US SENATE REPORT | U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History

United States Senate

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

Committee on Homeland Security and Governmental Affairs
Carl Levin, Chairman
Tom Coburn, Ranking Minority Member

U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing:

HSBC Case History

MAJORITY AND MINORITY STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE

This Report examines the anti-money laundering (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. This Report also offers recommendations to strengthen correspondent AML controls to combat money laundering, drug trafficking, and terrorist financing.

Full report below…

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4closureFraud.org

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U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History

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