HSBC Holdings plc and affiliates
On December 11, 2012, a Department of the Treasury press release announced settlements totaling $875 million with HSBC Holdings plc and its affiliates, reached by FinCEN, the OCC and OFAC. Additional penalties in a combined federal, local and international government action bring the overall assessments against HSBC to more than $1.9 billion, for its conduct in violation of the Bank Secrecy Act and U.S. sanctions. The Treasury announcement was followed by releases by OFAC, the Federal Reserve Board the OCC, and the Justice Department. Treasury's press release includes a detailed description of the shortcomings of the banks' BSA/AML compliance programs.
- Treasury press release
- OFAC press release
- OFAC settlement agreement
- Federal Reserve Board press release
- FRB CMP Order against HSBC Holdings plc and HSBC North America Holdings, Inc.
- FRB C&D Order against HSBC Holdings plc
- OCC press release
- OCC C&D Order against HSBC Bank USA, N.A.
- OCC CMP Order against HSBC Bank USA, N.A.
- Justice Department press release