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London-based HSBC Holdings Plc could find itself paying more to rectify past compliance problems following disclosures this week about the bank's services for clients with criminal ties, according to analysts.
Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Financial trade groups are asking the U.S. Treasury Department for more time to comply with intergovernmental agreements intended to shine a light on bank accounts held by American tax dodgers.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
A Geneva court's ruling clearing the way for bankers to know whether their employers have identified them to American investigators threatens to complicate a negotiated U.S.-Swiss tax deal, say sources.
HSBC Holdings Plc's compliance chief will step down from his current role, following allegations that the bank failed to better police the anti-money laundering programs of its subsidiaries and affiliates.
HSBC Holdings Plc will close all of its U.S. accounts in the Cayman Islands after a congressional investigation found that the Caribbean branch functioned solely as a dollar-clearing shell bank.
HSBC Holdings Plc could pay as much as $1 billion for Bank Secrecy Act and U.S. sanctions violations, an amount that would overshadow previous fines for similar infractions, say sources.
The U.S. Treasury Department and the Federal Reserve issued separate enforcement actions Thursday against HSBC North America Holdings Inc. for systemic Bank Secrecy Act compliance violations.
HSBC USA is restructuring its compliance department in the wake of the disclosure last week that the bank is bracing for a potential fine over Bank Secrecy Act and sanctions violations.
The United States is investigating the U.S. operations of New York-based HSBC USA Inc. for potential Bank Secrecy Act and sanctions violations, the bank said in regulatory filings released Tuesday.
A U.S. Justice Department criminal investigation of HSBC Holdings Plc clients suspected of tax evasion may prove easier to prosecute than its case against UBS AG accountholders, say tax attorneys.
