
Remember when the default state of your online presence was anonymity? That’s not so clear-cut anymore, and the worst part is you may not even know who is using your data or what they’re using it for. Small wonder that so many people are choosing to surf through virtual private networks. VPNs filter web access […]
Get ready for the stream of your dreams, binge-watchers. There’s a contest afoot, and at stake is a lifetime subscription to Netflix. All you have to do is sign up, and you’re entered to win this ultimate Netflix plan. When does it expire? Only when you do. And hey, just in case you need something […]