HSBC Unit Ordered To Boost Risk Management

Law360, New York (October 7, 2010, 6:35 PM EDT) -- A U.S. subsidiary of HSBC Holdings PLC has been handed a cease-and-desist order instructing the bank to bolster a firmwide compliance risk management program in the wake of a regulatory probe for possible violations of anti-money laundering requirements.

The U.S. Office of the Comptroller of the Currency said Thursday the Federal Reserve System had issued the order against McLean, Va.-based HSBC Bank USA NA for violating the Bank Secrecy Act and its underlying regulations.

The order requires the bank to take “comprehensive corrective actions” to improve...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.