Should the US government kick HSBC out of US markets?

"In late January 2015 an independent US monitor is expected submit a negative report to the Department of Justice (DOJ). The report will likely summarize how HSBC has still failed to meet anti-money laundering standards. A published review in April will review the bank's entire private banking sector, trade-finance business, and its operations in six countries, including those in the US, according to prosecutors."

1 Answer

  • 6 years ago
    Favorite Answer

    Possibly.HSBC admitted to trading with the enemy. That's the most troubling aspect of their behavior.

    "WASHINGTON – HSBC Holdings plc (HSBC Group) – a United Kingdom corporation headquartered in London – and HSBC Bank USA N.A. (HSBC Bank USA) (together, HSBC) – a federally chartered banking corporation headquartered in McLean, Va. – have agreed to forfeit $1.256 billion and enter into a deferred prosecution agreement with the Justice Department for HSBC’s violations of the Bank Secrecy Act (BSA), the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA)."

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