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United States v. HSBC Bank USA, N.A.

No. 12-763 (2012)

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United States v. HSBC Bank USA, N.A.

United States District Court for the Eastern District of New York
No. 12-763 (2012)

Facts

The United States Department of Justice (DOJ) filed criminal charges against HSBC Bank USA, N.A. and HSBC Holdings PLC (HSBC) (defendants) for willfully failing to have proper anti-money-laundering (AML) protocols, failing to conduct appropriate due diligence on foreign bank account holders, and facilitating transactions for drug traffickers in foreign countries that were sanctioned by the Office of Foreign Assets Control. HSBC was charged with violating the Bank Secrecy Act, the International Emergency Economic Powers Act, and the Trading with the Enemy Act. HSBC admitted the wrongdoing and entered into a deferred-prosecution agreement with the DOJ to avoid prosecution. Under the deferred-prosecution agreement, HSBC accepted a large civil monetary fine as a penalty and promised to make sweeping changes to HSBC’s AML compliance program designed to detect illegal money laundering. HSBC agreed to hire a new management team to oversee HSBC’s AML program, devote more money and resources to AML, reorganize the AML department and increase staffing, better evaluate customers’ risk for illegal activity, and end relationships with risky customers.

Rule of Law

Issue

Holding and Reasoning ()

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