E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 12-11-2012, 11:44 AM   #1
phrozen06
Banned User
 
phrozen06's Avatar
 
Join Date: Mar 2004
Location: 3927'33"N 7758'04"W
Posts: 7,535
My Ride: E46, E92 M3, R32 VW
Send a message via Yahoo to phrozen06
HSBC to pay record $1.9B fine in money laundering case

http://www.chicagotribune.com/busine...,2695064.story

Quote:
Reuters
10:22 a.m. CST, December 11, 2012

HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.

The U.S. Justice Department on Tuesday charged the bank with failing to maintain an effective program against money laundering and conduct due diligence on certain accounts.

In documents filed in federal court in Brooklyn, it also charged the bank with violating sanctions laws by doing business with Iran, Libya, Sudan, Burma and Cuba.

HSBC Holdings Plc admitted to a breakdown of controls and apologised for its conduct.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes," said Chief Executive Stuart Gulliver.

"Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters."

The bank agreed to forfeit $1.256 billion and retain a compliance monitor to resolve the charges through a deferred-prosecution agreement.

The settlement offers new information about failures at HSBC to police transactions linked to Mexico, details of which were reported this summer in a sweeping U.S. Senate probe.

The Senate panel alleged that HSBC failed to maintain controls designed to prevent money laundering by drug cartels, terrorists and tax cheats, when acting as a financier to clients routing funds from places including Mexico, Iran and Syria.

The bank was unable to properly monitor $15 billion in bulk cash transactions between mid-2006 and mid-2009, and had inadequate staffing and high turnover in its compliance units, the Senate panel's July report said.

HSBC on Tuesday said it expected to also reach a settlement with British watchdog the Financial Services Authority. The FSA declined to comment.

U.S. and European banks have now agreed to settlements with U.S. regulators totalling some $5 billion in recent years on charges they violated U.S. sanctions and failed to police potentially illicit transactions.

No bank or bank executives, however, have been indicted, as prosecutors have instead used deferred prosecutions - under which criminal charges against a firm are set aside if it agrees to conditions such as paying fines and changing behaviour.

HSBC's settlement also includes agreements or consent orders with the Manhattan district attorney, the Federal Reserve and three U.S. Treasury Department units: the Office of Foreign Assets Control, the Comptroller of the Currency and the Financial Crimes Enforcement Network.

HSBC said it would pay $1.921 billion, continue to cooperate fully with regulatory and law enforcement authorities, and take further action to strengthen its compliance policies and procedures. U.S. prosecutors have agreed to defer or forego prosecution.

The settlement is the third time in a decade that HSBC has been penalized for lax controls and ordered by U.S. authorities to better monitor suspicious transactions. Directives by regulators to improve oversight came in 2003 and again in 2010.

Last month, HSBC told investors it had set aside $1.5 billion to cover fines or penalties stemming from the inquiry and warned that costs could be significantly higher.

Analyst Jim Antos of Mizuho Securities said the settlement costs were "trivial" in terms of the company's book value.

"But in terms of real cash terms, that's a huge fine to pay," said Antos, who rates HSBC a "buy".
Don't all banks do business with Iran, Libya, Sudan, Burma and Cuba. Or am I missing something.?

They put 1.5 billion aside? Lunch money to them.

Last edited by phrozen06; 12-11-2012 at 11:45 AM.
phrozen06 is offline   Reply With Quote
Old 12-11-2012, 11:56 AM   #2
scarede46er
Registered User
 
Join Date: Aug 2012
Location: Clemson, SC
Posts: 1,258
My Ride: 2001 BMW 325i ZSP
US prosecution is a joke. I wouldnt take their conviction as a sign of any wrongdoing. They go after whomever refuses to play ball with the twisted US government agenda (see the gibson guitar case as an example.) When you have millions of regulations, some are bound to be broken.
scarede46er is offline   Reply With Quote
Old 12-11-2012, 11:58 AM   #3
TrickTizzle
Registered User
 
Join Date: Nov 2008
Location: Minneapolis/Milwaukee
Posts: 3,112
My Ride: 325i
Send a message via AIM to TrickTizzle
Wrong section, n00b.
TrickTizzle is offline   Reply With Quote
Old 12-11-2012, 12:10 PM   #4
Grande D
Registered User
 
Join Date: Dec 2006
Location: Dirty South
Posts: 3,376
My Ride: E90 M-Sport
My new window regulator cost $1.9B.
Grande D is offline   Reply With Quote
Old 12-11-2012, 12:13 PM   #5
NOVAbimmer
Registered User
 
Join Date: Aug 2006
Location: VA
Posts: 12,596
My Ride: 14 Impala FXST M796
Tick off .0015 from our national debt
__________________
NOVAbimmer is online now   Reply With Quote
Old 12-11-2012, 01:15 PM   #6
Hrvat
Registered User
 
Join Date: Sep 2005
Location: Canada, eh
Posts: 2,776
My Ride: 02 Imola Red M3
Good ole US, sue happy outside its' borders
__________________

PM ME FOR FREE SAMPLES

Quote:
Originally Posted by roronoah View Post
so 2004 bmw's dont come with a diff?
Hrvat is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 11:01 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use