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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    Standard Chartered said in its annual report ... HSBC had 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.
    09/2/2016 - 8:11 am | View Link
  • StanChart faces extension of U.S. money-laundering vigilance
    StanChart rival HSBC also has a deferred prosecution agreement ... authorities cover the period between 2001 and 2007 when it improperly handled transactions with customers from Iran, in breach of sanctions. The bank also faces an ongoing investigation ...
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  • HSBC comes up short in money laundering vigilance, U.S. says
    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 ...
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  • International and U.S. Banks make millions from laundering drug money
    The Department of Justice and U.S. Treasury said that HSBC ... and report suspected money laundering by narcotics traffickers. They handled funds totaling $378.4 billion for Mexican currency-exchange houses acting on behalf of Mexican Drug Cartels.
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