HSBC issued with cease-and-desist order for AML failures

Mark Sands
25 Oct 2010

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NEW YORK – The US Office of the Comptroller of the Currency (OCC) has served HSBC North America (HSBC NA) with a cease-and-desist order, demanding improvements in internal controls. The OCC claims the bank violated the Bank Secrecy Act, demanding immediate "comprehensive corrective actions".

According to a statement from the OCC, it found deficiencies in wide-ranging areas of HSBC NA's compliance programme, including suspicious activity reporting, monitoring of funds transfers and cash purchases

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