Featured: Front Page daily complaints and HSBC horror stories from around the United States and across the world HSBC Customer Complaints news about HSBC from sources around the world HSBC In The News most viewed Household - HSBC Watch pages Most Viewed :: Help

Close
help

Did HSBC launder money and handle counterfeit U.S. currency

A Macao-based bank accused by the United States of distributing counterfeit money said it used HSBC Holdings plc services to screen U.S. currency.

Banco Delta Asia is accused by U.S. investigators of helping Pyongyang — North Korea’s capital — distribute counterfeit money.

However, the Macao bank said it is too small to have the technology necessary to check large batches of U.S. currency for fake bills. In these cases, the bank sent the U.S. currency to London-based HSBC’s New York office for analysis before the money was credited to the depositor’s account.

Although HSBC spokeswoman declined to comment on the specifics of the case, she said, HSBC takes “money laundering control very seriously.” Many large banks like HSBC help smaller institutions with bank note trading services, including transporting currency, counterfeit screening, and exchanging damaged bills.

In 2005, the U.S. Treasury Department accused the Macao bank of willingly helping North Korea launder money and handle counterfeit U.S. currency. The bank was put on a money-laundering blacklist.

Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • digg
  • Furl
  • NewsVine
  • YahooMyWeb
  • Stumble it

   Thinking of making a debt settlement offer? See common settlement scams and rip-offs first


Leave a Reply

You must be logged in to post a comment.



Classic Country Music history, videos, and articles




Household HSBC Watch is a watchdog and consumer advocacy organization We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.Household HSBC Watch is not associated or affiliated with HSBC in any way
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act.



Technology websites from our programmers:
All VoIP | Communications Centre | Free Calls | Jaxtr and RingCentral | PBX Choices | Premier Solutions

Other community sites from our programmers:
Historic Warsaw | Marketing Depot | Midwest Orchids | Windsor Missouri

Advocacy, finance and other websites from our programmers:
Household - HSBC Watch | Mortgage Blues | Result Find | Settlement Scams