NEW YORK (AP) — Federal regulators on Thursday said HSBC North America Holdings Inc. has been ordered to improve its compliance with money laundering laws.
A federal investigation found the U.S. subsidiaries of the London-based HSBC Holdings PLC do not have tight enough controls over a list of money transfer operations.
"The bank's compliance program and its implementation are ineffective, and accompanied by aggravating factors, such as highly suspicious activity creating a significant potential for unreported money laundering or terrorist financing," the Office of the Comptroller of the Currency said in a consent order entered into by HSBC.
HSBC signed consent orders …
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