United States Fed Ends Enforcement Actions Against HSBC, 10 Years after $1.92 Billion in Fine for Money Laundering for Mexican & Colombian Drug Cartel
HSBC London Headquarter Riverview Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Contact Us / Sign Up: Click here Visit: Caproasia.com | Caproasia Access | 2022 Events | TFC - Find Services | Grow Business | Sign Up For Media, Events, Networking, Roundtable, Membership - Contact Us Grow Your Clients, Business & AUM. Start in 24 hours. List Services: HNW | Private Wealth | Family Office | Investment This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
United States Fed Ends Enforcement Actions Against HSBC, 10 Years after $1.92 Billion in Fine for Money Laundering for Mexican & Colombian Drug Cartels 2nd September 2022 | Hong Kong
The United States Federal Reserves (Fed) has ended enforcement actions against HSBC, 10 years after the banking giant was fined $1.92 billion for money-laundering offence including money-laundering for Mexican & Colombian drug cartels. On 1st September, the Federal Reserve Board officially announced the termination of the enforcement action listed to HSBC Holdings plc, London, United Kingdom. In 2012, HSBC entered into a 5 year deal to strengthen anti-money laundering controls. See below for HSBC Money Laundering Between 2001 to 2010.
“ United States Fed Ends Enforcement Actions Against HSBC, 10 Years after $1.92 Billion in Fine for Money Laundering for Mexican & Colombian Drug Cartels “
2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM New to Caproasia? Join 10,000 + Financial Professionals & Professional Investors Learn More | Sign Up Today Caproasia.com | Caproasia Access 2022 Events | TFC - Find Services Grow Business | Contact Us HSBC Money Laundering Between 2001 to 2010
HSBC London Headquarter Riverview Cease & Desist Order on 11th December 2012:
HSBC had admits that it violated the BSA by willfully failing to establish and maintain an effective AML program and willfully failing to establish due diligence for foreign correspondent accounts
HSBC admits that it violated TWEA by willfully violating or attempting to violate any regulation issued under TWEA, including regulations restricting transactions with Cuba. Holdings further admits that it violated IEEPA by willfully violating or attempting to violate any regulation issued under IEEPA, including regulations restricting transaction with Iran, Libya, Sudan, and Burma.
Between 2006 and 2009, Holdings’s banking subsidiary in Mexico, HSBC Mexico (“HBMX”), was able to engage in a substantial number of high-risk transactions with HBUS while maintaining an inadequate system of internal controls to manage the risk of money laundering. Holdings officials failed to communicate certain negative findings in internal audits of HBMX and concerns raised by foreign governing bodies regarding the AML practices of HBMX to HNAH and HBUS appropriate legal and compliance staff in the United States, while simultaneously maintaining firm-wide standards and policies that discouraged HBUS from conducting appropriate levels of due diligence and monitoring of the bank’s foreign correspondent accounts; and
From at least 2001 to 2007, Holdings’s banking subsidiaries in Europe, HSBC Bank plc (“HBEU”), and the Middle East, HSBC Bank Middle East (“HBME”), moved, or permitted to be moved, illegally several hundred million dollars through the U.S. financial system on behalf of banks located in Cuba, Iran, Libya, Sudan, and Burma, and persons listed as parties or jurisdictions sanctioned by OFAC in violation of U.S. economic sanctions in a manner that circumvented the system established by HBUS for ensuring compliance with the laws of the United States, including the regulations issued by OFAC (31 C.F.R. Chapter V) (the “OFAC Regulations”). Holdings failed to adequately review the procedures used by HBEU and HBME to determine whether these transactions were carried out in a manner consistent with U.S. law.
Between 2006 and 2010, HBUS failed to maintain internal controls, staffing and resources sufficient to adequately identify and mitigate the risks associated with high risk transactions conducted through the bank’s foreign correspondent accounts, especially those relating to the bank’s Mexican affiliate. In this regard, HNAH failed to ensure that HBUS had an adequate process to identify high risk customers and countries that may be potentially associated with money-laundering or terrorist financing.
For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Sign Up / Contact Us Sign Up:
Free TrialBasic $120Professional $380Executive $2,000MembershipTeam / Corporate
Interests / Events / Summits / Roundtables / Networking:
Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1*
Email 2
Country
Your Message (leave blank if none)
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.