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U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History: Congressional Report
U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History: Congressional Report
Our Price: $45.00
By Carl Levin (ed)
Year: 2012
Pages: 340
Binding Paperback
ISBN 978-1-4578-3717-3

Product Code: 145783717X

The U.S. Senate has worked to strengthen U.S. anti-money laundering (AML) efforts by investigating how money launderers, terrorists, organized crime, corrupt officials, tax evaders, and other wrongdoers have utilized U.S. financial institutions to conceal, transfer, and spend suspect funds. To examine the current money laundering and terrorist financing threats associated with correspondent banking, HSBC was selected as a case study. It is one of the largest financial institutions in the world, with over $2.5 trillion in assets, 89 million customers, 300,000 employees, and 2011 profits of nearly $22 billion. HSBC, whose initials originally stood for Hong Kong Shanghai Banking Corp., has operations in over 80 countries, with hundreds of affiliates spanning the globe. Its key U.S. affiliate is HSBC Bank USA N.A. (HBUS), which operates more than 470 bank branches throughout the U.S., manages assets totaling about $200 billion, and serves around 3.8 million customers. Correspondent banking occurs when one financial institution provides services to another financial institution to move funds, exchange currencies, cash monetary instruments, or carry out other financial transactions. Correspondent accounts continue to provide a gateway into the U.S. financial system, and wrongdoers continue to abuse that entryway. This report examines the AML and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services, and access to the U.S. financial system to high risk affiliates, high risk correspondent banks, and high risk clients. It also offers recommendations to strengthen correspondent AML controls to combat money laundering, drug trafficking, and terrorist financing. Tables. This is a print on demand report.

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