There is some recent news from the front lines concerning the Agence Française Anti-Corruption’s and French prosecutor’s actions against companies that violate the French Anti-Corruption Law, Sapin II, and the use of the Convention Judiciaire d’Interêt Public.… Continue Reading
Few corporations are willing to risk the extensive legal costs, reputational damage, and potentially devastating collateral consequences of a trial. Thus, unsurprisingly, corporate settlements have proliferated in recent years, becoming a staple of the U.S.… Continue Reading
Banking giant Credit Suisse Group AG said Wednesday the DOJ and SEC are investigating its hiring practices in the Asia Pacific region.
The agencies want to know whether Credit Suisse hired referrals from government agencies and other state-owned entities “in exchange for investment banking business and/or regulatory approvals,” according to a fourth-quarter earnings release.… Continue Reading
HSBC Holdings Plc agreed Thursday to pay $101.5 million to resolve a DOJ criminal investigation into rigged currency transactions that hurt two of its institutional clients.
The UK-based bank entered into a three-year deferred prosecution agreement (pdf) with the DOJ and agreed to pay a $63.1 million criminal fine and $38.4 million in disgorgement and restitution.… Continue Reading
A strange thing occurred this month in the American political universe when a business organization wrote a letter to several key Congressmen advocating on behalf of a bill that would increase government oversight over companies.… Continue Reading
At the annual general meeting of HSBC Holdings plc in London, Group Chairman Douglas Flint said the world is moving toward “greater transparency and fuller disclosure, which we welcome.”… Continue Reading
HSBC Holdings said in an earnings release Monday that the SEC is investigating the bank’s hiring practices in Asia.
London-based HSBC said it has received various requests for information and is cooperating with the SEC’s investigation.… Continue Reading
HSBC said in a statement Thursday that French magistrates ordered a formal criminal investigation (“mise en examen”) into HSBC’s Swiss Private Bank for alleged tax-related offenses.
HSBC CEO Stuart Gulliver opened an account at the bank’s Swiss affiliate in the name of a Panama-based company while he was based in Hong Kong.
His bonuses were paid to the account in Geneva.… Continue Reading
Prosecutors in Switzerland searched the offices of HSBC’s private bank in Geneva Wednesday as part of an investigation into money laundering.
The Geneva prosecutor’s office said it opened a criminal inquiry into possible money laundering against HSBC Private Bank (Suisse).… Continue Reading
Some of the biggest U.S. banks are adding risk and compliance professionals as they seek to comply with increasing regulations, particularly in their overseas operations.
A Colombian national pleaded guilty to a money laundering conspiracy charge in federal court in Orlando, Florida on Monday, federal prosecutors said.
By pleading guilty, Luis Alberto Marulanda-Cardona, 54, avoided extradition to Italy to face charges there.… Continue Reading