HSBC Agrees With U.S. to Boost Anti-Money Laundering
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A U.S. unit of HSBC Holdings Plc agreed today to strengthen a compliance program that federal bank regulators said was ineffective and created “significant potential” for money laundering and terrorist financing.
HSBC Bank USA received a cease-and-desist order from the Office of the Comptroller of the Currency. The OCC said the bank has “critical deficiencies” in reporting suspicious activities, monitoring bulk cash purchases and international funds transfers, and examining the background of customers.