||US Homeland Security Senate Subcommittee reports that HSBC (Hong Kong and Shanghai Banking Corporation) is transferring funds to terrorists groups, Iran and drug cartels.
Click here to send your email urging the Comptroller of Currency to revoke HSBC’s bank charter.
Will Thomas Curry, President Obama’s March 2012 appointee as the new Comptroller of Currency (OCC), follow the bipartisan US Senate Homeland Security Subcommittee’s report recommending revocation of HSBC’s charter to operate as a bank in the United States? Or will the OCC continue to permit HSBC to facilitate the transfer of funds to terrorist organizations, Iran and drug cartels? HSBC is the abbreviation for Hong Kong and Shanghai Banking Corporation.
The United States Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations issued a report on July 16, 2012 which stated in part:
- In 2010, HSBC was cited by its federal regulator, the Office of the Comptroller of the Currency (OCC), for multiple severe AML deficiencies, including a failure to monitor $60 trillion in wire transfer and account activity; a backlog of 17,000 unreviewed account alerts regarding potentially suspicious activity; and a failure to conduct AML due diligence before opening accounts for HSBC affiliates. Subcommittee investigators found that the OCC had failed to take a single enforcement action against the bank, formal or informal, over the previous six years, despite ample evidence of AML problems.
- Circumventing OFAC Safeguards. Foreign HSBC banks actively circumvented U.S. safeguards at HUBS designed to block transactions involving terrorists, drug lords, and rogue regimes. In one case examined by the Subcommittee, two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS accounts over seven years without disclosing the transactions’ links to Iran.
- Servicing High Risk Affiliates. HSBC’s U.S. bank, HBUS, offered correspondent banking services to HSBC Bank Mexico, and treated it as a low risk client, despite its location in a country facing money laundering and drug trafficking challenges, high risk clients like casas de cambio, high risk products like U.S. dollar accounts in the Cayman Islands, a secrecy jurisdiction, and weak AML controls. The Mexican affiliate transported $7 billion in physical U.S. dollars to HBUS from 2007 to 2008, outstripping other Mexican banks, even one twice its size, raising red flags that the volume of dollars included proceeds from illegal drug sales in the United States.
Bloomberg reported on July 25, 2012 HSBC Fined $27.5 Million in Mexican Money-Laundering Probe. HSBC Holdings Plc (HSBA), Europe’s biggest bank, said its Mexican unit paid a $27.5 million fine to the nation’s regulators for non-compliance with money-laundering systems and controls. The infringements relate to the late reporting of 1,729 unusual transactions and the failure to report 39 others, the London-based bank said in a statement today. Click here to read the full report at Bloomberg.
Additionally, HSBC operates under strict Sharia supervision. HSBC Amanah web site HSBCAmanah.com provides “Islamic Financial Solutions” with “Full Sharia Supervision.” HSBC which has extensive operations in the United States “is one of the Western world’s leaders in Sharia-Compliant Finance and was recently fined after having been revealed to have been a facilitator for terrorism financing, money laundering and narco-terrorism” according to Shariahfinancewatch.org
The United States Senate Homeland Security and Government Affairs Permanent Subcommittee rebuked the OCC for their failure to act “In an age of international terrorism, drug violence in our streets and on our borders, and organized crime, stopping illicit money flows that support those atrocities is a national security imperative,” said Sen. Carl Levin, D-Mich., subcommittee Chairman. “HSBC used its U.S. bank as a gateway into the U.S. financial system for some HSBC affiliates around the world to provide U.S. dollar services to clients while playing fast and loose with U.S. banking rules. Due to poor AML controls, HBUS exposed the United States to Mexican drug money, suspicious travelers cheques, bearer share corporations, and rogue jurisdictions. The bank’s federal bank regulator, the OCC, tolerated HSBC’s weak AML system for years. If an international bank won’t police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the U.S. bank being used to aid and abet that illicit money.”
If you bank with HSBC you are supporting one of the largest financial institutions in the world that support Sharia and transfer funds for terrorists. There will be more alerts on this issue.
Florida Family Association has prepared an email for you to send that urges Thomas Curry, Comptroller of Currency (OCC) with the US Department of Treasury and his staff, to revoke the HSBC USA bank charter.
To send your email, please click the following link, enter your name and email address then click the “Send Your Message” button. You may now change the wording in the subject line or message of the email prepared for this action item.
Please click here to send your email urging Thomas Curry, Comptroller of Currency (OCC) and his staff, to revoke the HSBC USA bank charter.
Please forward this article to friends who you know would be interested in this information.
Thomas Curry, Comptroller Comptroller of the Currency Administrator of National Banks Washington, DC 20219
firstname.lastname@example.org Comptroller of Currency
email@example.com Deputy Comptroller Large Banks
michael.Brosnan@occ.treas.gov Senior Deputy Comptroller Large Bank Supervision
firstname.lastname@example.org Deputy Comptroller Midsize Bank Supervision
email@example.com Director for International Bank Supervision
Email Subject Line:
HSBC currency violations warrant revocation of bank charter according to US Senate subcommittee.
I was alarmed to read the United States Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations July 16, 2012 report which found that “HSBC and its U.S. affiliate exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering controls.”
It is difficult to comprehend why “The bank’s federal bank regulator, the OCC, tolerated HSBC’s weak AML system for years” as pointed out by Senator Carl Levin.
In is perplexing that “Foreign HSBC banks actively circumvented U.S. safeguards at HUBS designed to block transactions involving terrorists, drug lords, and rogue regimes” without swift response from OCC.
I wholeheartedly agree with Senator Levin’s assessment that “If an international bank won’t police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the U.S. bank being used to aid and abet that illicit money.”
HSBC’s multitudes of violations which threaten the health, safety and welfare of all Americans have gone on far too long. I urge you to revoke HSBC’s bank charter.
Please forward this article to family and friends who are concerned about terrorism.
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