What crimes did HSBC commit?
HSBC’s Money Laundering 2012 Charge HSBC Holdings’ (HSBC) agreement to pay a $1.9 billion fine to regulators for serving as a middleman for Mexican drug cartels and enter into a deferred prosecution agreement points to a lack of adequate control processes in compliance and anti-money laundering.
How much did HSBC get fined?
The FCA has fined HSBC Bank plc (HSBC) £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime.
Why did banks mis sell PPI?
How were the banks mis-selling PPI? Payment Protection Insurance is designed to cover loan or credit card payments if you cannot work, for example, if you become ill or lose your job. Banks and other lenders sold PPI to their customers without fully explaining what it covered.
Who did HSBC launder money?
The internal report, published on the Zondo commission website last week, said HSBC had money laundering concerns relating to three companies either controlled by or connected to an associate of the Gupta family, and “identified by credible investigative media sources to be at the centre of a large money laundering and …
How was HSBC caught?
HSBC’s promises were hollow, and so was the government’s threat. The FinCEN Files investigation — which also included internal bank records and firsthand accounts of people inside the bank and familiar with the monitor’s examination — found numerous fronts on which the bank fell short.
What happened to HSBC in 2012?
December 2012 HSBC pays $1.9bn (£1.3bn) and signs a deferred prosecution agreement with the US Department of Justice after it was found to have violated US sanctions and admitted its accounts were used to launder money for criminal networks, including $881m for Mexican drug cartels.
When did HSBC fine money laundering?
In 2017, HSBC was told to pay $1.9bn (£1.4bn) to settle a money-laundering probe by US authorities – the largest penalty of its kind ever paid by a bank. The investigation found Europe’s largest bank failed to prevent Mexican drug cartels from washing hundreds of millions of dollars.
Which bank has been fined the most?
The settlement by BNP Paribas in the U.S. sanctions case for nearly $9 billion ranks among the biggest ever among banks since the early 2000s, and tops the list of those not related to the financial crisis. It is the biggest-ever fine levied against a bank for violating U.S. economic sanctions.
What is the biggest money laundering scheme?
Wachovia Bank Once one of the largest U.S. banks, Wachovia is unfortunately responsible for the biggest money-laundering event. In 2010, it was found that the bank allowed drug cartels in Mexico between 2004 and 2007 to allow money laundering close to USD 390 billion through its branches.
Who is the most fined company in the world?
Bank of America
The Most Fined Companies Ranked
| Rank | Company | Total Amount Fined |
|---|---|---|
| 1 | Bank of America | $82,764,013,078 |
| 2 | JPMorgan Chase | $35,819,302,225 |
| 3 | BP | $29,196,927,856 |
| 4 | Citigroup | $25,454,366,764 |