HSBC to pay $1.9 billion in money-laundering settlement - reports
Motherfuckn' Bailout Association by Poster Boy NYC
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
Global banking giant HSBC is set to pay $1. 9 billion in a settlement with U.S. regulators over its allegedly lax anti-money laundering controls, according to several reports Monday. News of the looming settlement, expected Tuesday, follows a Senate subcommittee report released in July that accused HSBC (HBC) of failing to prevent money transfers by Mexican drug cartels and banks linked to terrorism financing. Among other things, the report claimed that in 2007 and 2008, HSBC's Mexico unit shipped $7 billion in cash to the bank's U.S. affiliate, a volume of shipments that law enforcement officials said could reach that size "only if they included illegal drug proceeds." Spokespeople at the Justice and Treasury Departments declined to comment when reached by CNNMoney Monday.
Keywords:
HSBC bank banking giant HSBC U.S. regulators money laundering HSBC spokesman Rob drug proceeds money transfers new role lax anti-money laundering Mexican drug cartels Monday Senate subcommittee report U.S. money laundering Group Money Laundering illegal drug proceeds law enforcement officials Dutch bank ING Treasury Department official U.K. bank Standard Group Financial Crime illicit money transfers weak internal controls Wachovia Bank Earlier Monday Mexican cartels U.S. affiliate terrorism financing Senate report London-based bank Mexico unit Treasury Departments potential penalties Exchange Commission Bob Werner ongoing investigations recent investigations international sanctions good progress Reporting Officer financial institution Wells Fargo Iranian clients settlement Sherman dollars CNNMoney Spokespeople shortfalls HBCPeople:
Rob Sherman
Overall Sentiment: 0.0926527
Relevance: 0.254888
| Sentiment | Quote |
|---|---|
| 0.080449 | Rob Sherman said in an email that the bank was "cooperating with authorities in ongoing investigations," ... |
| 0.10879 | "The announcement of Bob's new role underscores our determination to address the shortfalls highlighted by recent investigations," HSBC's Sherman said. ... |
| 0.131056 | "The announcement of Bob's new role underscores our determination to address the shortfalls highlighted by recent investigations," HSBC's Sherman said. "We have made good progress to date, but have much more to do." |
| Sentiment Stats: |
|
Bob Werner
Overall Sentiment: 0.124431
Relevance: 0.183728
Bob
Overall Sentiment: 0.294475
Relevance: 0.176572
Key:
- Aggregate Sentiment is meant to be an indicator of an individual's overall sentiment.
- The Mean is meant to be an indicator of an individual's average comment sentiment.
- The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).
Note that quote stats are likely to be meaningless beyond the aggregate score due to the tiny sample size. However, they are always provided just in case you find something useful there.
Additional Info:
Company: HSBC
Overall Sentiment: -0.0537204
Relevance: 0.879912
Disambiguation: References:
Company: Wachovia Bank
Overall Sentiment: 0.240133
Relevance: 0.311553
Disambiguation: References:
Country: U.S.
Overall Sentiment: -0.202344
Relevance: 0.325914
Disambiguation: Location | Region | AdministrativeDivision | GovernmentalJurisdiction | FilmEditorReferences:
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