HSBC Unit Settles Claims It Violated Terrorism Sanctions

Law360, New York (December 18, 2013, 8:25 PM EST) -- A U.S.-based unit of HSBC Holdings PLC has agreed to settle claims it violated global terrorism sanctions by processing a handful of transfers that may have put money into the hands of a designated terrorist, the U.S. Treasury Department said Tuesday. 

The Treasury's Office of Foreign Assets Control issued a notice saying that HSBC Bank USA NA had agreed to settle its liability for possible violations of the U.S. global terrorism sanctions regulations in 2010 and 2011. OFAC noted, however, that HSBC USA had voluntarily disclosed...
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