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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BING NEWS:
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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 - 8:17 am | View Link
  • U.S. says HSBC must do more to improve compliance
    NEW YORK (Reuters) - HSBC Holdings Plc is making progress toward ... for money launderers and Mexican and Colombian drug cartels, and handled transactions for customers in Burma, Cuba, Iran, Libya and Sudan, which were all subject to U.S. sanctions.
    04/1/2015 - 1:41 pm | View Link
  • HSBC to announce $1.8 bln settlement in U.S. money laundering probe-sources
    According to that report, Mexican and U.S. regulators "expressed repeated concerns" that an HSBC unit handled such a large amount of bulk cash that it had to be tied to "illegal drug proceeds". How to prosecute HSBC has been a source of debate within the ...
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  • HSBC in Settlement Talks With U.S. Over Money Laundering
    HSBC handled so-called U-turn transactions through U.S. financial institutions that involved funds from Iran to non-U.S ... it posed a high risk for drug trafficking and money laundering, Senate investigators wrote in their report. HSBC, which declined ...
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