In its periodic filings with the Securities and Exchange Commission, HSBC Holdings plc stated that it has disclosed potential AML and sanctions compliance issues to the Federal Reserve Bank and Office of Foreign Asset Controls in the US, and/or the Financial Conduct Authority (FCA) in the UK. The bank also reported that it is under investigation by FINCEN and the Civil Division of the US Attorney’s Officer for the Southern District of New York regarding the collection and transmittal of third-party originator information in certain payments instructed over HSBC’s proprietary payment systems. The FCA is further investigating HSBC’s compliance with UK money laundering regulations and financial crime systems and controls requirements. The bank stated that it is cooperating in all of the pending investigations.
February 20, 2019
British multinational banking and financial services company discloses potential AML and sanctions compliance issues
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