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HSBC Holdings plc and affiliates

12/10/2012
Fine Amount: 
$1.9B
Issued by: 

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.

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