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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
HSBC Money Laundering Report: Should It Be Released to the Public?
Did a Brooklyn federal judge overstep his authority when he ordered the release of a report on how HSBC is working to improve its money laundering controls? Reuters reports that lawyers for the U.S. government and HSBC are using that argument in a federal appeals court. A lawyer representing the HSBC mortgage customer who moved to unseal the report countered that it should be released in part because of "huge public interest in understanding what is happening in this case."
In 2012, HSBC agreed to pay a $1.92 billion fine and to be monitored by former New York prosecutor Michel Cherkasky, now the executive chairman of the compliance company Exiger, for 5 years to settle charges that HSBC violated U.S. sanctions laws and failed to stop Mexican and Colombian cartels from laundering hundreds of millions of dollars in drug proceeds through the bank.
Under the deal, Cherkasky's reports on the bank's progress have not been public. entered. However, Hubert Dean Moore, an HSBC mortgage customer, moved to release one of the reports in late 2015. U.S. District Judge John Gleeson, who was overseeing the deferred prosecution agreement but has since left the bench, granted Moore's motion last year.
One of the government’s concerns with releasing the report is that it would hinder the government’s efforts to enforce the deferred prosecution agreement. One of the judges on the panel expressed skepticism of that argument,.