Say Good Riddance to HSBC - Bank Think Article - American Banker

Say Good Riddance to HSBC - Bank Think Article - American Banker

A Congressional investigation has found that for ten years, HSBC violated U.S. laws and regulations aimed at preventing money laundering and the financing of terrorism.

Apparently HSBC transported $7 billion in cash from Mexico, benefiting drug cartels; financed illegal trade with Iran by up to $16 billion; and provided over $1 billion in cash for suspected terrorism, through Saudi Arabia. Identification of foreign parties to transactions was willfully removed from account records.
Meanwhile, HSBC has been divesting or whittling down its activities in the U.S.—branches, consumer finance, mortgages, "Premier" services. Let's help complete that process.