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HSBC Earmarks $1.5 Billion For Anti Money Laundering Violations, May Face...
In a chagrined earnings call, HSBC Chief Executive Stuart Gulliver said that the bank would set aside an additional $800 million of capital to deal with fallout from the bank’s ongoing anti money...
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HSBC Cleans Up
HSBC HSBA.LN +0.60% is cleaning up its act, despite a potentially huge bill for breaking U.S. money-laundering rules. Apart from new provisions for that and other past misbehavior, two things stood out...
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Britain Opens Inquiry on HSBC Accounts in a Tax Haven
HSBC’s legal troubles are growing. The British tax authorities said Friday that they were looking into a list of HSBC clients with bank accounts in the tax haven of Jersey. Her Majesty’s Revenue and...
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HSBC’s Multiplying Legal Issues
It went from bad to worse for HSBC last week. The bank added $800 million to its reserves to help address potential money-laundering charges. And it is also confronting more trouble after a...
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HSBC Sets Up Financial Crime Compliance Unit
HSBC has promoted a former U.S. official who headed sanctions action against drugs traffickers and money launderers to be its head of financial crime compliance, a new role. Europe’s biggest bank,...
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HSBC N.J. Client Admits Conspiracy in Offshore Tax Case
A New Jersey client of HSBC Holdings Plc (HSBA) pleaded guilty to charges that he hid as much as $4.7 million through Swiss and Indian accounts not declared to the U.S. Internal Revenue Service. Sanjay...
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Jon Stewart Skewers HSBC For Dealings With Iran And 9/11 Perpetrators
A U.S. Senate investigation released last month found that the bank HSBC helped Iranian banks skirt American trade sanctions and Mexican drug lords launder money. They also did business with a Saudi...
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The HSBC AML Settlement – Lessons Learned for the AML Compliance Practitioner
I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions...
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HSBC CEO Stuart Gulliver: Our Complex Structure Was ‘Very Attractive’ To...
HSBC’s biggest ever restructuring had been necessary to simplify the bank’s complex structure and wide geographical spread which had made it attractive to money-laundering criminals, its Chief...
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HSBC faces new money laundering claims in Argentina
Banking giant HSBC, which was hit with a US fine for money laundering last year, is facing fresh accusations of illegal activity in Argentina. Argentina has alleged that the bank used “fake receipts”...
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Why SAC and not HSBC?
As you are probably well aware, SAC Capital Advisors LP, the eponymous $15 billion hedge fund founded and run by Steven A. Cohen, was indicted (criminal indictment:...
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HSBC Spending More on Compliance Amid Broader Cuts
HSBC Holdings PLC on Monday posted a 23% increase in net profit for the first half of the year, results that were due in part to a three-year cost-cutting plan. But the bank said it allocated more...
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HSBC suspends two foreign exchange traders just because they may have helped...
HSBC has suspended two London-based foreign exchange traders as an investigation into the possible rigging of global currency dealing deepens The bank said late last year that it was one of a number...
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JPMorgan to HSBC Face EU Rate-Rigging Fines From Almunia
JPMorgan Chase & Co. (JPM) andHSBC Holdings Plc (HSBA) face a European Union complaint as soon as next month as the bloc’s antitrust chief races to fine a quartet of financial companies that...
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Banks Woo Treasury Sanctions Pros to Navigate Complex U.S. Rules
The Obama administration unit central to enforcing economic sanctions on the regimes of Vladimir Putin and Bashar al-Assad has to contend with a nuisance closer to home: large banks poaching its...
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HSBC Chairman Says Compliance Spending May Moderate
HSBC Holdings Plc (HSBA) Chairman Douglas Flint said the cost of policing potential wrongdoing will probably decrease after Europe’s largest bank by market value spent billions of dollars to toughen...
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HSBC Swiss Private Banking Arm Faces Tax Investigation
French judges have put the Swiss branch of HSBC under official investigation over allegations that Britain’s biggest bank helped wealthy clients avoid taxes. It was revealed on Friday that the unit had...
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HSBC dismisses head of European forex trading
HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa. Stuart Scott has been “let go”, a source confirmed to the BBC on Wednesday. The move comes a month after the...
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HSBC tower may sell for $1.85bn
London’s biggest and most expensive office building, HSBC Holdings’ global headquarters, is up for sale and could fetch more than £1.1 bn ($1.85bn), according to a report in the Financial Times. The...
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EU Commission charges HSBC, JPMorgan, Credit Agricole with rigging
European Union antitrust regulators charged Europe’s biggest bank HSBC, U.S. peer JPMorgan and France’s Credit Agricole on Tuesday with rigging financial benchmarks linked to the euro, exposing them...
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