WASHINGTON — The Office of the Comptroller of the Currency (OCC) announced today the issuance of a Cease and Desist Order against HSBC Bank USA, N.A., McLean, Virginia, for violating the Bank Secrecy Act (BSA) and its underlying regulations. The Order requires the bank to take comprehensive corrective actions to improve its BSA compliance program. Today’s action does not preclude the OCC from assessing a civil money penalty against the bank.
Concurrent with the OCC’s enforcement action, the Board of Governors of the Federal Reserve System has issued a Cease and Desist Order upon Consent with the bank’s parent company, HSBC North America Holdings, Inc., to ensure the adequacy of the parent company’s firmwide compliance risk-management program.
Detailed news link: here