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


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: