Wednesday, January 25, 2012 - 6:31 PMHSBC
HSBC Holdings PLC is under investigation by a U.S. Senate panel in a money-laundering inquiry, the latest step in a long-running U.S. effort to halt shadowy money flows through global banks. The Senate probe is another sign that U.S. law enforcement officials are widening their inquiries into the London bank - one that for the past decade has repeatedly drawn scrutiny from U.S. financial regulators for weak money-laundering controls and allegedly enabling healthcare fraud and tax evasion.
In November, HSBC said additional inquiries were being pursued by the Senate panel and the U.S. Securities and Exchange Commission, according to an SEC filing by HSBC USA Inc. The bank said the investigations focused on money laundering and the proper filing of U.S. taxes by customers. The unit is HSBC's main U.S. business, offering retail and corporate banking to some 4 million customers. HSBC's North American operations, which include HSBC Bank USA and a consumer-finance unit, account for about 5 percent of HSBC profits.
Exclusive: Senate investigating HSBC for money laundering - Yahoo! News
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