U.s. Report Says Hsbc Handled Iran, Drug Money

HSBC

WASHINGTON (Reuters) - A "pervasively polluted" culture at HSBC Holdings Plc allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.

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Topics:  banks   congress   hsbc   iran   mexico   money laundering   saudi arabia   senate   syria   
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    Prosecutors said HSBC failed to spot suspicious activity related to Mexican and Colombian drug cartels, and handled transactions for customers in countries subject to U.S. sanctions, such as Myanmar, Cuba and Iran. As part of the settlement, HSBC entered a ...
    04/1/2016 - 4:17 am | View Link
  • BNP’s $8.97 Billion U.S. Fine Sets Bar for European Banks
    In 2011, JPMorgan Chase & Co. paid $88.3 million to settle allegations over transactions involving Cuba, Iran ... HSBC Holdings Plc reached a $1.9 billion deal to resolve charges it handled transactions for customers in sanctioned nations and enabled drug ...
    07/1/2014 - 1:53 am | View Link
  • International and U.S. Banks make millions from laundering drug money
    In addition, the government said HSBC violated U.S. sanctions for years by illegally conducting transactions on behalf of customers in Iran, Libya ... it had failed to spot and report drug dealers laundering money through its accounts.
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  • HSBC in talks to settle U.S money-laundering probe: Sources
    HSBC Holdings Plc, which is under investigation by U.S. regulators for laundering funds of sanctioned nations including Iran and Sudan ... a high risk for drug trafficking and money laundering, Senate investigators wrote in their report.
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  • UPDATE 5-U.S. report says HSBC handled Iran, drug money
    * Report cites problems at bank and its U.S. regulator * Bank compliance staff overwhelmed - report * Senator Levin says HSBC culture was "polluted" By Carrick Mollenkamp WASHINGTON, July 16 A "pervasively polluted" culture at HSBC Holdings Plc allowed the ...
    07/16/2012 - 9:41 pm | View Link
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