HSBC Could Face Criminal Charges For Iran Transactions

Law360, New York (February 27, 2012, 10:28 PM ET) -- HSBC USA Inc. may face criminal charges and civil complaints from the U.S. Department of Justice and others over its past transactions with Iranian parties and others sanctioned by the U.S. Treasury Department's Office of Foreign Assets Control, the company disclosed Monday.

The HSBC Holdings PLC unit admitted in its annual report to the U.S. Securities and Exchange Commission that it is the subject of ongoing investigations by the DOJ, the New York County district attorney's office, the OFAC, the Federal Reserve and the Office of...
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