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Violation Tracker Individual Record

Company: HSBC HOLDINGS PLC
Current Parent Company: HSBC
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $165,000,000
Year: 2012
Date: December 11, 2012
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: anti-money-laundering deficiencies
Mega-Scandal: Anti-Money Laundering Deficiencies
Violation Description: The Federal Reserve Board issued a consent cease and desist order against HSBC Holdings plc and assessed a $165 million civil money penalty against HSBC and its U.S. subsidiary. The order addressed inadequate oversight of anti-money laundering controls and U.S. dollar clearing practices used by the firm's banking subsidiaries in the United States and abroad.
Level of Government: federal
Action Type: agency action
Agency: Federal Reserve
Civil or Criminal Case: civil
HQ Country of Current Parent: United Kingdom
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.