Violation Tracker Individual Record

Company: 
HSBC HOLDINGS PLC
Current Parent Company: 
HSBC
Penalty: 
$165,000,000
Year: 
2012
Date: 
December 11, 2012
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Secondary Offense: 
anti-money-laundering deficiencies
Violation Description: 

The Federal Reserve Board issued a consent cease and desist order against HSBC Holdings plc and assessed a $165 million civil money penalty against HSBC and its U.S. subsidiary. The order addressed inadequate oversight of anti-money laundering controls and U.S. dollar clearing practices used by the firm's banking subsidiaries in the United States and abroad.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Reserve
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Britain
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.