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HSBC’s Compliance Troubles Point to Big Settlement with Justice Department, Says Consultant

Even prior to the disclosure last month by HSBC Holdings Plc that it would "likely" be the subject of a formal enforcement action related to anti-money laundering (AML) and other violations, things did not look good for the bank, according to Saskia Rietbroek, a partner with nomoneylaundering.com. By then, the London-based financial institution had already revealed that it was the subject of a federal probe into possible AML, sanctions and tax-related violations. In 2010, the same year that the bank received a cease-and-desist order from the U.S. Office of the Comptroller of the Currency (OCC), lawmakers accused HSBC and other...

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