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Bank Secrecy Act › HSBC › Office of Foreign Assets Control (OFAC)

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Davis Wright Tremaine LLP

Record Fines against HSBC for Repeated Bank Secrecy Act and OFAC Violations

Davis Wright Tremaine LLP on

Following on the heels of the $15 million settlement against First Bank of Delaware for significant Bank Secrecy Act/Anti-Money Laundering violations (as we reported on here), the Treasury Department and three federal...more

Ballard Spahr LLP

Record $1.92 Billion in Fines and Penalties Levied against HSBC

Ballard Spahr LLP on

HSBC Holdings, London, and two of its U.S. subsidiaries have been ordered to pay a record $1.92 billion in fines and penalties for anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) violations....more

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