HSBC Gets Small Fine For Terrorist Transactions

Concluding that HSBCs actions \”were not the result of willful or reckless conduct,\” Treasurys Office of Foreign Assets Control accepted a $32,400 settlement from the bank. Treasury noted, as did HSBC in a statement to HuffPost, that the violations were voluntarily reported.Everett Stern, a former HSBC compliance officer who complained to his supervisors about the Hezbollah-linked transactions, told HuffPost he was \”ecstatic and depressed at the same time.\”\”Those are my transactions, I reported them,\” he said, satisfied that the government was taking action. But, he added, \”Where I am upset was those were a handful of transactions, and I saw hundreds of millions of dollars\” being transferred.Stern said he hopes the governments enforcement actions against HSBC have not come to an end with the latest settlement. \”They admit to financing terrorism and they get fined $32,000. Where if I were to do that, I would go to jail for life,\” he said.HSBCs fine is less than the $40,165.07 covered in the settlement agreement that the bank transferred between December 2010 and April 2011 on behalf of a development company that Treasury says serves as a front for some of Hezbollahs biggest financiers in Africa.

via HSBC Gets Small Fine For Terrorist Transactions.

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