Regulatory Alerts2012-12-11 | 2012-02Added
Assessment of Civil Money Penalty in the Matter of HSBC Bank USA N.A.
The Financial Crimes Enforcement Network assesses a civil money penalty against HSBC Bank USA N.A. for willfully violating the Bank Secrecy Act since at least mid-2006. The violations include maintaining an ineffective anti-money laundering program, failing to conduct due diligence on foreign correspondent accounts, and failing to detect and adequately report suspicious transactions. Specific failures involved excluding approximately $60 trillion annually from transaction monitoring reviews, processing bulk cash movements without automated monitoring, and filing thousands of suspicious activity reports with significant delays.
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