HSBC violated anti-money laundering norms: US

December 12, 2012 00:43

British bank HSBC intentionally broke US sanctions on Iran and other countries and laundered Mexican drug money, the US today said, and assessed a whooping USD 1.9 billion in penalties on the banking giant.

The bank's breakdowns in anti-money laundering (AML) compliance were particularly egregious because these failures allowed hundreds of millions of dollars from Mexican drug trafficking organisations to flow through accounts in the US, the Treasury Department said in a statement.

Despite HSBC's extensive global operations and the substantial resources it had available to manage transnational risk, it failed to help secure the US financial borders and left dangerous gaps that international drug dealers and other criminals readily abused, the statement alleged.

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